home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


$8.9 Billion in Apartments Loans Funded by FHA During Fiscal 2003

Record production fueled by refi's

November 17, 2003

By MortgageDaily.com staff


The Federal Housing Administration (FHA) insured a record volume of multifamily housing program loans in addition to making several changes to attempt retaining strength in this sector through 2004.

At the 90th annual Mortgage Bankers Association of America convention, FHA commissioner John C. Weicher said the administration insured $8.9 billion worth of multifamily mortgage loans during the fiscal year 2003, topping the prior fiscal year's record by 10%.

"The reason for that is our refi business," said Weicher. Section 221 (d)(4) refinancings accounted $2.9 billion of the total -- almost double compared to the prior year. But, d4 production housing projects dropped from $2.8 billion to $2.2 billion.

Section 221 (d)(4) is used by profit-motivated sponsors and it insures mortgage loans to facilitate the new construction or rehabilitation of multifamily rental or cooperative housing for moderate-income families, elderly, and the handicapped, according to the U.S. Department of Housing and Urban Development (HUD) Web site.

Out of the 89,000 multifamily housing units the FHA insured, 33,000 were new d4s, added Weicher.

A change in multifamily programs included lower premiums -- 57 basis points to 50 -- on d4s, which became effective in October, said Weicher. And, each October a revised premium will become effective as the administration will perform a yearly analysis of multifamily program operations to avoid past FHA procedures that added appropriations to premiums to continue operating the programs.

Contrary to previous FHA beliefs, the administration can have these lower premiums with "no limit on our business" and will save buyers a few hundred dollars through 2004, he added.

FHA also revised Chapter 15 of the Multifamily Accelerated Processing (MAP) guide. According to the HUD Web site, the change basically enforces further quality assurance on the documentation MAP-approved lenders perform when submitting loans for mortgage insurance.

"We've also started a formal rulemaking process for the guide revision," said Weicher. "We think that will help to do business with us as well."



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders