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FHA Scrutinizes Early Default Mortgages

FHA commissioner Carol Galante recently announced the Federal Housing Administration (FHA) will be reviewing all single-family mortgages that default in their first two years of repayment.

This policy is being followed due to pressing by the HUD inspector general, stating FHA needs to conduct reviews of all early payment defaults.

“We were able put in a very robust claims review process that meets all the IG’s recommendations and more,” Galante reported to the Senate appropriations committee last week.

David Montoya, the HUD Inspector General, is pressing for FHA to take these defaults further and require lenders to submit certifications when filing claims on defaulted loans. Because FHA is required to pay claims within 30 days, it does not allot enough time for the agency to review the file for proper underwriting.

Certifications requested by the IG would require lenders to review the defaulted loans and certify they met all underwriting conditions. This puts some responsibility back on the lenders per Montoya. Galante is willing to consider requiring these certifications.

Montoya continues to pursue lenders who made bad FHA loans from 2007-2009, costing billions in losses to the FHA mortgage insurance fund. Some critics believe the IG is claiming large settlements from these lenders for technical violations, Montoya claims he is looking for “material violations” involving borrowers who couldn’t afford their loans.

Montoya states he is looking at lenders that displayed a “wholesale disregard” for the FHA single-family program. “We are trying to pick the worst of the worst.”

With FHA 30 year fixed rates today at 3.25% and lower, finding an affordable mortgage amongst the chaos is possible. To see if you qualify for an FHA purchase or streamline refinance, contact me at pwoods@mychartermtg.com today. I would be happy to help you decide how to finance your home.

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