Tuesday, December 28, 2010

FHA Condo Approval Expiration Dates

12/28-2010 FHA Announces New Staggered Dates for Condo Approval Expiration

• Approved 1972-1980: Expire 12/31/10

• Approved 1981-1985: Expire 12/31/10

• Approved 1986-1990: Expire 05/31/11

• Approved 1991-1995: Expire 07/31/11

• Approved 1996-2000: Expire 08/31/11

• Approved 2001-2005: Expire 09/30/11

• Approved 2006-2008 (Sept): Expire 03/31/11

Click here: https://entp.hud.gov/idapp/html/condo1.cfm to look up the expiration date of the FHA approval of a specific condominium project.

The requirements and process for recertification are set forth in HUD Mortgagee Letter 2009-46 B. There are two approval process options: the HUD Review and Approval Process (HRAP) and the Direct Endorsement Lender Review and Approval Process (DELRAP), which can only be used by lenders who have unconditional Direct Endorsement authority from the FHA and staff with knowledge and expertise in reviewing and approving condominium projects.

12/27/2010 FHA Mortgagee Review Board Censures 2 Lenders - Mortgage Originator

HUD Fines WR Starkey, Seeks $750,000 Reimbursement

Its Mortgagee Review Board has fined WR Starkey Mortgage $223,000 for violations of Federal Housing Administration lending requirements, according to the Department of Housing and Urban Development.

12/27/2010 - FHA Takes Action against Cambridge Home Capital

In the new era following the subprime-lending disaster most mortgage lenders are looking more carefully at the implementation of their underwriting and quality control criteria including the Federal Housing Administration. Citing "serious" underwriting standard violations the FHA Mortgagee Review Board has permanently withdrawn FHA approval of Cambridge Home Capital LLC and is also seeking a monetary penalty of $182,000.

FHFA's Backwards Looks at Rates Shows how low Rates Went

Washington, DC – The Federal Housing Finance Agency today reported that the

National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some ARM contracts, was 4.42 percent based on loans closed in November. This is a decrease of 0.07 percent from the previous month. This Contract Rate series can be found at http://www.fhfa.gov/Default.aspx?Page=251

FTC Launches Website and Blog for National Consumer Protection Week 2011.

On December 21, the Federal Trade Commission (FTC) announced the launch of a website and blog for National Consumer Protection Week 2011, which will be held March 6-12. The annual event is hosted by the FTC and approximately 30 other government agencies, consumer groups, and national organizations. The new National Consumer Protection Week website, which can be found at www.ncpw.gov, offers information and resources to help consumers protect their privacy interests, manage credit and debt, avoid identity theft, understand mortgages, and recognize frauds and scams.

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