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Federal Housing Administration (FHA)

Coming Changes to the Reverse Mortgage Program

The U.S. Senate joined the House in passing some new changes to the Federal Housing Administration (FHA) to alter the Home Equity Conversion Mortgage program or HECM for short. These new changes may go into effect as early as Oct. 1, 2013.Click to continue

Apps Rise Nearly 12 Percent Over Previous Week

Home For Sale/Credit: Jupiterimages

Mortgage applications increased 11.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Jan. 4, 2013. The results include an adjustment to account for the New Year’s Day holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 11.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 49 percent compared with the previous week.Click to continue

Envoy Mortgage Expands Its FHA 203(k) Product

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Envoy Mortgage has expanded its FHA 203(k) loan product offerings to include a full 203(k) loan option, which gives borrowers an unrestricted window to cover the costs of renovation and repair on a home purchase—limited only by area FHA loan limits that vary from market to market. The renovation and repair costs are rolled into one FHA 203(k) mortgage.Click to continue

Bank of America and HUD Reach Agreement on LGBT Discrimination Claim

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The U.S. Department of Housing & Urban Development (HUD) announced an agreement with Bank of America (BOA) to settle a claim that the mortgage lender refused to provide financing to a lesbian couple. The agreement is the first enforcement action taken against a lender involving HUD’s recent rule ensuring that the Department’s core housing programs be open to all eligible persons, regardless of sexual orientation, gender identity, or marital status.Click to continue

Obama Housing Scorecard Finds HARP Refis Continuing Strong Surge in July

House Atop Money/Credit: Creatas

The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have released the July edition of the Obama Administration's Housing Scorecard—a report on the nation’s housing market. Data in the Housing Scorecard show continued signs of recovery as foreclosure starts and completions declined in June, though officials expect activity to increase in the coming months as firms lift delays in foreclosure processing.Click to continue

$10.2 Billion in Annual Mortgage Payment Reductions Available

House Atop Money/Credit: Creatas

While it’s not getting the kind of attention you might expect, some 3.4 million American homeowners have the opportunity to share in more than an estimated $10 billion in savings on their mortgage payments. The Federal Housing Administration (FHA) recently announced changes to the fees that it will charge on its FHA Streamline Refinance program for some existing borrowers. The savings begin on June 11, so the time is right to find out if you qualify.Click to continue

Fairway Enters the TPO Marketplace

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Fairway Independent Mortgage Corporation, one of the country's largest and fastest-growing mortgage bankers, announced that it will start offering Federal Housing Administration (FHA) loan origination services and sponsor mortgage brokers and other third parties who initiate FHA-insured mortgages for borrowers. The step follows the company's recent moves into the wholesale lending and fulfillment services markets, as well as the recent decisions by several large lenders to abandon or limit their business through third party originators.Click to continue

Gold Star Mortgage leads in FHA and VA loans for Wayne County, Mich.

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Gold Star Mortgage has announced that it is currently the leader for government loans in Wayne County, Mich., with a market share of 7.55 percent, followed by Bank of America with 6.97 percent. Wayne County, Mich. has a population just under two million people, ranking it as the 13th most populous county in the United States.Click to continue

Lenders One reaches milestone of 150 members and counting

Lenders One Mortgage Cooperative

Lenders One Mortgage Cooperative, a national alliance of independent mortgage bankers, announced that it has reached another milestone as total membership climbed to 150 lenders in October. After attracting 42 new members in 2008, the cooperative has continued its steady growth adding 41 new members to date this year, 15 of them having joined during third quarter 2009.Click to continue

IAS report: U.S. home prices dip slightly in September

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Integrated Asset Services LLC (IAS), a leader in default management and residential collateral valuations, has released the latest IAS360 House Price Index (HPI). Based on the timeliest and most granular data available in the industry, the index for national house prices fell 0.6 percent in September. Compared to the 3.1 percent decline for the same period last year, the modest decline for the leading U.S. housing benchmark indicates the typical seasonal downturn has been somewhat delayed.Click to continue