In recent years, nonbanks have made major inroads into sectors like the single-family mortgage market, where they now originate more than half of loans.
The Federal Housing Administration’s Mutual Mortgage Insurance Fund reached a capital ratio of 4.84%, up from 2.76 in 2018 and well above the minimum statutory requirement of 2%, according to the FHA’s 2019 annual report to Congress.
In a significant move that could encourage more banks to engage in Federal Housing Administration lending, the Department of Justice and the Department of Housing and Urban Development announced today that they have signed a memorandum of understanding on how they will address potential violations under the False Claims Act.
In a joint comment letter to the Department of Housing and Urban Development last week, the American Bankers Association and three other financial and housing trade associations offered feedback on a recent proposal by the Federal Housing Administration to revise the annual certification statements for lenders.
The Treasury Department today issued a much-anticipated blueprint for housing finance reform that includes providing explicit and paid-for federal government support for the secondary market, ending the more-than-decade-long conservatorships of Fannie Mae and Freddie Mac and promoting greater private-sector competition in housing finance.
The Federal Housing Administration announced today that it will make its “disaster standalone partial claim” a standard mortgage relief option for all victims of natural disasters in presidentially declared major disaster areas.
The Federal Housing Administration issued a final rule today providing greater flexibility for individual condominium owners to obtain an FHA-insured mortgage.
Noting that FHA endorsements with cash-out refinances have more than tripled since 2013, the Federal Housing Administration moved to reduce the maximum loan-to-value ratio on a cash-out refi mortgage from 85% to 80%.
ABA joined the Mortgage Bankers Association in a comment letter to the Department of Housing and Urban Development last week offering feedback on the Federal Housing Administration’s single-family loan sale program.
In a comment letter to the Department of Housing and Urban Development last week, the American Bankers Association joined three other industry groups offering feedback on a recent proposal to make changes to the Federal Housing Administration’s loan-level certification statement and defect taxonomy.