Items Tagged with 'FHA loan'

ARTICLES

  • FHA Commissioner Brian Montgomery hints at issues in FHA appraisals

    Already seen problems in HECM, but there might be problems in forward too
    The FHA has already identified issues in appraisals on reverse mortgages and is taking steps to address the problem. But now, FHA Commissioner Brian Montgomery told the crowd at the Mortgage Bankers Association 2018 Annual Conference in Washington, D.C., on Monday that the FHA is seeing some things in forward appraisals that give him "pause."
    Read More
  • MBA Secondary: Leaders of big banks and IMBs agree — a shakeout is coming

    "It's a brutally competitive market right now"
    Stearns Lending CEO David Schneider noted that even with companies finding more efficiencies in their process, something will have to give. “I think that capacity needs to come out of the system. There has been a lot of growth in independent banks, but they built their business with margins much higher than we see today.”
    Read More
  • Watchdog: FHA incorrectly insured $1.9 billion in mortgages in 2016

    HUD-OIG report finds FHA insured nearly 10,000 ineligible borrowers
    A new report from a federal watchdog finds that the Federal Housing Administration incorrectly insured approximately $1.9 billion worth of mortgages in 2016. The new report, which was published recently by the Department of Housing and Urban Development Office of Inspector General, found that in 2016, the FHA insured an estimated 9,507 borrowers who were actually ineligible for FHA insurance.
    Read More
  • FHA to stop insuring mortgages with PACE loans

    Trump administration reverses Obama policy
    Last year, the Obama administration announced that the Federal Housing Administration would begin insuring mortgages that also carry liens created by the PACE program. But that was last year. Things are much different now. In a stark reversal, FHA announced Thursday that it will no longer insure mortgages with PACE liens.
    Read More
  • Bill introduced to eliminate FHA life of loan insurance premium

    Rep. Maxine Waters authored bill; supported by NAR, CHLA, NAHREP
    Could the Federal Housing Administration’s life of loan insurance requirement soon be a thing of the past? Cutting the life of loan policy, which requires most FHA borrowers to maintain mortgage insurance throughout their entire loan term, is a change that many in the housing business have wanted for years, and now, eliminating that policy is officially on the table, thanks to a newly introduced bill in Congress.
    Read More
  • Carson: Government considering ending use of False Claims Act against FHA lenders

    Tells Congress that administration is discussing “ridiculous” rise of FCA charges
    The government’s proclivity to use the False Claims Act as a weapon against mortgage lenders could soon be coming to an end, Department of Housing and Urban Development Secretary Ben Carson told members of Congress on Thursday. "We’re committed to getting that resolved, because it’s ridiculous, quite frankly,” Carson said of the rise of the False Claims Act.
    Read More
  • HUD bans Seckel Capital for falsifying FHA lending docs

    Company owner John Seckel also suspended from doing business with government
    Pennsylvania-based mortgage lender Seckel Capital will no longer be allowed to originate or underwrite Federal Housing Administration mortgages after an investigation from the Department of Housing and Urban Development found that the company repeatedly lied to the FHA about its financials.
    Read More