Tag Archives: FHA

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.

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.

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.

MetLife admitted that from September 2008 through March 2012, it repeatedly certified for FHA insurance mortgage loans that did not meet HUD underwriting requirements. The bank admitted it was aware that a substantial percentage of these loans were not eligible for FHA mortgage insurance due to its own internal quality control findings.