Tag Archives: FHA

Waiver of Anti Flipping Regulations Extend Into 2012 by FHA

(Source: HUD) – In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting Federal Housing Administration Commissioner Carol J. Galante today extended a temporary waiver of FHA’s anti-flipping regulations through 2012.  Read FHA’s anti-flipping waiver.

Louisiana Senator Vitter Proposes Reform Bill to Prevent Another Bailout

(Source: U.S. Sen. David Vitter) – U.S. Sen. David Vitter has introduced a bill to reform the Federal Housing Administration by requiring its mortgage insurance fund to be recapitalized, and to prevent secret bailouts by the U.S. Treasury Department. Some reports show that FHA is on the brink of asking Congress for a taxpayer bailout […]

Congresswoman Waters Blasts Republicans for Voting to Dismantle Programs that Help Homeowners Avoid Foreclosure

(Source: Congresswoman Maxine Waters) – Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, took Committee Republicans to task today for voting to defund two programs that help struggling homeowners.

FHA Refinance General Guidelines Webinar

This FREE WEBINAR will help you better understand the FHA Refinance general guidelines. Presenters will discuss Recent Updates, Streamline Refinances, Cash-Out and Rate & Term Refinances, as well as Refinances for Borrowers in a Negative Equity position. Basic calculations will be included in this training for anyone wanting to improve their knowledge of refinances. An […]

HUD Home Equity Conversion Mortgage Event in Colorado

This Free Webinar training will provide an overview & the latest updates to FHA’s HECM reverse mortgage product. The covered topics will include: HECM purchase transactions, refinances, & updates to the HECM process, HECM standard & the New HECM Saver. New lenders to HECM, HECM experts & Housing Counselors will all benefit from this training. […]

FHA Issues Guidance for Reverse Mortgage Borrowers and Lenders

WASHINGTON -(Source: HUD) – The Federal Housing Administration (FHA) today released guidance to homeowners and lenders that use the reverse mortgage or Home Equity Conversion Mortgage (HECM) program and are dealing with outstanding property taxes and unpaid hazard insurance premiums. FHA’s guidance is intended to assist elderly borrowers who have neglected to pay these expenses […]

HUD: National Servicing Center (NSC) Training

HUD (LoanSafe.org) – NSC’s Classroom Training Location US Dept. of HUD, National Servicing Center 301 NW 6th Street Oklahoma City, OK 73102 This program is a classroom training for mortgagees approved by HUD, HUD approved housing counselors, as well as Nonprofit Housing Counselors. This training will include on subjects like: Deliquencies Defaults mortgage collection activities […]

FHA Takes Action Against Cambridge Home Capital

WASHINGTON -(LoanSafe.org)– The Federal Housing Administration’s Mortgagee Review Board (MRB) today announced that it is permanently withdrawing FHA approval of Cambridge Home Capital, LLC (CHC), a Great Neck, New York-based lender. In addition, the MRB will seek a monetary penalty of $182,000.

Federal Housing Administration Releases Financial Status Report to Congress

WASHINGTON – (LoanSafe.org) – The Federal Housing Administration (FHA) today released its annual report to Congress on the financial status of its Mutual Mortgage Insurance (MMI) Fund, FHA’s principal insurance account that includes all single-family and reverse mortgage activity. FHA’s study finds that since last year, the capital reserve ratio held steady, insurance claims declined […]

Written Testimony of Chief of Homeownership Preservation Office

Phyllis Caldwell Before the Congressional Oversight Panel WASHINGTON D.C. (LoanSafe.org) – Chairman Kaufman, Members of the Panel, thank you for the opportunity to testify today regarding Treasury’s efforts under the Emergency Economic Stabilization Act of 2008 (EESA) and the Troubled Asset Relief Program (TARP) to address the housing crisis. We recently passed the two year […]

FHFA Acting Director DeMarco On Servicer Financial Affidavit Issues

WASHINGTON (LoanSafe.org) – “On October 1, FHFA announced that Fannie Mae and Freddie Mac are working with their respective servicers to identify foreclosure process deficiencies and that where deficiencies are identified, will work together with FHFA to develop a consistent approach to address the problems. Since then, additional mortgage servicers have disclosed shortcomings in their […]

Obama Administration: Housing Shows Continued Advances in Septmember, but Challenges Remain

Image by Getty Images via @daylife WASHINGTON, DC (LoanSafe.org) — The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the September edition of the Obama Administration’s Housing Scorecard (www.hud.gov/scorecard), a comprehensive report on the nation’s housing market. The latest housing figures show continued signs of stabilization […]

GAO: Financial Condition of FHA’s Mutual Mortgage Insurance Fund

From the Government Accountability Office (GAO) on Mortgage Financing WASHINGTON D.C. (LoanSafe.org) – We found that: 1) Recent declines in the Fund’s capital ratio to a level below the statutory minimum resulted from a combination of economic and market developments. More pessimistic forecasts of economic conditions increased the number of predicted insurance claims and losses […]

HUD Announces New Reverse Mortgage Option

WASHINGTON – (LoanSafe.org) – The Federal Housing Administration (FHA) today announced a new modified version of its Home Equity Conversion Mortgage (HECM) product. The HECM loan is a reverse mortgage insured by the federal government. It allows older home owners to tap into their equity to cover living expenses and health care costs while continuing […]

FHA Connection Enhancements to Support Sponsored Third Party Originations

WASHINGTON D.C. FHA (LoanSafe.org) – MORTGAGEE LETTER 2010-33 TO: ALL APPROVED MORTGAGEES SUBJECT: FHA Connection Enhancements to Support Sponsored Third Party Originations (Sponsored Originations) This Mortgagee Letter describes the system enhancements to FHA Connection and provides notice to mortgagees who are sponsors (“Sponsoring Mortgagees’) of sponsored third party originators (“Sponsored Originators”) of new FHA Connection […]

The Budgetary Impact of Fannie Mae and Freddie Mac

Image by origamidon via Flickr CONGRESSIONAL BUDGET OFFICE LETTER TO BARNEY FRANK WASHINGTON D.C. (LoanSafe.org) -  In September 2008, the federal government took control of Fannie Mae and Freddie Mac—two government sponsored enterprises (GSEs) that provide credit guarantees on more than half of the outstanding residential mortgages in the United States. Although they are not […]

HUD’s Inspector General Leaving Office

WASHINGTON, DC (LoanSafe.org) — U.S. Department of Housing and Urban Development (HUD) Inspector General, Kenneth M. Donohue today announced that he is leaving federal service in October. Mr. Donohue was nominated and confirmed in March of 2002 after retiring from the federal law enforcement community.

Reverse Mortgage Counseling Toolkit

WASHINGTON (LoanSafe.org) – The U.S. Department of Housing and Urban Development (HUD) recently released the new HECM Counseling Protocol as Appendix 4 of the Housing Counseling Handbook, 7610.1 REV-5.  A number of these changes involve new materials and tools which have been developed by the National Council on Aging (NCOA), which can be accessed in […]

FHA Announces Enhanced Risk Management and Increased Oversight of Multifamily Lenders and Underwriters

WASHINGTON – (LoanSafe.org) – As part of the Federal Housing Administration’s (FHA) ongoing efforts to enhance risk management practices, Commissioner David H. Stevens today announced plans to implement a series of changes to the multifamily insurance programs that will update underwriting policies, increase lender and underwriter quality, and align loan application, submission and approval standards. […]

Who qualifies for a home equity conversion mortgage?

A home equity conversion mortgage (HECM) is a type of reverse mortgage loan that is offered by the Federal Housing Administration (FHA). The HECM is a loan that offers elderly borrowers the chance to take out a loan based off the equity they have acquired in their home. This loan will not be required to […]