On Monday the Mortgage Bankers Association (MBA) sent a letter to the Federal Housing Administration (FHA) administrator laying out the association's objections to and in some cases agreement with new rules recently proposed for the FHA Lender Indemnification (LI) Process. These lenders are able to endorse...
FHA Commissioner David Stevens sent out the following note outlining recent FHA updates and newly proposed rules. HERE is the actual release. ---------------------- As FHA has now moved into a new fiscal year, I want to take the opportunity to update you on several FHA policy initiatives that went into...
Yesterday I received this note from an industry veteran: "In reference to your statement 'The entire mortgage business is bruised and battered,' I have to take issue with that characterization. Yes, the industry is certainly contending with a number of issues, several of which are complex and intimidating...
Opening today’s paper to more reports about the apparent processing problems involving foreclosures, I was struck by the near total absence of any discussion concerning ways to constructively address this dilemma. Instead of framing the discussions in the useful context of “root cause”...
The Department of Housing and Urban Development (HUD) is preparing to take another step toward tighter authority and oversight of its approved lenders. The FHA has requested comment on regulatory changes that will strengthen its ability to force lenders to indemnify or reimburse the FHA for claims against...
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 1, 2010. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by retail mortgage bankers, commercial banks, and thrifts. The...
H.R. 3081 : Making Continuing Appropriations for Fiscal Year 2011, and For Other Purposes, passed the House of Representatives this morning. Buried in that legislation was authorization to extend current loan limits for mortgages provided through Fannie Mae, Freddie Mac, and the Federal Housing Administration...