Loan officers offering the FHA 203k loan program are seeing an upswing in homebuyers interested in the product, but still not as much as they’d expect.
Jumbo mortgages are traditionally associated with luxury homes and other residential properties typically located in neighborhoods where higher costs of living tend to keep middle and working class house hunters away.
California-based lender saw first quarter 2013 mortgage loan originations soar 85% higher than originations during first quarter 2012.
Public officials and housing analysts are closely watching President Obama's pick to lead the Federal Housing Finance Agency (FHFA), particularly with regard to the future stance on mortgage forbearance and principal reductions of home loans guaranteed by the U.S. government.
The Senate Banking Committee held a hearing recently to discuss the Independent Foreclosure Review, the goal of which is to identify borrowers who suffered financial harm because of errors in their foreclosure processing.
A broker in New York has been sentenced to 70 months in prison for falsifying FHA mortgage insurance documents in order to close millions of dollars of loans from 2007 to 2010.