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Industry supports FHA’s 40-year loan term option — with caveats

Housing Wire

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 FHA is currently accepting industry feedback on the proposed rule, but the concept got us thinking. Lunch & Learn: Should there be a 40 year mortgage?

Loans 412
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Property services company MCS enters reverse mortgage space

Housing Wire

Lewisville, Texas-based property services company MCS announced last week that it acquired Five Brothers Asset Management Solutions , a deal which brings MCS into the reverse mortgage industry for the first time, according to an announcement by the company. Five Brothers, headquartered in Warren, Mich.,

Mortgages 339
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FHA unveils 40-year loan modification option

Housing Wire

The Federal Housing Administration (FHA) is moving to expand its COVID-19 loss mitigation “waterfall” by introducing a 40-year loan modification option and is asking the mortgage industry for input. Comments from the mortgage industry are due by May 31. FHA’s 40-year loan modification option has been in the works for quite some time.

Loans 516
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GSEs completed nearly 60,000 foreclosure prevention actions in Q1 2023: FHFA

Housing Wire

at the end of Q1, “compared with 4.01% for Federal Housing Administration (FHA) loans, 2.26% for Veterans Affairs (VA) loans, and 1.73% for all loans (industry average),” the report said. Real-estate owned (REO) inventory also increased by 2% over the course of Q1 to 11,190 units.

VA loan 326
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FHA publishes final rule on the 40-year loan modification

Housing Wire

Department of Housing and Urban Development ( HUD ) added that it would reduce losses to the FHA’s Mutual Mortgage Insurance (MMI) Fund, as fewer properties would be sold out of the FHA’s real estate owned inventory or at a loss due to foreclosure.

Loans 365
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FHFA prevention actions surpassed 52K in Q4 2022

Housing Wire

in Q4, the Department of Veterans Affairs (VA) loans rate was at 2.43%, and at 1.89% for all loans based on the industry average. The GSEs’ real estate-owned (REO) inventory increased 7% from 10,251 in Q3 to 10,997 in Q4 due to REO acquisitions outpacing property dispositions.

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The current REO market requires an expansion of services for business growth

Housing Wire

Tiffany Fletcher: Real Estate Owned (REO), acquired by lenders , banks, or financial institutions typically due to mortgage loan defaults, involves the strategic marketing and sale of existing properties to mitigate losses on outstanding loans.