Category Archives: HUD
FHA Credit Overlays May Be A Form Of Redlining
January 20, 2011HUD has commissioned the National Community Reinvestment Coalition to conduct research on the practice by large bank consolidators of imposing FICO score overlays that require minimum scores above the new HUD minimum of 580. HUD previously had no FICO score … Continue reading
What kind of federal mortgage programs does the government have for assistance of home owners?
January 4, 2011The federal government does not administer mortgages on its own, however, the Federal Housing Association (FHA), under the US Department of Housing and Urban Development (HUD) offers several insurance programs to assist single families with purchase of their home loans. … Continue reading
Updated Statement by Deputy Assistant Secretary of HUD
August 10, 2010“Last week, FHA Commissioner David H. Stevens announced plans for implementing FHA’s new mortgage insurance premium structure. As we work to publish a Mortgagee Letter, it is our intention to announce that based on industry feedback and our desire to … Continue reading
New HUD Protocol Offers Older Adults More Information and Deeper Financial Assessment, Using Tools and Materials Developed by NCOA
August 5, 2010WASHINGTON, Aug. 4 /PRNewswire-USNewswire/ — The U.S. Department of Housing and Urban Development (HUD) now requires all HUD-approved reverse mortgage counselors to provide their clients with the National Council on Aging’s (NCOA) 28-page consumer booklet on reverse mortgages. In addition, … Continue reading
FHA loans: Net worth timeline, new monthly scorecard
June 22, 2010The Federal Housing Administration (FHA) has been busy recently. We’ve written before about a move to raise the minimum net worth worth requirements for loan originators. The FHA recently set out a timeline for implementation (MortgageDaily.com; subscription required). Among the … Continue reading
HUD close to higher minimum net worth for lenders
May 10, 2010A new letter from the U.S. Department of Housing and Urban Development (HUD) outlines plans to raise minimum net worth requirements for prospective FHA mortgagees (MortgageDaily.com; subscription required). The minimum net worth requirement had been $250,000 since 1993. Within the … Continue reading
New home sales surge
April 28, 2010New home sales rose by almost 27 percent in March, the second consecutive month of growth and the biggest one-month jump in 47 years. The U.S. Census Bureau and the Department of Housing and Urban Development (HUD) made the announcement … Continue reading
3rd-party e-signatures now OK for FHA insurance application
April 13, 2010The department of Housing and Urban Development (HUD) will now allow electronic signatures on third-party documents as part of the Federal Housing Administration (FHA) mortgage insurance application. In a mortgagee letter released last week, HUD said the policy is effective … Continue reading
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Greg Frost's Corner
I recently attended the annual Mortgage Bankers Association lobbying day in D.C. with 5 of my industry colleagues from New Mexico. It was a very insightful experience.
It is apparent to me that there is a prevailing feeling in both the House and Senate, along with the Executive Branch, that our government should reduce [...]
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