Housing Wire

MARCH 14, 2024

Department of Housing and Urban Development (HUD) is being sued in federal court over accusations that it failed to refund nearly $385 million in mortgage insurance premiums (MIP) to borrowers over a period of more than two decades. More than 200,000 of these loans were terminated more than 20 years ago. million in unclaimed refunds.

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FHA loan Mortgages Loans Development 479

Housing Wire

APRIL 2, 2025

Overall purchase activity has shown year-over-year growth for more than two months as the inventory of existing homes for sale continues to increase, a positive development for the housing market despite the uncertain near-term outlook. For 30-year fixed-rate mortgages with jumbo loan balances, rates decreased to 6.76% from 6.77%.

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Fixed-rate mortgage Loans Mortgages Development 315

Housing Wire

JUNE 11, 2024

Department of Housing and Urban Development (HUD) has terminated the Federal Housing Administration (FHA) direct endorsement approval for Open Mortgage in Iowa. “HUD Most of its loans during the past year were in Kansas (12.5%), Mississippi (11.4%) and Florida (9.7%). Iowa was responsible for 3.4%

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FHA loan Mortgages Loan Officer Loans 448

Inman

MAY 22, 2024

While lenders welcomed the increase, it might benefit homebuyers as well, by giving loan servicers more incentive to process FHA loan assumptions quickly.

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FHA loan Loans Development Mortgages 179

Housing Wire

JUNE 18, 2024

Department of Housing and Urban Development (HUD), which urges the department to avoid reprimanding mortgage servicers for compliance lapses with the new National Standards for the Physical Inspection of Real Estate (NSPIRE) system until it is “fully accessible and usable to each participant.”

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Housing Wire

APRIL 9, 2024

With the Federal Reserve gone AWOL on purchasing mortgage loans, mortgage rates have doubled and spreads over 10-year Treasuries are at historical highs. In late 2021, Congress renewed a 10-basis point tax on Fannie Mae and Freddie Mac loans for another decade — not based on loan risk, but to pay for non-housing spending.

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FHA loan Loans Title Banks 450

Housing Wire

OCTOBER 16, 2024

Department of Housing and Urban Development (HUD) have published a new report identifying the locations of people seeking Federal Housing Administration (FHA) rental and homeownership assistance programs. The locations of households that have received FHA-backed mortgages have been studied far less, HUD explained.

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FHA loan Equity Loans Mortgages 466

Housing Wire

MAY 4, 2021

Consumers also reported long delays in having their loan modified so that they could resume payments on the mortgage. In other cases, consumers said servicers provided conflicting information about what options were available and the consumer’s eligibility for loan modification.

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Mortgages FHA loan Loans Title 450

Housing Wire

JUNE 6, 2022

The deadline for the mortgage industry to chime in on the Federal Housing Administration ‘s (FHA) proposed 40-year loan modification rule was at the end of May. The trade groups in tandem applauded the FHA for moving to align its loss mitigation policy with other housing agencies, including Fannie Mae and Freddie Mac.

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Loans Industrial Mortgages Real-estate owned 421

Housing Wire

JUNE 17, 2021

Lack of inventory and sweltering home prices have become a market norm for much of the industry, and May’s loan size data reported the trend has yet to abate. According to the BAS, the average loan size rose from $377,434 in April to $384,000 in May ?the the fourth consecutive month of rising loan sizes and a new survey high.

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Sales VA loan FHA loan Loans 500

Housing Wire

JUNE 1, 2022

The Community Home Lenders Association (CHLA), backed by 41 IMBs, sent a letter urging the FHA to streamline its servicing guidelines, increase permissible lender fees for executing an assumption of an FHA loan, and make changes to FHA’s condo rules. 55% and get rid of its life of loan premium policy.

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FHA loan Loans Mortgages Banks 384

Housing Wire

JANUARY 19, 2024

6, 2024,” Sherry Carson, human resources generalist at Country Club Mortgage, wrote in a letter sent to the Employment Development Department in California in early December. It also says it processes, underwrites and funds loans in-house. More than 50 mortgage loan officers were let go.

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Mortgages FHA loan Loan Officer Loans 456

Housing Wire

FEBRUARY 7, 2023

It essentially allows qualified buyers with a government loan to purchase a home by assuming responsibility for the sellers’ mortgage terms, including the current balance and interest rate. The fees are typically lower than in new loans, and no appraisal is needed. In fact, it was fairly common a few decades ago.

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FHA loan Mortgages Loan Officer VA loan 384

Housing Wire

NOVEMBER 7, 2023

In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5%

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VA loan Agents Seller concession FHA loan 458

Housing Wire

NOVEMBER 2, 2021

In 2013, the Federal Housing Administration (FHA) began requiring borrowers to pay the Mortgage Insurance Premium (MIP) for the life of an FHA loan. People have equated FHA insurance to that of private mortgage insurance used by the government-sponsored enterprises (GSEs), which is not life-of-loan.

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FHA loan Mortgages Loans Principal 384

Housing Wire

FEBRUARY 27, 2024

of the total) and purchase loans (93.5%), according to the mortgage tech platform Modex. Based in Las Vegas, Gatling has worked for companies such as Bank of America , MetLife Home Loans , Home Community Mortgage and Guild Mortgage , developing expertise in loans to underserved communities. were FHA loans.

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FHA loan Loan Officer Loans Staging 421

Housing Wire

MAY 13, 2021

Amid continued competition from borrowers, the average loan size of a new home reached its highest level in the survey’s history at $377,434. By loan type, conventional loans backed by Fannie Mae and Freddie Mac took the lion’s share at 72.9% of loan applications, followed by just 15.8% of FHA loans, 10.3%

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Sales FHA loan Loans Construction 466

Housing Wire

JUNE 30, 2023

According to the company’s statement, “The relevant loans, some dating back 15 years, make up less than a half percent of our total federal loans originated during this time frame. Like its peers, Movement has the authority to originate and underwrite loans without first having the government review them.

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Loans Mortgages Land Development 384

Housing Wire

MAY 19, 2022

Department of Housing and Urban Development. The average loan size rose to a new survey high of $436,576. Over half of the applications were for loan amounts greater than $400,000, the MBA said. Conventional loans accounted for 76.7% of loan applications. Conventional loans accounted for 76.7%

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VA loan FHA loan Construction Loans 432

Housing Wire

MAY 14, 2024

With the Fed gone AWOL on purchasing mortgage loans, mortgage rates have doubled and spreads over 10-year Treasuries are at historical highs. In late 2021, Congress renewed a 10 basis point tax on Fannie Mae and Freddie Mac loans for another decade – not based on loan risk, but to pay for non-housing spending.

FHA loan 388

FHA loan Loans Title Banks 388

Housing Wire

APRIL 11, 2023

The FHA announced a final rule last month that allows mortgagees to increase the maximum FHA-insured mortgage loan modification term from 360 months to 480 months following a default. You can go out and get a bigger house now because you have higher borrower power at 3% down because your loan term has increased to 40 years.”

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FHA loan Mortgages Loans Development 384

Housing Wire

AUGUST 14, 2024

But the industry is not yet out of the woods, said Todd Sheinin, the Maryland-based vice president of strategy and development at Primary Residential Mortgage Inc. “As It was through a phone call that Evenson found out that one of his clients was looking to refinance his existing 30-year mortgage into a 15-year loan.

Mortgages 441

Mortgages Loan Officer FHA loan Loans 441

Housing Wire

APRIL 4, 2022

Text sign showing hand written words FHA Home loan. The spectacular and historic spike in interest rates will hurt most homebuyers, but one group is especially vulnerable: FHA borrowers. The FHA also insured more than twice as many loans to Black and Hispanic borrowers last year as the rest of the mortgage market combined.

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FHA loan Debt-to-income ratio Pre-approval Loan Officer 370

Housing Wire

JULY 10, 2024

Department of Housing and Urban Development (HUD) on Wednesday posted an updated draft of its proposed defect taxonomy for servicing Federal Housing Administration (FHA) loan reviews.

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FHA loan Loans Mortgages Design 394

Housing Wire

FEBRUARY 25, 2022

The Federal Housing Administration (FHA) announced on Thursday the launch of a new portal for the Department of Housing and Urban Development ’s Single Family Mortgage Asset Recovery Technology (SMART) system. I feel really good about where we are with FHA Catalyst,” she told HousingWire.

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FHA loan Title Principal Development 397

Housing Wire

AUGUST 22, 2022

By product type, conventional loans composed 70.7% of loan applications, FHA loans composed 17.7%, RHS/USDA loans composed 0.2% and VA loans composed 11.4%. The average loan size of new homes decreased from $423,221 in June to $416,029 in July. Department of Housing and Urban Development.

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VA loan FHA loan New Construction Loans 370

Housing Wire

SEPTEMBER 21, 2021

Meanwhile, lenders can electronically submit, track and manage single-family property appraisals, the FHA said. The announcement comes after more than a year’s worth of efforts by the FHA to streamline and modernize their FHA loan origination and claims process.

FHA loan 450

FHA loan Lending Technology Equity 450

Housing Wire

OCTOBER 23, 2020

The Federal Housing Administration announced on Wednesday the launch of its first automated underwriting system that will allow lenders to submit loan application data electronically for single family forward mortgages from their loan origination systems to FHA for mortgage insurance eligibility.

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FHA loan Loans Technology Mortgages 441

Housing Wire

NOVEMBER 21, 2022

Department of Housing and Urban Development , through the FHA, announced on Monday that the change will go into effect on December 21, 2022. The final rule was published in the Federal Register and in a companion mortgagee letter that provides implementation guidance for FHA-approved lenders. .

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FHA loan Mortgages Loans Lending 370

Housing Wire

OCTOBER 19, 2022

Large IMBs with portfolio holdings or a non-qualified mortgage (non-QM) loan focus have more risk than smaller IMBs, concluded the CHLA’s latest report, which was issued Wednesday. IMBs’ highest priority is to reduce and align expenses with shrinking loan volume and reduced profit margins.

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VA loan FHA loan Fixed-rate mortgage Banks 409

Housing Wire

SEPTEMBER 27, 2022

The workforce reduction came from its Des Moines, Clive, Ankeny and West Des Moines offices, according to a WARN notice filed in the Iowa Workforce Development. More than 240 positions were eliminated from the Iowa offices this year and an additional 75 employees will be laid off in October, according to the Iowa Workforce Development. .

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FHA loan Lending Banks Finance 384

Housing Wire

SEPTEMBER 3, 2021

Of the 35,380 Federal Housing Administration -insured loans in New Orleans, 17.9%, or 6,600, were delinquent as of August, per an analysis of Department of Housing and Urban Development data from the American Enterprise Institute. That puts it behind only a handful of other cities in the country in delinquent share of loans.

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Loans FHA loan Mortgages Development 409

Housing Wire

APRIL 15, 2024

Louis that compares the median home price in Nevada at the time Biden took office ($342,995) to the figure as of January 2024 ($460,000), and illustrated increases in monthly payment obligations for Federal Housing Administration (FHA) borrowers. Utilizing a 3.5% at the market interest rate of 2.82%,” Gov. Lombardo said in his letter.

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FHA loan Land Principal Development 431

Housing Wire

MAY 31, 2023

The Federal Housing Administration (FHA) submitted for public comment on Wednesday its proposal to create a new partial claim option, a result of its acknowledgment that its current loss mitigation toolkit isn’t enough to support struggling borrowers as rates surge. A partial claim is an interest-free loan from the U.S.

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FHA loan Loans Principal Mortgages 384

Housing Wire

MARCH 11, 2022

Last week, Fairway Independent Mortgage Corporation announced the hiring of Tane Cabe as its new reverse business development manager with a focus on Home Equity Conversion Mortgage (HECM) for Purchase (H4P) business. So real estate agents automatically get nervous [about a HECM being] an FHA loan. Harlan Accola.

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FHA loan Loan Officer Due diligence Loans 370

RIS Media

OCTOBER 29, 2024

Department of Housing and Urban Development (HUD) announced Monday the expansion of public appraisal data to include Federal Housing Administration (FHA) loans. DENVER, Colo.—The The Federal Housing Finance Agency (FHFA) and the U.S.

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FHA loan Finance Development Loans 105

Housing Wire

JUNE 8, 2022

Unlike large lenders, which often have their own proprietary systems, it’s often not financially feasible for smaller firms to develop their own software. Those services and systems are also used for regulatory, pricing, training and other critical functions — not just loan originating and servicing, the CHLA wrote.

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FHA loan Banks Technology Loans 370