With all the chatter lately about the bad and the ugly in the mortgage business, I wanted to concentrate on the good. We read and hear about predatory lending, subprime loans, fines, penalties and all the challenges faced by mortgage lenders resulting from regulatory changes and CFPB scrutiny. Let’s take a look at something, actually someone, who represents all that’s…
HUD/FHA announced several substantial proposed changes in its Home Equity Conversion Mortgage (HECM) policy & procedures on May 18th. These changes are primarily designed to assure the viability of the HECM program going forward which has become a popular way for seniors to tap the equity in their homes and remain in their property & neighborhood as they grow…
Ed Golding, Principal Deputy Assistant Secretary for Housing and Head of the FHA, (that’s what it says on his letterhead), issued an informal letter (The Letter) to all FHA lenders on the acceptance of Housing Finance Agency (HFA) down payment assistance programs. Everybody rejoiced. Seems FHA had put to bed the industry’s concerns resulting from actions taken by DOJ against…
HUD/FHA recently announced that they will be conducting an all-day, instructor-led training seminar for lenders with the primary focus on the Single Family Housing Policy Handbook (4000.1) and recent updates. This is an ideal time for Direct Endorsement underwriters, loan processors and loan originators to obtain training on the 4000.1 Handbook as there still remains some confusion over the revised…
Once again we find the Department of Justice out to protect the “…housing market the FHA fund…,” according to Benjamin Mizer, the principal deputy assistant Attorney General. This time, they’re after Guild Mortgage, a San Diego lender with over five decades in the mortgage lending and servicing business. Another big target. However, Guild is not a large bank but an…
Last month, the U.S. Dept. of Housing and Urban Development (HUD) announced new tools in resolving disputes of Manufactured Housing units involving consumers, manufacturers, retailers, installers, and others. To help facilitate the dispute resolution process (which could involve very technical construction standards and safety issues), HUD’s Office of Manufactured Housing Programs has created a new website to help interested parties…
