The results are in and the report is that the FHA insurance fund has made a fantastic comeback raising its capital requirement ratio to 2.07%. This is just north of the required reserves of 2%. Hats off to the FHA! Nice work. So, where do we go from here? The recent surge in the reserves was mainly due to two…
I’m going to stray a little from my normal blog about industry information to take a moment to thank and honor all those who have so bravely served, and presently serve, our Country in all branches of our military. Thank you all for your service and sacrifice. Thank you for protecting our freedoms and for maintaining our safety and security.…
Just in case you missed it, Fifth Third Bancorp agreed to pay almost $85 million to settle charges brought about by a DOJ action brought under the False Claims Act. According to the charges, Fifth Third failed to report that more than 1,400 FHA insured loans were defective after they had certified them as being eligible for the FHA insurance…
Although it is said that actions speak louder than words, sometimes when the two come together it can have a powerful effect. Such is the case when it comes to the MBA’s Mortgage Action Alliance (MAA). This is a grass roots effort, supported by member firms and their employees, to help facilitate communication with our elected officials to promote industry…
On October 2, 2015, HUD published a Proposed Rule in the Federal Register that would implement some rather substantial changes in the way the Department manages and markets its REO inventory. If your Firm is involved, in any way, with the sale or financing of HUD REO properties – you need to be aware of these proposed changes. Some examples…
The FHA premium cut and agency low down payment loans were intended to increase homeownership among first-time and low to moderate income home buyers. It hasn’t worked so far. The premium cut tends to have just redirected borrowers from traditional conventional loan programs into an FHA-insured loan. Also, those who recently closed using FHA insured loans refinanced those same loans…
