With some frequency we discuss the matter of lenders, FHA mortgages and agency; that is, the idea that lenders and loan officers should have an obligation to get borrowers the best possible rates and terms.

Some blog visitors have pointed out that, in fact, several states do require loan officers and lenders to read more

HUD has come out with a 270-page study regarding FHA mortgage closing costs.

Written by Susan E. Woodward, Ph.D., the report notes that “total charges, up-front cash plus the yield-spread premium, are strongly related to loan amount in every analysis undertaken read more

On May 19, 2008, the U.S. Department of Housing and Urban Development (“HUD”) announced it has launched a national public service announcement (PSA) campaign that will educate the public, especially minorities, about their rights under the lending provisions of the federal Fair Housing Act.

In short, the Fair Housing Acts makes it unlawful to discriminate in read more

Why does HUD want FHA mortgages to now have risk-based mortgage insurance premiums instead of one-premium-rate for all?

The answer: To increase its bottom line.

“Government,” when we lasted looked, was supposed to be “for the people,” a concept which has now been replaced with a new read more

It seems a little early this year, but today is Memorial Day — a day that will inevitably feature picnics, parades, the Indy 500 and sales at the mall. In the midst of good times it should be remembered that the purpose of this holiday is to honor those who have given their lives in military read more

The latest figures from HUD show that FHA mortgage applications as of the end of April are coming in at an annualized rate of nearly 2.2 million per year.

This is a 180-percent increase over the pace for last year. Considering that many loan programs — and many lenders — are underwater — the FHA program read more

HUD has come out with a three-page chart showing refinancing options for FHA mortgage borrowers.

The chart compares FHASecure with a 95% cash-out refinance and an FHA-to-FHA refinance. This is an excellent chart for basic underwriting purposes — and also for borrowers who want to better understand HUD requirements.

For instance, you say you’re a delinquent read more

In May, the House passed a bill authored by Rep. Barney Frank, D-Mass, which would, in summary, create a bail-out refinance program through FHA for borrowers who owe more than their home is worth. The bill, if passed by the Senate and not vetoed by the President, would require lenders to write-down (ie: forgive) approximately 15% read more

The Senate Committee on Banking, Housing and Urban Affairs voted 19-2 to support the The Federal Housing Finance Regulatory Reform Act of 2008.

The measure will allow the FHA to insure as much as $300 billion in new mortgages to replace existing toxic loans — but only for homeowners, not investors, and only if lenders will accept read more

JDJ raised an important point regarding FHA mortgages and the legislation just passed by the House:

“One thing that I’ve never heard the supporters of this and other bailout plans is: What happens if house prices keep falling after the new FHA mortgage is written?

“The read more

For big points, which of the following statements from Washington are true:

A. “I am not a crook.” Richard Nixon

B. “I did not have sex with that woman.” Bill Clinton.

C. “U.S. Housing and Urban Development Deputy Secretary Roy A. Bernardi today announced the Bush Administration’s FHASecure product has helped 200,000 homeowners refinance their read more

The FBI is reporting that fraud investigations associated with the FHA mortgage program declined in fiscal 2007, the period between October 1, 2006 and September 30, 2007.

According to its 2007 Mortgage Fraud Report, the FBI says that fraud investigations fell in fiscal 2007 because of a “substantial decline in read more

The numbers associated with the FHASecure program have been strangely bloated — but now we may have a reason for the huge claims by HUD.

First, we had former HUD Secretary Alphonso Jackson telling the world that ” read more

On April 29, 2008, Roy A. Bernardi, the acting secretary for Housing and Urban Development, spoke at the Federal Home Loan Banks Annual Conference. In his presentation, Mr. Bernardi addressed the federal government’s role in the current foreclosure crisis, and how the FHA should play a central role in order for there to be any lasting read more

Among the more-interesting matters in the FHA mortgage debate last week was a question for House Republicans — would they or would they not support the President in his opposition to Democratic housing measures?

You could see this coming. On one side we have a lame-duck President with the lowest approval records since Nixon, on read more