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Federal Housing Administration (FHA)

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

More Than 1.1 Million Approved for Permanent HAMP Loan Mods

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The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have released the November edition of the Obama Administration's Housing Scorecard— a comprehensive report on the nation’s housing market. Data continue to show signs that the housing market is strengthening—as home values continue to rise and home sales remained strong in October.Click to continue

HUD Set to Sell Nearly 40,000 Distressed Loans in 2013

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As part of a broad based effort to address the housing market’s “shadow inventory” and to target relief to communities experiencing high foreclosure activity, the U.S. Department of Housing & Urban Development (HUD) has announced preliminary results from the first loan sale under its expanded Distressed Asset Stabilization Program (DASP).Click to continue

Marketing Today: The Mortgage Business is Back!

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The Federal Housing Administration (FHA) and Home Affordable Refinance Program (HARP) are the two big names in the industry. Use them! They are working great and generating some big waves in the business.

Mortgage rates are holding at all-time lows. Quit asking about whether they are going back up and get back to work! Make hay while the sun is shining! Mortgage rates have been dropping fairly steadily since 2002. Fact … they are going back up. We just don’t know when. So keep those files closing in the meantime.Click to continue

FHA Extends Foreclosure Relief to Disaster-Stricken Areas

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The Federal Housing Administration (FHA) has published Mortgagee Letter 2012-23 to help families with FHA-insured mortgages struggling to repair or rebuild their homes in the wake of major disasters like Hurricane Sandy. Mortgagee Letter 2012-23 reinforces the FHA’s long-standing policy of extending foreclosure relief and directs lenders to release insurance proceeds to borrowers rather than to apply those payouts to bring delinquent mortgages current.Click to continue

FHFA: Home Prices Rise 1.1 Percent in Q3

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U.S. house prices rose 1.1 percent from the second quarter to the third quarter of 2012 according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI). The HPI is calculated using home sales price information from Fannie Mae and Freddie Mac mortgages. Seasonally adjusted house prices rose four percent from the third quarter of 2011 to the third quarter of 2012. FHFA’s seasonally adjusted monthly index for September was up 0.2 percent from August.Click to continue

FHA Allowing Additional Closing Time for Hurricane Sandy Victims

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Due to the devastation caused by Hurricane Sandy for homeowners and businesses, the Federal Housing Administration (FHA) is granting additional time for the closing of loans for properties located in Presidentially-Declared Major Disaster Areas affected by that storm.Click to continue

FHA in the Red

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The Federal Housing Administration (FHA) is expected to report its annual report to Congress on Friday ... one which paints a bleak picture of the agency's ongoing financial struggles. For the first time in the agency's 78-year history, the FHA may require a bailout from the American taxpayers as its capital cushion dipped to -$16.3 billion at the end of fiscal year 2012, according to a report prepared by the independent firm of Integrated Financial Engineering Inc. (IFE Group) of Rockville, Md.Click to continue

Two New Prospect Mortgage Offerings to Benefit Victims of Hurricane Sandy

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Prospect Mortgage LLC has announced that it is offering two loan programs that can help those impacted by Hurricane Sandy rebuild their lives. These Federal Housing Administration (FHA) programs provide funding beyond insurance or other disaster assistance by offering financing for those in declared disaster areas to repair or rebuild a home, or even to purchase a new residence.Click to continue

Housing Scorecard Reports Nearly 1.3 Million Assisted Making Home Affordable Program

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The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have released the October edition of the Obama Administration's Housing Scorecard, a comprehensive report on the nation’s housing market. Data continue to show signs that the housing market is strengthening—as home price improvements this year have helped lift more than 1.3 million families above water—although officials caution that the overall recovery remains fragile.Click to continue