Items Tagged with 'FHA'

ARTICLES

  • Dreamers denied: Evidence mounts FHA is not backing DACA mortgages

    Lenders back down as government actions disrupt home loans
    Despite HUD stating recently that its policies have not changed in regards to the FHA backing mortgages for Deferred Action for Childhood Arrivals recipients, it appears that the opposite is actually the case. Or at least that’s how the mortgage lending industry is reacting. A new HousingWire investigation has uncovered lender bulletins or guidelines from a dozen different lenders each stating that Dreamers are not eligible for FHA financing.
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  • Latest FHA shift to mitigate risks may shut out some homebuyers

    Recent changes to TOTAL Mortgage Scorecard have some lenders worrying they won't close
    Last week, the Federal Housing Administration took steps to mitigate risks to its single-family portfolio, announcing updates to its TOTAL Mortgage Scorecard that may flag some loans for manual underwriting. Chatter among members of the lending community suggests a number of originators are unhappy about the changes, fearing that the end result may be that some of their borrowers will be shut out of FHA financing.
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  • FHA eliminates two "unnecessary and outdated" lending roadblocks

    Makes good on promise to streamline procedures
    The Federal Housing Administration has taken steps to reduce some of the regulatory burdens that belabor the lending process, releasing two mortgagee letters Tuesday with updated guidelines on home warranty and inspection requirements for single-family FHA loans. FHA Commissioner Brian Montgomery said the moves align with the administration's goal to streamline and update guidelines in an effort to reduce regulatory barriers.
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  • Confusion reigns over whether government is backing mortgages for DACA Dreamers

    HUD claims nothing has changed, lenders are hearing differently
    The Department of Housing and Urban Development, Federal Housing Administration, and Department of Agriculture told HousingWire recently that their policies have not changed in regard to mortgages to Deferred Action for Childhood Arrivals recipients. But multiple lenders and mortgage industry participants tell HousingWire that HUD seems to be saying one thing and doing another.
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  • HUD to lenders: We are not denying mortgages to DACA Dreamers

    The status quo remains, for now
    The Department of Housing and Urban Development, Federal Housing Administration, Department of Agriculture, and Fannie Mae are not denying mortgages to Deferred Action for Childhood Arrivals recipients, the agencies told HousingWire this week. That’s in spite of what some in the mortgage industry are claiming the agencies are saying about lending to DACA recipients, also called Dreamers.
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  • Former FHA Commissioner Carol Galante stepping down from Ocwen board

    Nonbank also names new two board members
    Carol Galante, the former commissioner of the Federal Housing Administration, is set to leave Ocwen Financial’s board of directors later this year, the nonbank announced Monday. Galante notified the company that she has chosen to leave the company’s board and will not stand for re-election during the company’s annual shareholder meeting in late May.
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  • Sierra Pacific Mortgage fined $3.67 million for FHA lending violations

    Accused of knowingly submitting loans for FHA insurance that didn’t qualify
    Sierra Pacific Mortgage will pay a fine of $3.67 million to settle allegations that the company knowingly violated FHA lending standards more than a decade ago. According to the U.S. Attorney’s Office, Sierra Pacific was accused of violating the False Claims Act by falsely certifying that it complied with FHA mortgage insurance requirements in connection with certain loans made between 2007 and 2009.
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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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