Items Tagged with 'FHA'

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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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  • HUD sued over new down payment assistance rules for FHA mortgages

    Native American group claims "unlawful destruction" of down payment program
    Last week, HUD announced it was issuing new rules for down payment assistance on FHA mortgages. According to HUD and the FHA, the new rules were meant to provide clarity around what documentation would be required for borrowers who are using funds from another source to cover part of the their down payment. But, according to one group, those rules do much more than that. And now, the group is suing HUD to get the rule change overturned.
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  • Urban Institute: It hasn’t been this easy to get a government-backed mortgage for 10 years

    Mortgage credit availability for government loans rises to highest level since 2009
    The government has made mortgage credit more readily available in the last few months than it has been at any point over the last 10 years, a new report from the Urban Institute shows. According to the report, the level of mortgage credit available for loans backed by the FHA, VA, and USDA was higher during the fourth quarter of 2018 than it was during any quarter since 2009.
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  • HUD announces new rules for down payment assistance on FHA mortgages

    Claims "certain governmental agencies" may be operating outside existing rules
    The Department of Housing and Urban Development announced this week that it is issuing new rules for down payment assistance on mortgages insured by the Federal Housing Administration. Click the headline for a full breakdown of which rules are changing and why.
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  • Quicken Loans, DOJ sent to mediation in ongoing battle over FHA loan allegations

    Trial is scheduled for Aug. 5, 2019
    Nearly four years after the legal battle between Quicken Loans and the Department of Justice began over claims Quicken violated FHA lending rules, the case may finally be decided in court later this year. But not before the parties give settling the matter at least one more try, after being ordered to do so by a federal judge.
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