FHA WEEKLY UPDATE

HUD Establishes New Regulations for Housing Counseling Program

As of September 28, 2007, HUD has issued the final rule regarding regulations for its Housing Counseling program. According to HUD, this rule includes provisions for authorizing housing counseling agencies to charge fees for their counseling and education services.

Action is also under way to finalize a mortgagee letter pertaining to reverse mortgage counseling fees in light of the recent rule. Until this mortgagee letter clarifies HUD policy on reverse mortgage counseling, agencies are prohibited from charging fees for their services. As long as Housing Counseling agencies adhere to the criteria outlined in HUD’s final rule, they are allowed to charge fees for pre-purchase, non-delinquency post-purchase, and rental counseling education, yet they cannot charge fees to clients seeking homeless or default counseling.

For further information regarding this rule and its associated services, please visit: http://www.hud.gov/offices/hsg/sfh/hoc/hsghocs.cfm

FHA Mortgage Limits Increase in Select NC Counties

According to HUD, FHA mortgage limits will increase in Morehead City, NC. Effective November 16, 2006, this change will affect the NC County of Carteret

#Units: Current   -  Pending
1 Unit: $200,160 - $218,500
2 Unit: $256,248 - $256,248
3 Unit: $309,744 - $309,744
4 Unit: $384,936 - $384,936

Also, mortgage limits in Kill Devil Hills, NC will affect the NC County of Dare.

#Units: Current   -  Pending
1 Unit: $327,750  - $349,600
2 Unit: $369,150  - $393,760
3 Unit: $448,500  - $478,400
4 Unit: $517,500  - $552,000

All above limits were effective as of November 16, 2007, and may be viewed online at: https://entp.hud.gov/idapp/html/hicostlook.cfm. Furthermore, interested parties may request mortgage limit increases to HUD in any particular area. To learn more about this, please visit: http://www.hud.gov/offices/hsg/sfh/lender/sfhmolin.cfm

HUD Provides Assistance for Affected Residents of 2005 Hurricanes

Nearly 30,000 residents who were affected by the Gulf Coast hurricanes of 2005 will receive assistance from HUD as of December 1, 2007, as they take the project over from the Federal Emergency Management Agency’s rental program. According to HUD, joint effort with local public housing agencies and landlords have allowed them to provide aid to families who are eligible for this important housing program. Assistance is provided through ensuring that rent payments continue, and through efforts to help these residents regain the self-sufficiency they may have had before the hurricanes hit. For more complete information regarding HUD’s action, please visit: http://www.hud.gov/news/release.cfm?content=pr07-171.cfm

Ginnie Mae Guarantees First Security Backed by FHA Home Equity Conversion Mortgage Loans

According to HUD, Ginnie Mae has announced their first Home Equity Conversion Mortgage Mortgage-Backed Security, which is a $116 million issuance – the first government-guaranteed mortgage-backed security backed by FHA insured reverse mortgages ever. An important step in the development of the reverse mortgage market, this allows homeowners over the age of 62 to cash in on home equity while living in the home, and without making monthly payments. To read more about this development, please visit http://www.hud.gov/news/index.cfm

**For more information, visit FHA online: http://www.FHA.gov

 THE BLOG CAFE'

Processing At The Speed Of Light - The Assembly line
Written By: John Hoxsey, CMLP

If you want to crank up the speed of your operation, increase productivity, and close the largest volume with the least amount of friction, it is time to implement an assembly line. 

No good operation can flourish without clearly defined rolls and functions.  Everyone must know what is expected of them and should have a working knowledge of the other team member’s functions and responsibilities. Read Full Blog >>

DISCUSSION BOARD

JOB OPENINGS

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