Despite congressional opposition, the Department of Housing and Urban Development is expected to move ahead with a risk-based premium structure but give Federal Housing Administration lenders more time to adjust to the changes, sources told MortgageWire.House and Senate lawmakers are urging HUD to postpone implementation at least until Congress passes an FHA reform bill. The Senate bill contains a 12-month moratorium on FHA adopting a RBP structure. Currently, FHA charges a 150 basis point upfront premium and a 50 bp annual premium for most borrowers. With RBP, FHA officials say they could increase the upfront premium to 2.25% for the riskiest borrowers with low credit scores and low downpayments and help an estimated 20,000 subprime borrowers refinance into new FHA-insured mortgages in fiscal year 2008. In moving ahead with a RBP structure, sources expect HUD will postpone the Jan. 2 implementation date -- possibly for three months. HUD officials could not be reached for comment.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
6h ago -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
6h ago -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
6h ago -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
7h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
7h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
9h ago