cure-lender-defects-earlier
Mortgage Industry Trends

FHA Reports “No Progress in Lender Defects”

Based on FHA’s most recent Lender Insight newsletter (Insights), FHA lenders are not doing so well in managing their initial gross defects. According to the FHA’s post-endorsement technical reviews, over the past 2 years, the initial unacceptable defect rate is averaging just south of 50%. That means that about half of the loans delivered for FHA insurance have substantial defects.…

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Mortgage Compliance

MBA Cautions FHA to “PACE” Itself

The other day I posted a blog outlining FHA’s policy on the acceptance of properties encumbered by PACE (Property Assessed Clean Energy) loans for FHA insured financing. If you missed it, (click here). To be fair, here’s the other side of the story. The MBA is concerned that the financing of such properties may have some serious repercussions on the…

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down-payment-assistance-HUD-FHA
Mortgage Compliance

HUD Clarifies Statement on DPA Programs

HUD’s Deputy Secretary, Nani Coloretti, issued a statement advising lenders that although HUD allows government-sponsored Down Payment Assistance, it must comply with their rules (DPA Issue). DUH! This was intended to clear up confusion previously created when Principle Deputy Assistant Secretary, Ed Golding, issued his letter back on May 25th on this same issue (Letter). That letter was intended to…

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Reverse.mortgages.Good.news
Mortgage Industry Trends

Good News About Reverse Mortgages

Are you now offering Reverse Mortgages, sometimes known as HECMs (Home Equity Conversion Mortgages)? If not, you may be missing out on another home financing opportunity. With rates remaining low, a reverse loan may be an option for many older homeowners. They can access some of the equity they built in their home without taking on the expense of a…

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private-flood-insurance
Mortgage Compliance

Private Flood Insurance Causes Controversy

The House passed HR 2091, the Flood Insurance Market Parity and Modernization Act, which would allow Fannie and Freddie to accept flood insurance placed through private insurance carriers. This is being praised by the insurance and real estate communities and by many lenders as a good thing for consumers. By allowing the Agencies to accept such coverage, the market for…

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RNC-Housing-issue
Mortgage Industry Trends

Housing Gets a Seat at the RNC

If you’ve been following the events at the Republican National Convention, you’ve heard all the speeches about family, safety, immigration, jobs and the economy, as well as, party unity and broken pledges (or pledge). It has provided some good drama and plenty of fodder for the political pundits. But, what about housing? We still have a problem in this country…

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