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Category Archives: FHA/VA

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K&L Gates Consumer Financial Services Group to Present at MBA Legal Issues Conference in San Diego

Posted in Bureau of Consumer Financial Protection (CFPB), Fair Lending/Anti-Discrimination, FHA/VA, Litigation & Enforcement Actions, Mortgage Lending, Mortgage Servicing, Other Federal Agencies & GSEs

On May 4-7, 2014 the Mortgage Bankers Association will hold its annual Legal Issues and Regulatory Compliance Conference in San Diego, CA. Several K&L Gates partners from the Consumer Financial Services Group will be presenting at the conference.

HUD Extends Foreclosure Timeframes with Mortgagee Letter 2013-38

Posted in FHA/VA

By: Krista Cooley, Kathryn M. Baugher

On October 28, 2013, with the publication of Mortgagee Letter 2013-38, HUD provided a much-needed update to the schedule of claimable attorney fees and reasonable diligence timeframes for prosecuting a foreclosure on loans insured by the FHA. These updates expressly apply to both forward mortgages and Home Equity Conversion Mortgages (“HECMs”).

K&L Gates Legal Insight: Housing Finance Reform Efforts Heat Up in Summer Session

Posted in FHA/VA

By: Kristie D. Kully, Andrew L. Caplan

This summer has brought a wave of housing finance reform efforts in both chambers of Congress. To date, the House and Senate have proposed different approaches to housing finance reform. The leading House proposal, introduced by Republicans, leans heavily toward privatization and would eliminate the affordable housing responsibilities of Fannie Mae and Freddie Mac.

Consumer Financial Services Group Highlights Key Legal Issues at MBA Conference

Posted in FHA/VA, Mortgage Lending, Mortgage Servicing

Members of the K&L Gates Consumer Financial Services Group will speak on key topics at the upcoming MBA Legal Issues and Regulatory Compliance Conference in Boca Raton, FL (May 19-22). Melanie Brody will discuss a topic on everyone’s radar — fair lending and disparate impact — on Tuesday morning (May 21) , with a repeat… Continue Reading

FHA Announces Upcoming Changes to Strengthen the Mutual Mortgage Insurance Fund

Posted in FHA/VA, Mortgage Lending, Mortgage Servicing, Other Federal Agencies & GSEs

By: Phillip L. Schulman, Krista Cooley

The U.S. Department of Housing and Urban Development’s recently announced that an independent actuarial review of the FHA Mutual Mortgage Insurance (MMI) Fund found that the Fund’s capital reserve ratio has fallen to -1.44%, which represents a negative economic value of $16.3 billion.

No More Mister Nice Guy: Indemnification Now Required by FHA Lender Insurance Regulations

Posted in FHA/VA, Mortgage Lending

By: Phillip L. Schulman, Krista Cooley, Holly Spencer Bunting

FHA mortgagees participating in the Lender Insurance (“LI”) program will be required to indemnify HUD for self-endorsed loans that HUD deems ineligible for FHA insurance based on a final regulation published by the U.S. Department of Housing and Urban Development (“HUD” or “Department”) on January 25, 2012.

FHA Insured Mortgages Require an Appraisal by a State Certified Appraiser

Posted in Appraisals, FHA/VA

By: Nanci L. Weissgold

Effective December 23, 2011, HUD has finally amended its rules to coincide with its existing practice of allowing only state certified appraisers to conduct appraisals of properties securing an FHA insured mortgage. This means that state licensed appraisers or those with only the certification of a “nationally recognized professional organization” are now permitted on the FHA Appraiser Roster.

FHA: HUD Uses FAQs to Communicate Policy Changes

Posted in FHA/VA, Other Federal Agencies & GSEs

By: Holly Spencer Bunting

Mortgagee Letters released by the Federal Housing Administration (“FHA”) appear to no longer be the final word on policy changes made by FHA and HUD related to FHA lending. Although FHA has maintained “FHA Frequently Asked Questions” on its website for some time, it only recently began to publish targeted Frequently Asked Questions in response to specific Mortgagee Letters and questions submitted by industry participants.