Title/Appraisal Vendor Management Association (TAVMA), the trade association that represents the nation’s largest appraisal management companies (AMCs), said today that its members are prepared to help lenders comply with the changes in appraisal ordering announced by the Federal Housing Administration (FHA) that went into effect February 15, 2010. The new guidelines prohibit mortgage brokers from [...]

The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released January data for the Administration’s Home Affordable Modification Program (HAMP), demonstrating that the number of homeowners receiving immediate relief and converting to permanent modifications continues to rise. More than 116,000 homeowners now have permanent modifications, nearly doubling the [...]

Home Buyers sitting on the fence should know this Currently FHA has been playing a large role in home mortgage lending. The relatively easy-to-qualify-for and low down payment requirements have made FHA loans attractive to many of today’s home buyers. FHA does not actually loan money to home buyers, but insures lenders against default on [...]

The default rate in the single-family FHA portfolio reached 9.12% in Q409, climbing from 6.82% in Q408, according to the Federal Housing Administration December monthly report. The total number of FHA-insured single-family mortgages in default reached 531,671 in Q409, a 66% increase from 319,741 in Q408. In that same period, modifications on FHA-backed loans increased [...]

Rep. Kenny Marchant (R-Texas) has introduced a new bill, the Mortgage E-Verify Act. It would require a mortgagor to be verified under the E-Verify program as a condition for modification of a home loan held by Fannie Mae or Freddie Mac, or insured by the Federal Housing Administration (FHA). The E-Verify program is a voluntary, [...]

The Federal Housing Administration’s Mortgagee Review Board (MRB) today immediately and permanently withdrew the FHA approval of Premium Capital Funding, LLC, a Jericho, New York-based lender doing business as TopDot Mortgage. Today’s action prevents TopDot from participating in FHA programs and seeks a monetary penalty of $674,000. In addition, the Government National Mortgage Association (Ginnie [...]

Call it three birds with one stone: The federal government hopes to help low-down-payment home buyers, investors who fix up foreclosures, and communities burdened with too many bank-owned and foreclosed homes — all with one potentially far-reaching policy change. The Federal Housing Administration is revising its long-standing anti-flipping rules starting Feb. 1 and just might [...]

Under fire for the low number of people receiving long-term mortgage help, the Treasury Department on Thursday announced new guidelines that will require applicants to provide all paperwork before getting a trial modification. The new policy will make it harder for troubled homeowners to start the process, but it should make it easier for them [...]

So on the lending front many things have changed.  The FHA loan program which is driving the majority of sales in todays market has adjusted multiple times and recently there has been another adjustment, which might just make it more attractive for purchasers to take a chance on a foreclosed property in disrepair. For years [...]

Homeowners can now apply for a federally backed mortgage modification program before they get behind on mortgage payments, the Federal Housing Administration announced Friday. A change in the rules will allow homeowners who experience a sudden loss of income or other financial distress to apply for a loan modification though the Housing Affordable Modification Program [...]