• After the initial interest rate change, the interest rate will be adjusted every 12 months on the Change
Date by adding the Margin to the Index. The result is rounded to the nearest one eighth percent (1/8%).
• The date of the each interest rate adjustment (change date) is shown on the note and security
instrument.
• Payments cannot change earlier than one (1) month after the change date.
After being criticized that a new rule could shut out too many borrowers, the Federal Housing Administration says it will postpone implementing the rule, which would make it tougher for borrowers with credit disputes on their records to qualify for an FHA-backed mortgage.
WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) today announced the indefinite debarment of three South Florida mortgage loan officers and a Pittsburgh title agent following their criminal convictions on charges they defrauded elderly borrowers, mortgage lenders and the Federal Housing Administration (FHA). Marcos Echevarria, Louis Gendason, John Incandela and Kimberly Mackey pled guilty to charges of conspiracy to commit wire fraud for their part in a $2.5 million nation-wide reverse mortgage scam. All four individuals are currently serving prison terms.
The National Fair Housing Alliance has filed a second discrimination lawsuit against a bank for allegedly poor upkeep of foreclosures in minority areas compared to foreclosures in mostly white neighborhoods. The NFHA says more lawsuits are coming, too.
The upfront insurance premium charged on FHA-insured mortgages for home purchases will increase from 1 percent to 1.75 percent on April 9, and the annual FHA mortgage insurance premiums will rise by one-tenth of a percentage point.
The upfront insurance premium charged on FHA-insured mortgages for home purchases will increase from 1 percent to 1.75 percent on April 9, and the annual FHA mortgage insurance premiums will rise by one-tenth of a percentage point.
WASHINGTON - The U.S. Department of Housing and Urban Development's Mortgagee Review Board (MRB) today announced that it is immediately and permanently withdrawing approval for AmericaHomeKey, Inc. (AHK) to originate and underwrite new mortgages insured by the Federal Housing Administration (FHA). In addition, the MRB is imposing $268,000 in penalties against the Dallas-based mortgage lender for repeated and serious violations of FHA requirements.
Mortgage applications for FHA loans soared 11 percent in one week, according to a new report.
WASHINGTON - Today, Acting Federal Housing (FHA) Commissioner Carol Galante announced significant price cuts to FHA's Streamline Refinance Program that could benefit millions of borrowers whose mortgages are currently insured by FHA. Beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) to just .01 percent and reduce its annual premium to .55 percent for certain FHA borrowers.
