The Federal Housing Administration is moving to electronic loan endorsements for its best direct-endorsement lenders with acceptable claim and default ratings, starting Jan. 1.The new endorsement process, called "lender insurance," eliminates the need for FHA lenders to send loan case binders to the FHA. The agency also announced in a mortgagee letter that it has redesigned its appraisal requirements to make them less cumbersome, and that it is adopting Fannie Mae appraisal forms. These changes are expected to make offers by FHA homebuyers more acceptable to real estate agents. The changes are part of an overhaul of the whole FHA single-family program to make it more competitive in the marketplace.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
6h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
7h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
8h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
10h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
10h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18