FHA backed mortgages which have increased dramatically in the Sacramento area during the past few years and have allowed many first time buyers get into a home will be harder to obtain.  The changes announced this week by the Federal Housing Administration also included a provision which may accelerate the recovery of the Sacramento real [...]

The Federal Housing Agency has announced changes to its lending practices for loans most popular with first time home buyers, but local experts said this will mean little change to most potential buyers. “With all the big banks we read about that are having problems and everything else, they want to make sure that these [...]

In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. [...]

Homeowners with FHA-insured mortgage loans who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments. Previously, these homeowners were not eligible for such assistance until after they had missed payments. The Helping Families Save Their Home Act of 2009 signed into law by President Obama [...]

Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order [...]

I’ve been asked many times by loan officers just how to develop Federal Housing Administration (FHA) business. My patent response is: “You have to brand yourself as an FHA specialist, get out there and give FHA presentations to your FHA referral sources, and then, follow up.” If you are proficient in the basic FHA guides [...]

The Federal Housing Administration initiated on Tuesday a probe of 15 mortgage companies that have disproportionately high default rates on loans insured by the government agency. Officials served subpoenas on the companies on Tuesday. The agency is looking at mortgage companies that have had above-average rates of loans that default shortly after origination, which is [...]

The National Reverse Mortgage Lenders Association is proposing that the US Department of Housing and Urban Development create a separate category for smaller mortgagees, whose principal activity is the origination of reverse mortgages. The request comes after HUD’s proposed rule to raise net worth requirements and eliminate the approval of FHA loan correspondents. The trade [...]

The U.S. Department of Housing & Urban Development (HUD) has issued Mortgagee Letter 2009-53 that eliminates the one percent loan origination fee limit on Federal Housing Administration (FHA) loans, but provides that the FHA will monitor lenders to ensure they are charging “fair and reasonable” fees for all origination services and that it intends to [...]

U.S. Department of Housing and Urban Development (HUD) Inspector General Kenneth M. Donohue and Federal Housing Administration (FHA) Commissioner David H. Stevens announced today an initiative focusing on mortgage companies with significant claim rates against the Federal Housing Administration mortgage insurance program. HUD Office of Inspector General (OIG) subpoenas were served to the corporate offices [...]