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FHA Pilots REO’s Off the Books

By use of a new pilot program with 11 participating lenders, the Federal Housing Administration aims to rapidly rid its portfolio of REO (Real Estate Owned) inventory.

Servicers of single family REO’s are selling these homes immediately upon completion of the foreclosure process. This is a radical departure from the old system in place which had FHA servicers conveying titles of said properties to FHA-approved contractors to manage and sell.

Just last year, FHA servicers conveyed properties to FHA at the pace of 23,400 to 28,600 per quarter. In hopes of liquidating inventory on a quicker basis, the pilot program developed in 2011 allowed the FHA to bypass the management and marketing program for the properties. FHA then sets the reserve price on the properties just below their unpaid principal balance.

With these changes to more of a “third-party” sale, as FHA refers to them, fourth quarter numbers for 2013 show nearly 1,500 of these types of sales. In late April of 2013, FHA expanded this program to 11 servicers in hopes of continued rapid property liquidation. By late summer, the program is anticipated to be available on a national platform.

FHA commissioner Carol Galante reports to congress, “This method of disposing of these properties is expected to yield lower losses for the Mortgage Insurance Fund than selling them through FHA’s normal REO disposition process—as carrying costs associated with preserving, managing, and marketing an REO property were eliminated.”

With FHA 30 year fixed rates today at 3.25% and lower, finding an affordable mortgage for an REO or new home is possible. To see which program best suites your needs, contact me at pwoods@mychartermtg.com today. I would be happy to help you decide how to finance your new home.

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