Senate appropriators are expressing concern that seniors are charged "excessive fees" on Federal Housing Administration reverse mortgages, and they want the Department of Housing and Urban Development and the Government Accountability Office to conduct a study.Fees in FHA home equity conversion mortgages range from $8,000 to $17,000, including an origination fee permitted by HUD of 2% of the loan amount or $2,000, whichever is higher. "The most troubling fee is the origination fee," says the committee reports on the HUD appropriations bill. The HUD appropriations bill eliminates a loan cap on HECM loans, but the Senate appropriators rejected a Bush administration request to raise the loan limit on HECMs to the conforming loan limit of $417,000. "The Committee directs HUD and GAO to review the HECM program with particular emphasis on the financial risk to FHA and the homeowner if Congress were to raise the HECM loan limits," the Senate report says.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
10h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
11h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16