Tag Archives: HUD

This week, First Horizon National Corp. announced that First Tennessee, the regional bank for First Horizon, reached an agreement with HUD and the U.S. Department of Justice to settle claims related the mortgage business the company sold in 2008. As part of the settlement, First Tennessee has committed to make a cash payment of $212.5 million.

The federal judge overseeing a $189 million mortgage insurance lawsuit against Wells Fargo admonished prosecutors Tuesday for dumping millions of documents on the bank so late in the process, making good on an earlier warning against using dumping tactics in the case.

The conference, entitled The Housing Affordability Opportunity: Lowering Costs and Expanding Supply is a two part event hosted in partnership with Habitat for Humanity International and Enterprise Community Partners and will focus on the issue of expanding housing across the nation.

After extensive research, data scientists from FICO found that info such as property records, telecommunications, and utility information can be used as reliable sources to score 15 million consumers who do not have enough credit data to generate FICO score. By using this alternative data from LexisNexis and Equifax, FICO will give card issuers a FICO score that complies with relevant regulations that they can use to extend credit responsibly to millions of additional people.

Co-hosted by the National Association of Realtors (NAR), The Asian Real Estate Association of America, and the National Association of Hispanic Real Estate Professionals, the event included two roundtable discussions and a keynote address from Castro. Realtors within these organizations believe in safe access to mortgage credit for borrower who can show they are able to own a home and keep up with payments. However, due to restrictive lending many of the qualified borrowers are not able to enter the housing market, according to NAR President Chris Polychron.

The Electronic Appraisal Delivery(EAD) portal for FHA insured single family will be used to provide information necessary for mortgagees to prepare for delivering both forward and reverse origination appraisals, HUD announced through a mortgage letter. Mortgage lenders will be required to use the web-based platform for mortgagee submissions of FHA appraisal data and reports for case numbers assigned on and after June 27, 2016.

Edward Golding, a senior adviser at the U.S. Department of Housing and Urban Development, has been named by the White House as the leader of the Federal Housing Administration, according to HUD.

According to data released by the U.S. Census and HUD the February sales are up nearly 25 percent compared to sales from that month last year. Sales for February 2014 were at a seasonally adjusted annual rate of 539,000. This is 7.8 percent above the January rate of 500,000.

Housing starts dropped 17 percent in February to a seasonally adjusted annual rate of 897,000. This is 3.3 percent below the February 2014 rate of 928,000. The Northeast and Midwest region saw the biggest drop in starts at 56.5 percent and 37 percent. The West region saw the least starts drop at 18.2 percent.

Secretary Castro said combatting homelessness is a crucial component to the budget. According to Secretary Castro living in a safe, stable home is one of the biggest predictors of a child’s success in both school and overall health. He said that’s why the HUD budget is also “proposing funding that would effectively end chronic homelessness and make significant strides in our work to end homelessness among families and youth.”