HUD
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HUD Announces Lower Mortgage Insurance Premiums for FHA Loans
On February 22, 2023, the Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a significant reduction in annual mortgage insurance premiums for newly originated FHA loans.
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FHA Provides Extension of Effective Date for new rules related to Downpayment Assistance
On April 25, 2019, FHA issued Mortgagee Letter 2019-07 which announced the extension of the effective date of Mortgage Letter 2019-06 setting forth new documentation requirements related to Downpayment Assistance from governmental entities.
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FHA issues Mortgagee Letter 2019-06 related to Borrower’s Minimum Required Investment
On April 18, 2019, the Federal Housing Administration (FHA) issued Mortgagee Letter 2019-06 which clarifies source requirements for a borrower’s Minimum Required Investment (MRI).
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Preferred Language Question to be Added to New Uniform Residential Loan Application
October 20, 2017, Federal Housing Finance Agency (FHFA) announced its decision to add a preferred language question to the new Uniform Residential Loan Application (URLA). This question will enable borrowers who prefer to communicate in a language other than English to identify that language. It also provides clear disclosures that the mortgage transaction is likely […]
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CLA-Bankers Advisory at the MBA’s Risk Management, QA & Fraud Prevention Forum in Miami, FL
Sarah Lagattolla, VP-Quality Control Services Director, and Kathleen Olson, Business Development Manager, for CLA-Bankers Advisory will be attending the MBA’s Risk Management, QA & Fraud Prevention Forum in Miami September 24th – 26th.
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FHA Issues Quick Reference Guide for its Quality Control Loan Review System
On August 24, 2017, the Federal Housing Administration (FHA) issued FHA Info #17-32 to announce the availability of a Quick Reference Sheet that outlines instructions regarding the agency’s Quality Assurance Loan Review System (LRS). Lenders use LRS to interact with FHA on the majority of Title II Single Family quality control processes, including: Various Post-Endorsement […]
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HUD Suspends FHA Mortgage Insurance Rate Reduction
January 20, 2017, HUD issued Mortgagee Letter 2017-07: Suspension of Mortgagee Letter 2017-01—Reduction of Federal Housing Administration (FHA) Annual Mortgage Insurance (MIP) Rates. HUD issued Mortgagee Letter The Mortgagee Letter communicates that reducing the mortgage insurance premium for loans with closing or disbursement dates on or after January 27, 2017 has been suspended indefinitely. FHA […]
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FHA Reduces Mortgage Insurance Premium Rates
January 9, 2017 HUD issued Mortgagee Letter 2017-1, Reduction of FHA Annual Mortgage Insurance Premium Rates. The new rates are effective with the closing or disbursement of mortgages on January 27, 2017.
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FFIEC Updates HMDA Technology Platform for Filing LAR
January 2017, the Federal Financial Institutions Examinations Council (FFIEC) updated its technology platform for filing the Loan Application Register (LAR) as required by the Home Mortgage Disclosure Act (HMDA). For HMDA data collected in or after 2017, a web-based data submission and edit-check system (the HMDA Platform) has been created to process HMDA data.
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FHA Revises Procedures for Direct Endorsement Approval
December 14, 2016 FHA issued Mortgagee Letter 2016-21, Direct Endorsement Program—Timeframe for Conducting Pre-Endorsement Mortgage Reviews for Unconditional Direct Endorsement Authority.