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FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.

Cap Lifted on FHA Origination Fees

Mortgagee Letter 2009-53

Dec. 31, 2009

By staff

The Federal Housing Administration has updated disclosure requirements and limits on loan origination fees.

FHA origination fees are no longer limited to 1 percent, according to Mortgagee Letter 2009-53 from the U.S. Department of Housing and Urban Development. But originators will still be monitored to ensure borrowers are not overcharged and fees remain "fair and reasonable."

The FHA commissioner will retain authority to establish fee limits. HUD said it intends to issue additional guidance about the limits.

Home-equity conversion mortgages and Section 203(k) loans, however, will retain their statutory origination fee caps.

HUD said all origination-related fees and charges need to be included in Box 1 on page two of the new Good Faith Estimate. Origination-related fees include "all compensation to the lender and/or broker for originating the loan and will most often exceed the specific origination fee caps set for government programs."

But the housing agency noted that in addition to the total in Box 1, more detailed information can be itemized to the left of the column on the empty 800 lines of the HUD-1.

No seller-paid costs are allowed on the new GFE. Such credit will be reflected in a lump sum on Section J of the HUD-1.

Lenders will now need to include the GFE -- including all previously issued GFEs -- on the right side of the case binder when loans are submitted for insurance endorsements.

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