Items Tagged with 'FHA'


Veros offering 'advanced quality control check' for FHA appraisals

Will check electronic portal submissions for issues
Veros Real Estate Solutions, which already serves as the vendor for the Federal Housing Administration’s electronic portal for appraisal reports and data submissions, announced this week that it is now offering an “advanced quality control check” for FHA loan appraisals.
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First Tennessee Bank reaches $1.9 million settlement over discriminatory lending

Accused of Fair Housing Act violations
For the second time in just over six months, First Tennessee Bank, the regional bank for First Horizon National, is settling with the federal government over allegations that it violated U.S. lending laws. In June 2015, First Tennessee agreed to pay $212.5 million to resolve allegations that it violated the False Claims Act. HUD announced Monday that it reached a settlement with First Tennessee over allegations that the bank violated the Fair Housing Act.
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From HW Magazine

PACE Loans: Are the improvements worth it?

New data explains the financial benefits of energy efficient upgrades at resale.
If a home moving to foreclosure utilizes the core PACE approach of having the assessment (in this case subordinated) travel with the property (as all tax assessments do), would the GSEs and FHA be worse off than a similarly situated home that had no PACE improvement or assessment, because it would realize a potentially lower sale value?
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Urban Institute: More non-performing loans should be sold to private investors

New report shows private investors 'can do more for borrowers'
While some prominent figures in the federal government, including Sen. Elizabeth Warren, D-Mass., and Rep. Mike Capuano, D-Mass, have loudly criticized the government’s practice of selling non-performing loans to private investors, a new report from the Urban Institute suggests that selling NPLs to the private sector is actually a good thing.
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Quicken Loans’ lawsuit against DOJ, HUD tossed out by federal judge

Lender says it's only a 'temporary procedural setback'
Quicken Loans shocked the mortgage industry when it took a stand against the government and sued the U.S. Department of Justice and the Department of Housing and Urban Development back in April 2015. In its allegations, the lender said it was being forced to make public admissions that were blatantly false. A judge, however, didn't come to that same conclusion and tossed out the suit.
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FHA announces 2016 loan limits

Limits will increase in 188 counties
The Federal Housing Administration announced its loan limits for 2016, with the loan limits in 188 counties set to increase due to changes in housing prices. Click here to learn more about where the FHA raised its loan limits for 2016.
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Why Quicken Loans is the Taylor Swift of the mortgage industry

Will the lender's push-back spur the FHA to change its rules?
Before you write this idea off as being too far fetched, let me explain. You won't hear the words mortgage and music used in the same sentence often, but with everything going on in the lending industry with FHA loans, the two overlap more than usual. One key difference, though, is that Swift was successful. Can the same be said for Quicken Loans?
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Franklin American Mortgage fined $70 million for False Claims Act violations

Department of Justice accused lender of originating substandard FHA loans
Franklin American Mortgage Company will pay the United States $70 million to settle allegations brought against the lender by the Department of Justice, which accused Franklin American of violating the False Claims Act by originating substandard Federal Housing Administration loans.
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