The Federal Housing Administration has launched a newsletter called Lender Insight meant to give lenders a behind-the-scenes look at what’s trending in the mortgage industry.
“The goal is to offer insight to FHA lenders about what we see behind the scenes in lender approval, recertification, monitoring and actions,” says The Office of Lender Activities and Program Compliance in the newsletter’s inaugural issue. “Each issue will contain core information designed to help our lenders better understand the trends we are seeing.”
The newsletter will also provide seasonal information and updates about new policies and initiatives OLAPC is working to develop and implement.
Loan sample characteristics were given for the FHA Quarterly Loan Review Findings for Single Family Post-Endorsement Technical Loan Reviews for the first quarter of 2013. Of the 6,251 loans reviewed for the sample, 13% were HECMs while more than half (55%) were for purchase.
Also included in the newsletter are three policy changes for lenders to be aware of: new net worth requirements, a proposed rule change on small supervised lender reporting requirements, and an upcoming consolidation of FHA lender IDs for Title I and Title II lenders.
Written by Alyssa Gerace