The U.S. Department of Housing and Urban Development today unveiled a new website that consolidates a wide variety of economic and housing market data at the regional, state, metropolitan area and county levels. Using data from the Census Bureau, Labor Department, State and Local governments, housing industry sources, as well as HUD’s own field economists, [...]

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 significantly, and the economic [...]

Federal Housing Administration Commissioner David Stevens said early indications of a review into mortgage servicer operations has shown they are not meeting the loss mitigation needs of the Department of Housing and Urban Development. Stevens testified before the House Financial Services Committee Thursday on the recent foreclosure issues that have surfaced in many banks. Lenders such [...]

The Federal Housing Administration has avoided the need for a taxpayer bailout, as we report today, but the agency’s reserves have stabilized at levels that don’t leave much of a cushion against future losses. The FHA’s annual audit showed that the agency’s reserves were largely flat from a year ago. The amount of cash on hand, [...]

FHA Commissioner David Stevens today released another letter to the industry. This communication focused on two topics. A new FHA loan product aimed at incentivizing borrowers to invest in energy efficient homes and HUD’s effort to promote sustainable homeownership though transparency and borrower education. The following words are from the desk  of David Stevens…. ————————————— [...]

Ginnie Mae will allow issuers to pool mortgages processed through the Federal Housing Administration‘s Short Refinancing Program, according to guidance released this week. Ginnie guarantees investors the timely payment of principal and interest on mortgage-backed securities containing federally insured loans, mainly FHA. The U.S. Department of Housing and Urban Developmentlaunched the FHA Short Refinancing Program in Septemberto help [...]

Echoing the message from a speech at the Mortgage Bankers Association’s annual conference in Atlanta, FHA Commissioner, David Stevens said the reverse mortgage industry needs to shine a light on bad participants and regain the public’s trust. “I’m a huge fan of reverse mortgages, but I went after and shut down a lender in Hawaii,” [...]

FHA Commissioner David Stevens sent out the following note outlining recent FHA updates and newly proposed rules. HERE is the actual release. ———————- As FHA has now moved into a new fiscal year, I want to take the opportunity to update you on several FHA policy initiatives that went into effect earlier this month (October [...]

The U.S. Department of Housing and Urban Development (HUD) has announced a new reverse mortgage alternative aimed at cash-strapped seniors who are looking to reduce the up-front costs of tapping their home equity in exchange for lower loan proceeds. The move comes on the heels of increases in the cost of mortgage insurance. Mortgage insurance [...]

Questions about the validity of the foreclosure process continue to spread and may have reached the Federal Housing Administration. Washington advisory firm Patton Boggs LLP said the federal agency may “soon be taking steps to address faulty foreclosures of FHA-insured mortgages as a result of the recent foreclosure furor.” The firm said it expects the Mortgagee Review [...]