Items Tagged with 'FHA'

ARTICLES

  • 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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  • HUD: Reverse mortgages continue drain on FHA insurance fund

    Subsidy rate holds steady in Q2 as program becomes more burdensome for FHA
    Reverse mortgage volume has been rather abysmal as of late, and second quarter data from HUD doesn't provide many bright spots. In its Q2 report to Congress on the state of the FHA’s flagship insurance Fund, HUD reveals that the reverse mortgage program continues to be a drain.
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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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  • Experts: There's an urgent need to stabilize the reverse mortgage program

    Say HECMs the only means for low-income seniors to age in place
    A group of experts on aging and retirement gathered at a private meeting hosted by the Urban Institute to discuss the retirement crisis looming over the country's older population, and one thing was abundantly clear: We must find a better way to monetize home equity. For starters, urgent fixes are needed to stabilize and improve the reverse mortgage program.
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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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  • MBA Secondary: FHA, Ginnie Mae, VA and USDA leaders outline policy updates

    Discuss VA churn, DACA eligibility, upgraded technology and more
    The leaders of the FHA, VA, USDA and Ginnie Mae who spoke on the government lending update panel at the MBA Secondary Conference on Tuesday are well aware that lenders and investors find working with their agencies discouragingly hard. Their session reflected the work they’re doing to change that experience, and outlined important policy revisions.
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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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