Download or read book FHA Single Family Insurance Claims written by and published by . This book was released on 1994 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book FHA Single Family Insurance Claims written by and published by . This book was released on 1994 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The FHA Single Family Mortgage Insurance Program written by Katie Jones and published by Createspace Independent Pub. This book was released on 2013-01-06 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Housing Administration (FHA) insures home mortgages made by private lenders against the possibility of borrower default. If the borrower does not repay the mortgage, FHA pays the lender the remaining principal amount owed. By insuring lenders against the possibility of borrower default, FHA is intended to expand access to mortgage credit to households, such as those with smaller down payments or below-average credit histories, who might not otherwise be able to obtain a mortgage at an affordable interest rate or at all. FHA also traditionally plays a countercyclical role in the mortgage market. In other words, it generally insures more mortgages during periods when lenders and private mortgage insurers tighten their lending standards and reduce activity in response to market conditions, and it generally insures fewer mortgages at times when lenders and private mortgage insurers make mortgage credit more easily available. When an FHA-insured mortgage goes to foreclosure, the lender files a claim with FHA for the remaining amount owed on the mortgage. Claims on FHA-insured loans have traditionally been paid out of an account, known as the Mutual Mortgage Insurance Fund (MMI Fund), that is funded through fees paid by borrowers, rather than through appropriations. However, if FHA were ever unable to pay claims that it owed, it can draw on permanent and indefinite budget authority with the U.S. Treasury to pay those claims without additional congressional action. In recent years, increased default and foreclosure rates, as well as economic factors such as falling house prices, have contributed to an increase in expected losses on FHA-insured loans. This increase in expected losses has put pressure on the MMI Fund and reduced the amount of resources that FHA has on hand to pay for additional, unexpected future losses. This has led to concern that FHA may need to draw on its permanent and indefinite budget authority for funds from Treasury to hold in reserve to pay for these higher expected future losses, or, eventually, to pay insurance claims. An annual actuarial review of the MMI Fund released in November 2012 showed that, according to current estimates, FHA does not currently have enough funds on hand to cover all of its expected future losses on the loans that it currently insures. The results of this actuarial review heightened concerns that FHA could need funds from Treasury. However, whether FHA actually needs to draw funds from Treasury would be determined as part of the annual budget process, not by the actuarial review. FHA faces an inherent tension between protecting its financial health and fulfilling its mission of expanding access to mortgage credit. In addition, the share of mortgages insured by FHA has increased in the past several years as the availability of mortgage credit has tightened, further contributing to this tension. FHA has recently proposed or implemented a number of changes to its single-family mortgage insurance program that are intended to minimize risk to the MMI Fund while still allowing FHA to support the mortgage market and expand access to affordable mortgages. These changes have included increasing the fees that it charges to borrowers for insurance, modifying its underwriting criteria, and taking steps to increase oversight of lenders who make FHA-insured loans. While many of these changes were made administratively by FHA, some involved congressional action. Congress has also weighed additional changes to FHA's programs, and has considered additional legislation aimed at protecting the financial health of the MMI Fund. An example of such a bill is the FHA Emergency Fiscal Solvency Act of 2012 (H.R. 4264), which passed the House of Representatives during the 112th Congress. An identical bill (S. 3678) has been introduced in the Senate.
Download or read book Challenges Facing the FHA s Single family Insurance Fund written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Housing and Transportation and published by . This book was released on 2000 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book FHA Single family Insurance Program written by Mortgage Bankers Association of America and published by . This book was released on 1995 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Guide to Single Family Home Mortgage Insurance written by and published by . This book was released on 1989 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book FHA Single Family Housing Policy Handbook written by Brian Greul and published by . This book was released on 2021-06-18 with total page 1036 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Doing Business with FHA section in this FHA Single Family Housing Policy Handbook (SF Handbook) covers Federal Housing Administration (FHA) approval and eligibility requirements for both Title I lenders and Title II Mortgagees, as well as other FHA program participants. The term "Mortgagee" is used throughout for all types of FHA approval (both Title II Mortgagees and Title I lenders) and the term "Mortgage" is used for all products (both Title II Mortgages and Title I loans), unless otherwise specified.
Download or read book Challenges Facing the FHA s Single family Insurance Fund written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Housing and Transportation and published by . This book was released on 2000 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The FHA Single family Mortgage Insurance Program written by Katie Jones (Analyst in housing policy) and published by . This book was released on 2012 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Analysis of FHA s Single family Insurance Program written by Harold L. Bunce and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Single family Housing written by United States. General Accounting Office and published by DIANE Publishing. This book was released on 2000 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fha Single family Mortgage Insurance written by Congressional Research Service and published by CreateSpace. This book was released on 2015-01-29 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Housing Administration (FHA), an agency of the Department of Housing and Urban Development (HUD), insures private mortgage lenders against losses on eligible mortgages. If a borrower defaults on an FHA-insured mortgage, FHA will repay the lender the remaining amount owed. FHA insurance is intended to encourage lenders to offer mortgages to households who might otherwise have difficulty obtaining a loan at an affordable interest rate, such as households with small down payments. Borrowers pay fees, called premiums, in exchange for the insurance, and these fees are supposed to pay for the costs of any mortgage defaults. In recent years, increasing foreclosure rates and falling house prices have strained FHA's single-family mortgage insurance fund, the Mutual Mortgage Insurance Fund (MMI Fund). At the end of FY2013, FHA received $1.7 billion from Treasury to ensure that it had sufficient funds to cover all of its expected future losses on the mortgages that it was currently insuring. This was the first time that FHA had ever required funds from Treasury for this purpose for its single-family program. In response to concerns about the financial condition of the MMI Fund, FHA has taken a number of steps in recent years to attempt to improve its financial position. These changes have included increasing the fees that it charges to borrowers, adjusting its underwriting standards, and making changes to the way that it manages delinquent mortgages and foreclosed properties. FHA has also requested additional authorities from Congress, such as improving its ability to hold FHA-approved lenders accountable for the mortgages they submit for FHA insurance. These authorities have been included in legislation that Congress has considered but have not been enacted to date. Congress has also been considering additional reforms to FHA. Proposed reforms include increasing the amount of capital that FHA is required to hold in reserve to pay for unexpected increases in future losses and specifying actions that FHA must take if its capital reserves fall below certain thresholds. Some of these proposed additional reforms have been included in several stand-alone bills that have been introduced in recent Congresses, including H.R. 1145 and S. 1376 in the 113th Congress. Additionally, reforms to FHA are being considered in the context of broader reforms to the housing finance system. One housing finance reform bill in the 113th Congress, the Protecting American Taxpayers and Homeowners (PATH) Act (H.R. 2767), would have made more far-reaching changes to FHA than those that have been included in other bills. These changes would have included limiting FHA-insured mortgages to only low- and moderate-income borrowers and first-time homebuyers in most circumstances, reducing the share of a mortgage that FHA can insure, and requiring greater risk-sharing with the private sector. The PATH Act would also have removed FHA from HUD and made it an independent agency.
Download or read book Mortgagees Handbook written by United States. Office of Housing Production and Mortgage Credit and published by . This book was released on 1975 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Modeling the Budgetary Cost of FHA s Single Family Mortgage Insurance written by Congressional Budget Congressional Budget Office and published by CreateSpace. This book was released on 2015-01-08 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents the simulation model that the Congressional Budget Office (CBO) uses to project the budgetary costs of the Federal Housing Administration's (FHA's) single-family mortgage insurance program. CBO simulates defaults, recoveries, and prepayments on cohorts of mortgages insured by FHA with key parameters estimated from a dataset of FHA-insured mortgages. Those simulations are used to estimate the loan guarantees' subsidy rates, which are the lifetime cost of FHA's insurance claim payments minus fees, expressed as a percentage of the original loan amounts. The simulations are also used to estimate the balance in FHA's capital reserve account, which reflects the sum of all past subsidies plus accumulated interest. As of the end of fiscal year 2013, CBO estimates that the loan guarantees issued between 1992 and 2013 contributed $3 billion to FHA's capital reserves, $73 billion less than the amount those loan guarantees would have contributed based on their originally estimated subsidy rates. That large decline is mostly the result of the downturn in the housing market that began in 2007 and the severe recession that followed. The estimates reflect a combination of realized gains and losses to date and the expected gains or losses over the remaining life of the loan guarantees, but there is considerable uncertainty about the amount of any future gains or losses. Using its model to quantify that uncertainty, CBO finds that ninety percent of the simulated lifetime contributions of those loan guarantees to the capital reserve account are between negative $28 billion and positive $26 billion. Present budgetary procedures for calculating the subsidy rates do not fully account for the cost of the risk that the government bears. If costs were projected on a fair-value basis, which more closely corresponds to the economic costs by using market prices of comparable insurance, subsidy rates would be notably higher. For example, loan guarantees for fiscal years 2014 and 2015 are projected to have a weighted average subsidy rate of negative 5.5 percent under current budgetary treatment and have a small positive subsidy rate on a fair-value basis.
Download or read book Analyzing FHA s Single family Insurance Program written by Robert P. O'Block and published by . This book was released on 1973 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book FHA Single Family Insurance written by Dale Sloan and published by . This book was released on 1973 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mortgagee Review Board written by United States. Department of Housing and Urban Development and published by . This book was released on 1992 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
