What We're Hearing Daily

By Paul Muolo

Stories continue to abound that some wholesale mortgage bankers are allowing non-FHA approved loan brokers to originate government insured products for them. Sources tell us that the wholesaler gets around the rules by putting the broker on what has been described as a "quasi W-2 form." In other words, the broker appears to be an employee of the brokerage firm (covered by its licenses/approvals) when it fact he/she is not. The Department of Housing and Urban Development is beginning to investigate the matter, we're told...

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The Borgata
Atlantic City, NJ
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Bush Administration Applying FHASecure Expansion Using Fair, Premium Pricing

By James Comtois

The Bush administration issued final guidance that will permit its flagship mortgage insurance program to assist more homeowners who are struggling to keep up with their high-cost subprime adjustable rate mortgages. To ensure taxpayers do not assume the cost of this expansion, HUD's Federal Housing Administration will implement a fair and flexible premium pricing structure beginning July 14.

Modifications to FHA Secure will help homeowners who can no longer afford their mortgages and missed up to three monthly mortgage payments over the past 12 months. As an alternative to foreclosure, eligible borrowers can refinance with FHA and lenders can voluntarily write down the outstanding subprime mortgage principal balances. Implementation of FHA's new premium pricing plan on July 14 will coincide with the start date to expand FHA Secure.

"With a flexible premium structure, FHA can fulfill its mission of assisting families who do not have access to prime-rate financing. Fair pricing will allow FHA to reach more troubled homeowners without placing excessive risk on its insurance fund," said HUD acting secretary Roy A. Bernardi.

Read on...

Flagstar Bank Enlists CampusMBA To Deliver Key FHA Business Initiative

By James Comtois

CampusMBA, the education division of the Mortgage Bankers Association, has launched a strategic educational offering focusing on Federal Housing Administration loan guidance for Troy, Mich.-based Flagstar Bank.

Headquartered in the Midwest with more than 165 banking centers in Michigan, Indiana and Georgia, Flagstar enlisted CampusMBA to provide assistance in meeting one of its key initiatives - increase and successfully manage its surging FHA business.

"By leveraging CampusMBA and its robust FHA Central curriculum, Flagstar Bank is ensuring that its underwriters and processors gain a comprehensive knowledge of FHA and VA loans," said Diana Wallace, vice president for Flagstar. "As FHA loans continue to become a larger portion of our loan portfolio and a more integral part of our everyday origination business, it's crucial that our staff be able to competently and confidently provide FHA options both for first-time homebuyers and homeowners looking to refinance into more affordable loan products."

Read on...

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iEmergent Releases FHA Market Forecasts and Analytic Tools

By James Comtois

With the recent mortgage crisis, the number of product types and funding conduits has gone down considerably, making it tough for borrowers, particularly first-time buyers with moderate incomes, to purchase a home with lower downpayments.

As part of a plan to enable lenders to identify emerging FHA lending opportunities, iEmergent, a Des Moines-based market research, forecasting and advisory services firm for the financial services, mortgage and real estate industries, has introduced its FHA Purchase Forecast to advise lenders on where FHA lending is likely to increase rapidly, forecast the size of the FHA lending opportunities and project future FHA growth.

Through iEmergent's FHA analytic tools, financial institutions can identify and quantify possible FHA lending opportunities in various markets throughout the United States. iEmergent's FHA Purchase Forecast is available for all geographic markets and contains the Purchase Mortgage Conversion Rates, sizes of total FHA purchase lending opportunities, FHA mortgage density and projections of future FHA mortgage growth speeds for each geographic market.

Read on...