The U.S. Department of the Treasury and the U.S. Department of Housing & Urban Development (HUD) have released February data for the Administration's Home Affordable Modification Program (HAMP). As of the end of the month, more than one million borrowers were receiving a median savings of $500 each month, a 36 percent median monthly payment decrease. Permanent modifications have been granted to 170,000 homeowners and an additional 91,800 permanent modifications have been approved by servicers and are pending only borrower acceptance.

Highlights of the report include:Read more

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

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

The Mortgage Bankers Association (MBA), American Bankers Association (ABA), American Financial Services Association (AFSA) and 11 state and local mortgage lending groups filed a comprehensive comment letter to the U.S. Department of Housing & Urban Development (HUD) expressing serious concerns about several proposed regulations under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act).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

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

The U.S. Department of Housing & Urban Development (HUD), in partnership with the Loan Modification Scam Prevention Network, has announced the launch of PreventLoanScams.org. “Troubled homeowners lose time and money when they are tricked by con artists who promise to help but never do,” said John Trasviña, HUD Assistant Secretary for Fair Housing and Equal Opportunity. “This initiative combines the collective energies of public and private enterprises to strengthen the ability of law enforcement to prosecute scammers and protect homeowners.”Read more

Representatives of the Financial Fraud Enforcement Task Force met in Miami for the first of a series of Mortgage Fraud Summits. The task force, established by President Barack Obama in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes, is composed of representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement.Read more