Tag Archives: FHA

Prominent Democrats on the Senate Banking and House Financial Services Committees recently brought concerns about the a Federal Housing Administration lending proposal that could make it easier for lenders with a criminal history to continue accessing taxpayer-backed mortgage insurance.

Dedicated, visionary, and optimistic about the future of homeownership, Golding has spent more than 25 years in mortgage finance in both the public and private sector. Prior to joining HUD in 2013, he held several senior positions during a 23-year tenure with Freddie Mac—where he served as SVP of Economics and Policy, Program Executive of Making Home Affordable, SVP of Economics and Strategic Analysis, and SVP of Capital Oversight and Economics. Despite his busy schedule shaping the future of American homeownership, Golding sat down with us this month to address your pressing questions on the FHA, mortgage insurance, housing, down-payment assistance, and more. Editor's note: This select print feature appeared in the July 2015 edition of MReport magazine, available now.

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.

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."

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.

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.

Under the terms of the RMK Financial Corporation consent order, RMK must pay a civil penalty of $250,000 in addition to halting the practices the CFPB found issue with.

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.

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.