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Carol Galante

FHA Expands e-Signature Authority

eSignature Credit: Siri Stafford

The Federal Housing Administration (FHA) has announced that it is granting expanded authority to lenders to accept electronic signatures (e-Signatures) on documents associated with mortgage loans. The new policy allows e-Signatures on origination, servicing, and loss mitigation documents, as well as FHA insurance claims, real estate-owned (REO) sales contracts and related addenda. Current FHA policy allows for electronic signatures only on third-party documents such as sales contracts and other documents not controlled by the lender.Click to continue

FHA Still Not Out of the Red: Mutual Mortgage Insurance Fund Gains $15 Billion Over Last Year

House Atop Money/Credit: Creatas

The U.S. Department of Housing & Urban Development (HUD) has released its annual report to Congress on the financial condition of the Federal Housing Administration (FHA) Mutual Mortgage Insurance (MMI) Fund. The independent actuarial report shows that FHA’s Mutual Mortgage Insurance Fund (MMIF) has gained $15 billion dollars in value over the last year and now stands at negative $1.3 billion. The current capital ratio is negative 0.11 percent.Click to continue

FHA Publishes Revised Lending Guidelines

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The Federal Housing Administration (FHA) published revised guidelines for lenders when they manually underwrite mortgage loan applications of borrowers applying for FHA-insured mortgages. This change will improve a lender’s ability to objectively consider a borrower’s risk and reduce additional credit requirements or ‘overlays’ that exceed FHA’s own lending standards.Click to continue

FHA's 2014 Loan Limits to Change in Nearly 650 U.S. Counties

House Cash/Copyright: Getty Images/Credit: Jupiterimages

The U.S. Department of Housing & Urban Development (HUD) announced that it will implement new FHA single-family loan limits on Jan. 1, 2014, as specified by the Housing and Economic Recovery Act of 2008 (HERA). The current standard loan limit for areas where housing costs are relatively low will remain unchanged at $271,050. The new national-ceiling loan limit for the very highest cost areas will be reduced from $729,750 to $625,500. Areas are eligible for FHA loan limits above the national standard limit, and up to the national ceiling level, based on median area home prices.Click to continue

NRMLA Works With HUD on HECM Revisions

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The success of the working relationship between the Department of Housing and Urban Development and the members of the National Reverse Mortgage Lenders Association on improving the Home Equity Conversion Mortgage program is a prime example of the possibilities of public sector/private sector collaboration.Click to continue

FHA Preps for the Future

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The Federal Housing Administration is at a critical crossroads, but with the best performing books of business in its 80-year history, FHA is prepared for the future. That’s according to current and former FHA commissioners, who spoke to thousands of Realtors at the 2013 Realtors Conference and Expo. “We are on the right track financially, and will continue to help American people reach their dreams of owning a home,” said Carol Galante, FHA commissioner and assistant secretary for housing.Click to continue

FHA Secretary Comments on Government Shutdown

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Federal Housing Administration (FHA) Commissioner and Assistant Secretary for Housing Carol Galante has issued the following statement on the government shutdown: As most of you are aware, at midnight on Sept. 30, 2013, funding for operations of numerous agencies and organizations within the Federal Government, including the Department of Housing and Urban Development, expired and these agencies were forced to partially shut down. The lack of funding also resulted in many government contractors receiving orders to stop work on Federal contracts.Click to continue

HUD Publishes New Guidelines Associated With HECM and Reverse Mortgage Risk

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The U.S. Department of Housing and Urban Development (HUD) is publishing new guidance to manage risk associated with the Federal Housing Administration’s (FHA) reverse mortgage or Home Equity Conversion Mortgage (HECM) Program.  This is part of the Department’s continuing effort to reform, strengthen and protect FHA’s Mutual Mortgage Insurance (MMI) Fund.  Read FHA’s mortgagee letters.Click to continue

FHA Next in Line for Bailout?

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Some lawmakers are stating that the Federal Housing Administration (FHA) may have been lying about the size of its losses after declaring that it might need public assistance in its almost-80 year history, according to CNBC.Click to continue

HUD to Sell Thousands of Severely Delinquent Mortgage Loans

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For the second time this year, the U.S. Department of Housing and Urban Development (HUD) will sell thousands of severely delinquent mortgage loans insured by the Federal Housing Administration (FHA) as part of a broader effort to address the housing market’s shadow inventory and to target relief to areas experiencing high foreclosure activity.Click to continue