FHA TAKES ADDITIONAL STEPS TO BOLSTER CAPITAL RESERVES
Continuing the effort to help strengthen FHA's Mutual Mortgage Insurance Fund, FHA addresses the MIP amounts, manual underwriting on certain loans, down payments on jumbo loans, and enforcement efforts with regard to lenders marketing to borrowers with previous foreclosures. Read the Press Release issued January 30.

FHA CONSOLIDATES HECM SAVER AND HECM STANDARD FOR FIXED RATE MORTGAGES
FHA will consolidate its Standard Fixed-Rate Home Equity Conversion Mortgage (HECM) and Saver Fixed Rate HECM pricing options for FHA case numbers assigned on or after April 1, 2013. Using the HECM Fixed Rate Saver for fixed rate mortgages will significantly lower the borrower’s upfront closing costs while permitting a smaller pay out than the HECM Fixed Rate Standard product, thereby reducing risks to the Mutual Mortgage Insurance Fund. Read FHA’s new HECM Mortgagee Letter.

FHA EXTENDS WAIVER OF ANTI-FLIPPING REGULATIONS THROUGH 2013
In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, FHA Commissioner Carol J. Galante extended a temporary waiver of FHA's anti-flipping regulations through 2013. Read the Anti-flipping Waiver.

More news archives...