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

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

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.

FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.

FHA Streamlines

Appraisals, endorsements eased

September 27, 2005


The Federal Housing Administration is making FHA mortgages easier.

The Department of Housing and Urban Development said Monday two appraisal-related forms are being eliminated and appraisal protocol is being updated in order to reduce burdensome and duplicative paperwork on FHA-insured loans

As part of the initiative, FHA will adopt four of Fannie Mae's appraisal reporting forms, which were recently revised and are now considered the industry standard, HUD said.

"Streamlining our appraisal procedures, which in turn benefits homebuyers, is another of our efforts to make FHA easier to deal with for the lending industry," said Federal Housing Commissioner Brian Montgomery in the announcement.

HUD noted that the Valuation Conditions form will no longer be used because FHA has determined that new property reporting requirements on the revised Fannie and Freddie Mac appraisal forms satisfy any concerns regarding the physical property conditions of a home, and thus can serve to estimate property market value.

A second move also announced Monday was the implementation of the Lender Insurance Program. The new program will enable high-performing lenders to endorse FHA mortgage loans for insurance without a pre-endorsement review by HUD, cutting processing time by one-third and decreasing direct insuring expense by as much as 25 percent.

Instead of transmitting insuring data and mail paper case binders to HUDs Homeownership Centers before loans are insured, the new program allows companies to handle the endorsement themselves and to send electronic case binders to HUD only when requested, the announcement said.

Wells Fargo Home Mortgage, reportedly the nation's largest FHA lender, participated with HUD in a pilot procedure of the program.

"Lender Insurance is an innovative and revolutionary change to the FHA insuring process, which brings tremendous industrywide benefits to HUD and lenders alike," said Michael Levine, Wells senior vice president, in HUDs announcement.

The Mortgage Bankers Association said in the announcement the Lender Insurance initiative will "significantly lower costs and streamline the process for originating FHA loans."

Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

E-mail: [email protected]

Appraisal News | AMC Directory
Appraisal industry news coverage, including stories about independence requirements, AVMs and appraiser fraud.

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


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