FHA

More than 300 FHA loans originated by Hometown had unpaid MIP's, according to a number of filings by state housing regulators.

The incentives are part of a broader set of Federal Housing Administration servicing changes for Home Equity Conversion Mortgages that also offers some new options for procedures.

Under the proposal, the maximum allowable rehabilitation costs for the agency's limited program will rise to at least $50,000 to account for increases in repair expenses.

Initial industry reactions to the redrafted strategy for reducing distressed borrower payments in a higher rate environment were largely positive.

Because the measure of the insurance fund's soundness remained well above its target, trade groups asked whether the cost of coverage could be further reduced.

The Federal Housing Administration has a floated modernized policy that could permanently replace the temporary one but was asked for more implementation time.

The seizure of servicing from Reverse Mortgage Funding's bankruptcy has had ripple effects ranging from a private legal challenge to broader policy changes.

Expected income earned through rental of the units will be considered in underwriting for FHA-backed mortgages and rehabilitation loans.

Current affordability challenges appear to have spurred the Department of Housing and Urban Development affiliate to rectify a concern dating back to 1990.

The Department of Housing and Urban Development would permanently allow servicers to use online and remote communications to establish borrower contact, as they did during the pandemic.

The fact that rates are higher than they were at origination for many distressed borrowers has made it tough to lower payments and this new type of partial claim may help.

The Trump administration official announced that she will step into the role of senior adviser to the House Financial Services Committee.

Volume climbed up to $13.3 billion from $8 billion in February, per Polygon Research's report.

Taking a second look at those who were denied credit is very costly for lenders under the FHA's antiquated rules, writes the Chairman of Whalen Global Advisors.

The proposal is out for comment through May 1, and the initial mortgage lender reaction is that the measure could be helpful with remote work and budgeting.

Overall, depository share has shrunk, but the major player, which had reduced its involvement, has been increasing it and recently shared some thoughts with a HUD official.

More incentives are coming for servicers as a greater number of distressed borrowers get expanded access to more affordable, streamlined modifications.

The range in the size of mortgages to be insured by the agency in 2023 runs between $472,030 to $1,089,300, while maximum claims on HECMs will similarly increase.

Delinquencies are on the rise for FHA-backed loans, with nearly 10% of low-credit borrowers in early payment default. Economists and policy experts say this could signal trouble ahead for other credit products.

But a cooling housing market opened up buying opportunities for some and helped drive the share of FHA-backed purchases upward for the first time in a year, according to new Attom research.