The Department of Housing and Urban Development (HUD) postponed implementation of new rules meant to promote objectivity for appraisers and minimize interference from lenders of Federal Housing Administration (FHA)-backed mortgages. According to an FHA memo obtained by HousingWire, the January 1, 2010 implementation of Mortgagee Letter (ML) 2009-28 (download here) won’t take affect until February [...]

At 8 a.m., homeowner Rodney Wynn was drowning under his $1,800-per-month, 13.4% interest rate mortgage. But by 5 p.m., he had found some relief: a 4.7% loan with a $970 monthly payment. Wynn, a program director for a youth home in North Carolina, is just one of a growing number of homeowners getting dream workouts [...]

Webster’s New Universal Unabridged Dictionary, defines the word “simplify” as “to make less complex or complicated; make plainer or easier.” We as a society know that in today’s times, when government interjects itself in the affairs of the people in order to make things “simple,” that simplicity doesn’t always come to fruition, and in fact, [...]

The U.S. Department of Housing and Urban Development today announced publication of a proposed rule setting the minimum standards that states must meet to comply with the Secure and Fair Enforcement Mortgage Licensing Act of 2008 (SAFE Act) in licensing loan originators. The proposed rule is posted in today’s Federal Register and on HUD’s website. [...]

The Federal Housing Administration (FHA) isn’t broke, but its reserves aren’t quite where they’re supposed to be either. FHA’s capital reserves are supposed to be 2 percent of outstanding loans. According to the actuarial review for fiscal year 2009, the reserves are a mere 0.5 percent. By the time you read this, FHA’s capital reserves [...]

Older homeowners considering a reverse mortgage can now get more help in the decision-making process. The Federal Housing Administration, which insures reverse mortgages, last month instituted new standards for the counselors who, according to federal law, must meet with prospective borrowers before a loan can be approved. Under the new rules, counselors are required to [...]

The U.S. Department of Housing and Urban Development (HUD) today announced that it is charging a Las Vegas real estate broker and two homeowners with violating the Fair Housing Act by denying a mother of seven the opportunity to rent a four-bedroom home because they thought she had too many children. The owners of the [...]

Regarding the Nov. 30 editorial “The FHA goes upmarket”: Recent press reports about Federal Housing Administration loan limits have left the impression that the general limit is $729,750. This is not true. The primary factor for establishing FHA loan limits is the corresponding median home price in a particular metropolitan area. The $729,750 figure is [...]

The U.S. Department of Housing and Urban Development has announced numerous steps since September to improve the quality of residential loans guaranteed by the Federal Housing Administration. The FHA is also in need of additional capital after an actuarial report found the agency’s secondary reserves have fallen below the required 2 percent, to 0.53 percent, [...]

The trouble signs surrounding Lend America had been building for years. A top executive was convicted of mortgage fraud but still helped run the company. Home loans made by its headquarters were defaulting at an extremely high rate. Federal prosecutors alleged in a civil suit that the company falsified loan documents and committed fraud. Yet [...]