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Tag Archives: Federal Housing Administration

HUD Reviews Castro’s First Year of Progress Since His Secretarial Induction

During his first year as the nation's top housing official, Castro has made several policy changes with the intent of increasing opportunity for more Americans to obtain affordable, sustainable housing. Several of those changes are outlined in an announcement from HUD on Monday including helping families and individuals secure quality housing, ending homelessness, and offering housing opportunities to all Americans.

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Research Identifies Government Mortgage Program Benefits

While there has been a massive amount of conversation about the future roles of Fannie Mae and Freddie Mac, the conversation often fails to address what these GSEs' government mortgage programs do for the mortgage market. Urban Institute recently released a report, identifying how programs like the Federal Housing Administration, the Department of Veteran’s Affairs, and the Government National Mortgage Association impact the mortgage market.

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FHA Proposes New Time Period for Lenders to File Claims

In order to provide a clear time frame for claim payments, the Federal Housing Administration (FHA) recently announced its proposal to establish a maximum time period for lenders to file insurance claims. The FHA also intends to revise its policy on reimbursement of eligible expenses and debenture interest when foreclosure and claim filing deadlines are missed.

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FHA Insurance Price Cuts May Have Led Borrowers to Buy Higher-Priced Homes

According to new research by the American Enterprise Institute (AEI) International Center on Housing Risk (ICHR), the FHA’s price cut was largely capitalized into the purchase of higher priced homes. The research reviewed over 2.5 million first-time homebuyer loans. Edward Pinto, the research author and co-director of AEI’s International Center on Housing Risk said that the effort to reduce mortgage premiums did little to expand access to middle-and lower-wealth borrowers, while the National Association of Realtors (NAR) and other housing interest groups reaped the benefits of the higher home prices.

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FHA Offers Lenders Clarity With Defect Guidelines

Lenders can expect to see some changes and clarification with how the Federal Housing Administration (FHA) will handle defect taxonomy and their guidelines. Today, the FHA posted its Single Family Loan Quality Assessment Methodology or “Defect Taxonomy”, which explains how FHA intends to categorize loan defects found in Single Family FHA endorsed loans today.

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First Tennessee Bank to Pay $212.5 Million for Alleged Underwriting Violations

The Department of Justice’s Office of Public Affairs recently reported that First Tennessee Bank N.A., headquartered in Memphis, Tennessee, has agreed to pay $212.5 million to resolve allegations of its violation of the False Claims Act that stems from Federal Housing Administration-insured (FHA) mortgage lending. Allegedly, First Tennessee Bank knowingly originated and underwrote mortgage loans insured by the U.S. Department of Housing and Urban Development’s (HUD) FHA that did not meet applicable requirements, the Justice Department reported.

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Study Finds that Mortgage Market is Shifting From Banks to Non-Banks

A working paper titled, “What’s Behind the Non-Bank Mortgage Boom?”, released by the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School found that, non-bank lending institutions have increased their market share of agency purchase mortgage originations from 27 percent in mid-2012 to 48 percent in late 2014. The study is authored by senior fellow, Marshall Lux, and research assistant, Robert Greene.

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Ranking: Best and Worst Presidents by Homeownership Rate

There are many metrics by which to judge the current administration against those of the past. This week, ValueWalk ranked the ‘best’ and ‘worst’ presidents as judged by their homeownership rates. Making ValueWalk’s ‘best’ list were Presidents Clinton, Johnson (Lydon), and Carter who saw homeownership expand during their presidencies by 5.1 percent, just over 1.1 percent, and just under 1.1. percent, respectively. ValueWalk ranks President Obama as one of the worst presidents when it comes to homeownership numbers, followed by President Regan

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HUD Senior Adviser Takes Reins at FHA

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.

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