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Tag Archives: FHA

FHFA Expands Push for Diversity on Federal Boards

The FHFA now requires that Federal Home Loan Banks and their Office of Finance include demographic data related to their boards of directors in their annual minority and women inclusion reports to the agency. The banks also must now include descriptions of their outreach activities and strategies designed to promote diversity in nominating or soliciting nominees for positions on boards of directors.

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Senator Says Recent HUD Appointments Give Appearance of ‘Circumventing Nominations Process’

The Senator contends in his letter that only Congress can create government officers and that Congress has not given HUD the power to bestow an assistant secretary's responsibility onto a principal deputy assistant secretary. Grassley pointed out in his letter that Congress passed the Vacancies Reform Act in 1998 that provided several mechanisms to fill vacancies in government offices, and "[c]reating new job titles is not among the allowable mechanisms listed."

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Quicken Loans Lawsuit Accuses HUD and Justice Department of Coercion

Quicken, the largest lender of Federal Housing Administration mortgage loans in the country, filed its suit in the U.S. District Court for the Eastern District of Michigan against the U.S. Department of Justice and the Department of Housing and Urban Development, claiming the agencies have been trying to bully the company into making “blatantly false” statements and demanding the company pay “an inexplicable penalty or face legal action,” according to a statement released by Quicken Friday.

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Reverse Mortgages Will Soon be Tougher to Get

By 2013, the FHA‒‒the nation’s largest insurer of reverse mortgages‒‒received it’s first-ever bailout of $1.7 billion. At the same time, HECM defaults started to rise. By the middle of 2013, more than a half-million HECMs remained outstanding and the default rate hovered around 10 percent.

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HUD Secretary: FHA is Exploring Alternative Credit Scoring for Mortgage Borrowers

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.

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FHA to Take Mortgage Appraisals Online in 2016

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.

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SunTrust to Pay North Carolina Homeowners $21.5 Million in Settlement

More than 2,200 homeowners who had mortgages with SunTrust and lost their homes to foreclosure in the past few years are eligible to a cash settlement worked out by the North Carolina Attorney General’s Office. North Carolina’s portion of the payout is about $21.5 million. Claim forms were mailed this week, and homeowners have until June 4 to submit a claim. The average payment will be around $850, according to Attorney General Roy Cooper.

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Top 5 Takeaways from 2015 Five Star Government Forum, Washington, D.C.

Features of the 2015 Five Star Government Forum included keynote addresses from U.S. Congressman Randy Neugebauer (R-Texas), Fannie Mae SVP and Chief Economist Doug Duncan, and Freddie Mac Deputy Chief Economist Len Kiefer as well as Five Star President and CEO Ed Delgado's one-on-one interview with Acting FHA Commissioner Biniam Gebre.

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