FHA Announces COVID-19 Relief for Borrowers
The Federal Housing Administration yesterday announced relief for FHA mortgage borrowers unable to make payments because of the coronavirus pandemic.
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HUD Proposes Changes to Foreclosure Sale Policies, Procedures
The Department of Housing and Urban Development is seeking feedback on a proposed set of changes aimed at improving its foreclosure sale policies.
FDIC Research Shows Effect of Regulation on Nonbank Mortgage Market
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.
HUD Report: Mutual Mortgage Insurance Fund Exceeds Statutory Capital Ratio in 2019
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.
HUD, DOJ Clarify Procedures for Handling False Claims Act Violations
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.
ABA Supports Proposed Changes to Lender Annual Certification Statements
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.
Treasury, HUD Issue Housing Finance Reform Recommendations
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.
FHA Extends Mortgage Relief for Borrowers Affected by Natural Disasters
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.
FHA Updates Condominium Rules
The Federal Housing Administration issued a final rule today providing greater flexibility for individual condominium owners to obtain an FHA-insured mortgage.
FHA to Limit Cash-Out Refinances
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%.