Today, March 11, 2010, Mike Anderson, CRMS, vice chairman of the Government Affairs Committee for the National Association of Mortgage Brokers (NAMB) will testify before the House Financial Services Subcommittee on Housing and Community Development at a hearing entitled, “The FHA Reform Act of 2010.” The hearing, which will start at 2:00 p.m. EST and be held at the 2128 Rayburn House Office Building, consisting of two panels: Panel I will include Federal Housing Administration (FHA) Commissioner David H.Read more

DartAppraisal.com, a provider of nationwide residential real estate valuations, has announced their integration to FirstClose, a service of First Lender's Data Inc. (FLDI). Based in Austin, Texas, FLDI provides cutting-edge technology solutions to mortgage lenders nationwide.Read more

David Hall, a veteran of Michigan's mortgage industry, has announced the launch of Hall Financial. Headquartered in Birmingham, Mich., the new company will provide expertise counsel and guidance through Federal Housing Administration (FHA) loans, reverse mortgages, loan modifications, zero-down rural development loans, conventional loans and government incentives. Read more

On Dec. 16, 2009, the Federal Housing Administration (FHA) published Mortgagee Letter 09-52, which issued guides for mortgage originators in circumstances where borrowers receive a short payoff from their current lender on either a sale or a refinance. Here is a summary of the five things you need to know about these changes:

1. Changes are effective as of Dec. 16, 2009.Read more

Reuters has reported that Michael Ashley, former head of Melville, N.Y.-based Lend America, has been banned from originating, marketing or submitting claims for Federal Housing Administration (FHA) mortgages. The news agency has also reported that the judgment prevents Ashley from being employed in any capacity, including as a strategist or consultant, for any company connected to the FHA.Read more

As proposed in a Nov. 30, 2009, proposed rule (74 FR 62521), the U.S. Department of Housing & Urban Development (HUD) is seeking to eliminate Federal Housing Administration (FHA) approval for loan correspondents. Because this rule-making is still in process and a final rule has not yet been issued, FHA is extending the deadline for the submission of audited financial statements for loan correspondents seeking renewal of their FHA lender approval for 2010.Read more

There’s a new sheriff in town. It’s about time and none too soon! These folks mean business! The U.S. Department of Housing & Urban Development (HUD) is determined to move forward with strong actions to reduce defaults and claims that are dragging down the Federal Housing Administration (FHA) mortgage insurance program. Guided by the firm resolve of its new HUD Secretary, Shaun Donovan, and FHA Commissioner, David H. Stevens, new ways and means are being implemented to put FHA’s future on a much stronger foundation.Read more

Embrace Home Loans, a direct lender for Fannie Mae and Freddie Mac, approved by the Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA), and an issuer for Ginnie Mae, has announced it is expanding to accommodate current and future growth. The company is moving its Internet origination division, which is comprised of 50 employees, to an 18,000-sq. ft. building located in Providence, R.I.Read more

Byte Software, a complete mortgage software solution providing banks, credit unions, mortgage bankers and mortgage brokers loan origination software from beginningRead more

National Mortgage Professional Magazine recently had an opportunity to chat with David H. Stevens, Assistant Secretary for Housing at the U.S. Department of Housing & Urban Development (HUD), and 27th Commissioner of the Federal Housing Administration (FHA).Read more