Tag Archives: FHA

The GAO revealed it considers the agency to be a "high risk" program "due to [its] greater vulnerability to fraud, waste, abuse and mismanagement or the need for transformation."

Federal Housing Administration (FHA) Commissioner Carol Galante sat in front of the House Financial Services Committee for the second time to field questions and criticisms about the agency's practices and market share. It was established during the hearing that FHA insures 56.4 percent of mortgage loans today, though Galante was quick to assert in her testimony that FHA's "market share has been declining steadily since its peak in 2009." The commissioner also maintained the agency has no immediate need for a bailout.

A federal judge turned down Wells Fargo's claim that a federal lawsuit against the bank violates the terms of the national mortgage settlement.

About 60 percent of loans written today would be unacceptable under the finalized rules for a QM and the anticipated rules for a QRM, according to CoreLogic.

Loan originators saw a 21.9 percent rise in the number of "locked-in" loans last week, according to Optimal Blue and Mortgage Daily.

Keefe, Bruyette & Woods released its predictions of what actions the government is and is not likely to take to further assist the housing market.

The House Financial Services Committee assembled to hear from experts on the the Federal Housing Administration's (FHA) current financial situation.

Federal Housing Administration commissioner Carol Galante announced Wednesday a series of changes to be issued this week that will allow the agency to better manage risk and strengthen its anemic Mutual Mortgage Insurance (MMI) Fund. The announced changes include consolidating FHA's reverse mortgage program, raising of mortgage insurance premiums, and requiring borrowers to continue paying annual insurance premiums for the entire life of their mortgage loans.

The average credit score among online mortgage shoppers is rising and is well above the overall national average, according to a recent study by MortgageMarvel.com.

After steadily dropping throughout the year, mortgage rates closed out 2012 with one final monthly decline, according to the Federal Housing Finance Agency's (FHFA) December index. The contract rate on the composite of all mortgage loans (both fixed- and adjustable-rate) was 3.28 percent in December, down from 3.36 percent in November. The effective interest rate, which reflects the amortization of initial fees and charges, was 3.42 percent, down from 3.49 percent the previous month.