Mortgage Daily

Published On: April 16, 2009
FHA SupermartRecent FHA activity

April 16, 2009

By staff

Appraisals on mortgages insured by the Federal Housing Administration now require a new form. In other FHA news, a number of services claim to help FHA lenders reduce loan defaults, maintain compliance with FHA guidelines and digitally deliver FHA packages. One service provider claims it can help save lenders more than $3.8 billion in losses tied to mortgage fraud this year.In MORTGAGEE LETTER 2009-09, the U.S. Department of Housing and Urban Development said it would adopt the Market Conditions Addendum utilized on conforming loans. Fannie Mae’s version is Form 1004MC, while Freddie Mac’s version is Form 71.

HUD began requiring the forms for all FHA appraisals performed on or after April 1.

The Long & Foster Companies issued a March 24 statement touting the nomination of its president and chief operating officer, David H Stevens, by President Barack Obama as FHA Commissioner. The Chantilly, Va., company claims to be the largest privately held residential real estate firm in the country.

FHA image-based loan documents can now be managed through BlitzDocs, Xerox Mortgage Services announced last month. Loans are packaged by BlitzDocs to meet FHA’s electronic case binder specification.

An executive for Affinity Plus Federal Credit Union, one of six new BlitzDocs customers, was quoted in the announcement as saying the service saved his institution money.

FraudMark FHA was launched by BasePoint Analytics to prevent mortgage fraud losses on rapidly increasing FHA originations, a news release Monday said. The “comprehensive” report provides automated verifications including loan limits by county and HUD exclusionary lists. A default risk score is then assigned based on the possibility of mortgage fraud.

“Our recent data analysis suggests that in 2009, FHA originations resulting in default and delinquency due to fraud will spike to $7.5 billion.,” BasePoint said in the statement. “Ubiquitous use of the new technology can prevent funding of the majority of an estimated $7.5 billion in fraudulent FHA loans in 2009 alone.”

Mortgage Cadence Inc. said in a recent press release that its Orchestrator platform effectively automates government lending with little training required. Risk mitigation tools ensure compliant FHA lending and compliance with FHA-mandated changes.

Enhancements to Wolters Kluwer Financial Services’ suite of compliance solutions enable lenders to participate in the Hope for Homeowners program, a statement today said. The service provides an instant “qualification assessment” based on FHA guidelines, as well as a detailed report on fraud-related risks that increase the chance of default.

Lend America reported earlier this month that its servicing assets surpassed $500 million as of March 31. With $450 million in FHA retail originations during the first quarter, the Melville, N.Y.-based firm projects its portfolio will top $2 billion by the end of the year.

next story

back to current headlines


Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator


Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Date with Today’s Latest Rates


Today’s rates starting at


5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at


$200,000 LOAN

Home Equity

Today’s rates starting at


$200,000 LOAN


Today’s rates starting at


$200,000 LOAN