Tag Archives: Federal Housing Administration

The FHA’s Mutual Mortgage Insurance Fund currently covers both forward and reverse mortgages. But is that really the best way to asses risk for the programs?

Today during a nomination hearing held by the U.S. Senate Banking Committee Brian Montgomery was approved as Assistant Secretary for Housing—Federal Housing Commissioner, U.S. Department of Housing and Urban Development. His nomination will now move to a full Senate vote.

Both nominations are expected to pass the hearings, after which they will still need to be voted on by the full Senate.

Thursday morning, the Senate Committee on Banking, Housing, and Urban Affairs stated the next steps regarding the confirmation of Brian Montgomery to lead the Federal Housing Administration.

FHA was praised last year for making changes to its HECM program that helped non-borrowing spouses avoid foreclosure. What further changes did the FHA propose to help seniors sustain their HECM loans?

In the time period following the housing market collapse, private mortgage insurance was not easy to obtain. This left the door open for the FHA to step in to accommodate low-down payment borrowers and pick up more market share. But the tables have since turned.

Bank of America's Affordable Loan Solution program provides an alternative for low-income borrower but despite being an innovative solution to market demand, industry analysts feel it does not provide enough competition to substitute the FHA completely.

The House Subcommittee on Housing and Insurance questioned FHA's acting commissioner, Ed Golding, on a number of topics related to the Agency's well-being.

The Federal Housing Administration has once again extended the deadline to give servicers more time to pursue loss mitigation options.

FHA lenders will be able to see the impact of their business at all ends of the credit spectrum with the new supplemental performance metric, the FHA says. This will fall in line with the FHA’s willingness to insure loans to eligible borrowers with lower credit scores.