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The FHA Wire

Recent FHA activity

August 28, 2008

By MortgageDaily.com staff


As FHA lenders grapple with changes to premium prices, one company is helping mortgage companies comply with government loan requirements while another has published a 1,000-page guide for originating, processing and underwriting FHA-insured loans.

Risk-based mortgage insurance premiums on loans insured by the Federal Housing Administration will be suspended on Oct. 1 for at least one year, a notice from the Department of Housing and Urban Development said. The suspension is required under H.R. 3221, The Housing and Economic Recovery Act of 2008, which was signed into law on July 30.

Risk-based premiums were implemented on July 14.

When the housing bill was passed, Anne Canfield, executive director of the Consumer Mortgage Coalition, warned that for many lenders that had already changed their systems and implemented the risk-based pricing program "it will be nearly impossible to reverse it."

"It is unlikely that many lenders simply will not do FHA loans for one year," Canfield said in a statement. "At a minimum, it will be four to five months before they can do FHA loans."

HUD said upfront premiums will be 1.75 percent on purchase-money mortgage and full-credit qualifying refinances beginning on Oct. 1. The upfront premium for streamline refinances will be 1.50 percent, while the premium will be 3.00 percent for refinances of delinquent loans under FHASecure.

Annual premiums on purchase-money loans, full-qualifying refinances and streamline refinances will range from 0.25 percent to 0.55 percent, though 15-year loans with loan-to-values at or below 90 percent will require no premium. On FHASecure refinances, annual premiums will be 0.55 percent on loans with LTVs higher than 95 percent and 0.50 percent for all others.

In other FHA news, Interthinx Inc. announced it provides fraud-prevention and compliance services designed specifically for FHA loans. Among the company's services are income verification, identity validation, occupancy status, automated regulatory compliance checks and third-party certifications. It also has created numerous red flags for challenged FHA underwriters.

"Although FHA lending programs are clearly presenting profitable revenue opportunities in the residential mortgage marketplace, lenders are at risk if they mistakenly loan outside of strict requirements," Interthinx executive Mike Zwerner said in the statement.

NAMP Publishing Group has released the 2008 FHA/VA Survival Kit, which it says provides proven methods, tips, and step-by-step instruction on FHA topics, a press release today said. The 1,000-page guide covers FHA loan requirements, credit analysis and appraisal requirements.

The author of the Survival Kit, Bonnie Hild, has spent 25 years as an FHA direct endorsed underwriter, according to the statement.


Related:

Housing Bill Now Law
President Bush has signed a massive housing bill into law. The legislation includes provisions for a stronger agency regulator, a first-time homebuyer tax credit and foreclosure assistance.

H.R. 3221 signed by President
Housing Bill Approved
Landmark housing legislation has made it through both houses of Congress and is now on its way to the president's desk.

HUD Provides Details on Expanded FHASecure
The Department of Housing and Urban Development released details on enhancements to FHASecure.

New FHA Premiums Slated for Summer
Risk-based premiums on subprime loans insured by the Federal Housing Administration will be implemented within two months.

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