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Topic: Federal Housing Administration

National Association of Realtors reports Existing-Home Sales Jump Again in October

 

National Association of Realtors Washington, D.C.Existing-home sales ascended in October for the second straight month and eclipsed June’s cyclical sales peak to become the highest annualized pace in nearly a decade, according to the National Association of Realtors®.

All major regions saw monthly and annual sales increases in October.   

Existing Home Sales for October 2016

Existing Home Sales for October 2016

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HUD to investigate mortgage lenders who discriminate againest expectant mothers and new parents

 

U.S. Department of Housing and Urban Development (HUD)Washington, D.C. — The U.S. Department of Housing and Urban Development announced today that it will launch multiple investigations into the lending practices of certain mortgage lenders to determine if they illegally denied families mortgages because the mother is pregnant or a family member is experiencing a short-term disability. The action follows a report published this week in the New York Times outlining the lending practices of some lenders which might possibly violate the Fair Housing Act.

“Denying a mortgage to people just because they’re having a baby is flat wrong,” said Vice President Biden, Chair of the White House Task Force on Middle Class Families. “Mothers on maternity leave have jobs, they have income, and they shouldn’t have to lose their deal to close on a house because they had a baby. I applaud HUD for taking action on this practice that could potentially affect untold numbers of families.” «Read the rest of this article»

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Housing Scorecard shows continued increase in Home Affordability, neighborhood stabilization, but challenges remain

 

July report on nation’s housing market includes new measures of affordability and tracks, for the first time, impact of the $6 billion NSP investment in hardest hit communities

U.S. Department of Housing and Urban Development (HUD)Washington, D.C. — The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the second edition of the Administration’s Housing Scorecard (www.hud.gov/scorecard) showing that, thanks in part to interest rates continuing at all-time lows, home affordability in the U.S. remains near the most attractive levels in 10 years.

In addition, for the first time, the report now tracks the impact of HUD’s Neighborhood Stabilization Program (NSP), which has spurred local investment and is beginning to make affordably-priced homes available to consumers. The Housing Scorecard is the Administration’s comprehensive report on the nation’s housing market. «Read the rest of this article»

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FHA and Ginnie Mae take action against Lend America

 

FHA-approved lender faulted for poor underwriting and false certifications

hudlogoWASHINGTON – The Federal Housing Administration (FHA) today withdrew the FHA approval of Ideal Mortgage Bankers, doing business as Lend America and Lending Key (“Ideal”). The action is effective immediately and prevents Ideal from originating and underwriting new FHA-insured mortgages or from participating in the FHA single family insurance program. In addition, the Government National Mortgage Association (Ginnie Mae) defaulted Lend America. Effective immediately, Lend America will no longer be able to issue Ginnie Mae securities.

FHA also imposed civil money penalties against Ideal in the amount of $512,500. The U.S. Department of Housing and Urban Development’s Mortgagee Review Board (MRB) took the action based upon two notices of violation issued to the Company last month. The MRB cited Ideal for numerous violations of FHA origination and underwriting requirements, including failing to document borrowers’ income and creditworthiness, and for submitting false certifications to the Department.

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FHA suspends Taylor, Bean, & Whitaker Mortgage Corp. & proposes sanctions

 

Ginnie Mae Issues Default Notice and Transfers Portfolio

hudlogoWashington – The Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending TBW’s ability to continue to service Ginnie Mae securities. This means that, effective immediately, TBW will not be able to issue Ginnie Mae securities, and Ginnie Mae will take control of TBW’s nearly $25 billion Ginnie Mae portfolio.

FHA and Ginnie Mae are imposing these actions because TBW failed to submit a required annual financial report and misrepresented that there were no unresolved issues with its independent auditor even though the auditor ceased its financial examination after discovering certain irregular transactions that raised concerns of fraud. FHA’s suspension is also based on TBW’s failure to disclose, and its false certifications concealing, that it was the subject of two examinations into its business practices in the past year.

“Today, we suspend one company but there is a very clear message that should be heard throughout the FHA lending world – operate within our standards or we won’t do business with you,” said HUD Secretary Shaun Donovan. «Read the rest of this article»

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Donovan announces Recovery Act tax credit to help first-time homebuyers to purchase a home

 

FHA plan will stimulate new home sales and help stabilize housing market

hudlogoWASHINGTON – Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today’s action will help stabilize the nation’s housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. The announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to ‘monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA’s new mortgagee letter, visit HUD’s website. «Read the rest of this article»

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