Items Tagged with 'FHA'

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Regions Bank next on DOJ hit list, will pay $52.4 million for FHA-lending violations

Becomes latest lender to be accused of violating False Claims Act
Over the last few years, the Department of Justice used the False Claims Act as its weapon of choice against the mortgage industry, using the law to extract settlements from lenders for supposedly misrepresenting the quality of loans to the Federal Housing Administration. And now, Regions Bank is the latest on the DOJ’s hit list, after agreeing to settle False Claims Act charges for $52.4 million.
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EXCLUSIVE: Security vulnerabilities discovered in FHA systems

Watchdog review discovers weakness in government's systems
Some of the systems used by the Federal Housing Administration’s single-family insurance program are vulnerable to security breaches, an investigation by the agency’s watchdog uncovered recently. Details on the nature of the “vulnerabilities” are limited at this point, as the Office of the Inspector General for the Department of Housing and Urban Development chose not to share the full results of its investigation with the public.
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6 critical areas vendors need to deliver for the FHA’s CWCOT program

Compliance risk mitigation requires careful coordination
While the primary goal of the FHA's "Claims Without Conveyance of Title" program may be to encourage a faster sale of the property, the CWCOT program involves far more than just arranging for a sale of real estate. To help properly execute the program, here are six areas in which a vendor must perform exceedingly well in order to put a working CWCOT program together.
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FHA makes it easier for struggling borrowers to keep their homes

Announces "streamlined" loss mitigation process for mortgage servicers
Borrowers with a high loan-to-value ratio mortgage received some welcome news on Thursday morning when the Federal Housing Finance Agency announced that it plans to extend the Home Affordable Refinance Program into 2017. But what about struggling borrowers whose loans are insured by the Federal Housing Administration? Well, those borrowers are now about to get some relief of their own.
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Housing industry's biggest trade groups push FHA to reconsider PACE rules

Concerned about energy improvement loans being given super priority status
Last month, the Department of Housing and Urban Development and the Federal Housing Administration announced that the FHA will soon begin insuring mortgages that also carry liens created by energy retrofit programs, as long as the energy lien remains subordinate to the mortgage. But the fine print of the new rules has the housing industry's largest trade groups concerned.
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Private mortgage insurance explodes, passes FHA

PMI grabs market share from government
Private mortgage insurance activity rose sharply in the second quarter, grabbing the lead in market share from the Federal Housing Administration for the first time since the first quarter of 2015, according to a client note from Compass Point Research & Trading. So does that mean it's more likely that the FHA could cut premiums again this year?
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FHA to begin insuring mortgages with PACE loans

No super priority loans allowed
The Federal Housing Administration will soon begin insuring mortgages that also carry liens created by energy retrofit programs, as long as the energy lien remains subordinate to the mortgage, the Department of Housing and Urban Development announced Tuesday. Here are all the details.
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Study: Recent changes to reverse mortgage rules cut default risk in half

New report from Center for Retirement Research at Boston College lauds HECM program
A new study from the Center for Retirement Research at Boston College states that recent changes made to the rules governing reverse mortgages, specifically those that are part of the government's Home Equity Conversion Mortgages program, will dramatically cut the risk of default for borrowers.
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Condo legislation passes in Senate, offers relief for homebuyers

Headed to president's desk
The Senate just unanimously passed a bill to help solve the affordability crisis. The condo bill passed the House back in February, and now just awaits President Obama's signature to become law. The National Association of Realtors lobbied heavily for the reform and says the new condo legislation will provide homebuyers with a more affordable option.
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