Items Tagged with 'Department of Housing and Urban Development'

ARTICLES

  • Former HUD Secretary Julián Castro takes big step towards 2020 presidential run

    Forms exploratory committee, touts announcement in January
    After previously hinting that he might run for president in 2020, former HUD Secretary Julián Castro just took a big step towards making it a reality. Castro announced on Wednesday that he is forming an exploratory committee for the purposes of determining whether he’s going to run for the Democratic nomination for president in the next election, which is considered to a be a significant step in the process of running for president.
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  • Reverse mortgage industry reacts to FHA’s hint at future policy changes

    Last week’s actuarial report suggests more change is on the horizon
    Last week, FHA’s 2018 Report to Congress revealed the HECM portfolio’s continued drain on the MMI Fund. While the agency said it was optimistic past policy changes would improve the program, it also suggested more change is coming for HECMs. While this wasn’t exactly welcome news for an industry that can’t seem to catch its breath, reverse execs offered a measured response to FHA’s report.
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  • Experts: Housing starts signal trouble ahead

    Inventory and affordability concerns create supply and demand stalemate
    In October, growth in housing starts was propelled by development in the multifamily sector, but some experts are warning that there could be trouble ahead for the housing market. In fact, several believe that affordability and inventory concerns are contributing to a turn in the market, negatively impacting homebuilder confidence.
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  • FHA: No PLF changes for reverse mortgages

    Report reveals HECM’s drain, but FHA says it’s moving in the right direction
    The Federal Housing Administration released its 2018 Report to Congress on Thursday, revealing that the HECM program continues to be a drain on its flagship Mutual Mortgage Insurance Fund to the tune of $13.63 billion in the last fiscal year. But FHA Commissioner Brian Montgomery said the program is benefiting from policy changes made last year, and that the agency remains "optimistic that the quality of the book will continue to improve."
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  • FHA will not cut mortgage insurance premiums

    Actuarial report reveals insurance fund is in good health, but Montgomery says premiums will stand
    The Federal Housing Administration released details on the health of its flagship Mutual Mortgage Insurance Fund on Thursday, revealing a positive economic net worth of $34.86 billion and an acceptable ratio of capital reserves at 2.76%. The numbers are markedly better than last year, but FHA Commissioner Brian Montgomery said that doesn’t mean the agency will be reducing mortgage insurance premiums any time soon.
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  • Committee tracks impact of FHA’s second appraisal rule

    Collects lender data looking for clues on FHA’s methods
    Members of the HUD Issues Committee within the National Reverse Mortgage Lenders Association are taking a deep dive into the Federal Housing Administration’s second appraisal rule for select HECM loans. “We are tracking what we think are key elements to see if we can’t figure out where some of the problems may lie,” said Committee Chair Elly Johnson. Here’s what they’ve uncovered so far.
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  • HUD: Reverse mortgage second appraisal rule affecting about 20% of HECMs

    Panel gives update on impact of recent HECM program changes
    The latest mandate requiring a second appraisal on select reverse mortgage loans has affected about 20% of HECM appraisals so far, according to representatives at the Department of Housing and Urban Development. Speaking on a panel at NRMLA's conference on Monday, HUD staff members presented data on the impact of the new appraisal rule and other recent changes made to the reverse mortgage program.
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  • HUD accuses Wisconsin, Ohio landlords of rental discrimination

    Charged with discriminating against resident with disabilities, family with children
    HUD accused several landlords of discriminating against people with disabilities and families with children, both of which are violations of the Fair Housing Act. The first of the allegations is against the owners of a three-bedroom duplex in Wisconsin for allegedly refusing to rent to a family because they have children. In a separate case, HUD charged Ohio landlords with discrimination for refusing the request of a resident with disabilities to have a designated parking space.
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