Items Tagged with 'Federal Housing Administration'

ARTICLES

  • Quicken Loans Vice Chairman Bill Emerson: Government used "extortionist tactics" to pursue "bogus" claims

    "This case was dismissed and there was zero finding of fault"
    On Friday, Quicken Loans and the DOJ reached a resolution over allegations that the nonbank’s FHA lending practices violated the False Claims Act. Quicken Loans Vice Chairman Bill Emerson told HousingWire in an exclusive interview that the nonbank did not admit to any guilt and that the government realized its "bogus" claims were baseless.
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  • Quicken Loans agrees to pay $32.5 million to resolve FHA loan allegations with DOJ

    Mediation finally brings 4-year battle over False Claims Act violations to an end
    Quicken Loans is now finally able to move past its beef with the DOJ over the nonbank’s FHA lending practices, as a mediator for the two parties announced Friday that they have finally reached a resolution. Without any admission of guilt or determination of wrongdoing on either side, Quicken agreed to pay the government $32.5 million to settle allegations that it violated the False Claims Act for submitting hundreds of "improperly underwritten" loans for FHA mortgage insurance. Click the headline for more.
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  • HUD declares FHA is no longer backing DACA mortgages

    "DACA recipients remain ineligible for FHA loans"
    After months and months of uncertainty about whether the FHA is backing mortgages for Deferred Action for Childhood Arrivals recipients or not, HUD has finally given an official answer. And that answer is no.
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  • FHA is increasing lending to riskier borrowers

    Share of borrowers with DTIs above 50% rises to highest level since 2000
    Citing rising risks among the mortgages it's backing, the FHA announced earlier this year that it was changing some of its lending rules to increase the prevalence of manual underwriting to try to decrease the risk in its portfolio. And it seems like those changes may be more than warranted, because new data released Friday shows that the FHA appears to be loosening its lending standards and backing loans for increasingly riskier borrowers.
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  • Urban Institute to FHA: Fix your reverse mortgage servicing problems

    Stop transferring servicing rights, it’s costing millions
    Policymakers have long struggled with how to fix the FHA's reverse mortgage program to prevent it from draining the agency's mortgage insurance fund. But researchers are the Urban Institute have an idea: Fix the program's servicing problems, which they call "one of the biggest drivers of losses in the HECM program." Here's what they suggest.
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  • Government watchdog considering ways to reduce federal costs of reverse mortgage program

    CBO report analyzes impact of 4 proposed solutions – all of them drastic, none of them good
    The Congressional Budget Office released a report Thursday exploring four proposed solutions for lessening the cost and risk of the reverse mortgage program to the federal government. And, the report explores the potential impact of each solution on lenders, borrowers and the budget. Here’s a recap.
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  • FHA's Montgomery says "more flexible" condo rules are coming

    Says agency is actively working to revise condo approval requirements
    FHA Commissioner Brian Montgomery said the agency is currently working to revise its condominium approval rules and that he expects a final rule to be announced soon. After a near three-year wait, Montgomery said the industry can expect a final ruling on the proposed revisions that will be "less prescriptive and more reflective of the current market."
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  • FHA clarifies certification requirements to streamline HECM lending

    Proposes updates to annual and loan-level docs, does away with "jumbled legalese"
    The Federal Housing Administration is clarifying its rules to ease compliance concerns and encourage more banks and lenders to participate in its mortgage lending programs. Among the proposed changes are revisions to HECM loan-level documents that are intended to reduce confusion. Click the headline for details.
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  • FHA clarifies rules to attract more participants to its mortgage lending program

    Says its jumbled legalese has scared away banks, and it wants to bring them back
    The Federal Housing Administration wants more banks to participate in its mortgage program and it’s clarifying its rules to ease their compliance concerns. On Thursday, the FHA released proposed clarifications to its annual and loan-level certification requirements, as well as updated language describing what constitutes a defective loan, hoping that swapping out "jumbled legalese" with "plain English" will attract more players.
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