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HUD Seeks Ways to Reverse Declining Fortunes of FHA.
Las Vegas -- In recent years, the Federal Housing Administration has been plagued by high delinquency rates and shrinking loan origination volume, but the FHA's new commissioner hopes to revitalize the government's largest mortgage insurance program.
That's the message Department of Housing and Urban Development officials brought to the Western States Loan Servicing Conference here.
"We've lost a lot of our market, and the department right now is looking for ways to improve," said Leslie Bromer, who leads the servicing team at HUD.
Ms. Bromer said HUD is trying to "think outside the box" in its effort to regain FHA market share and avoid becoming the lender of last resort.
Those efforts to improve the FHA program include efforts that will make it easier for loan servicers to do business with HUD, she said.
Recent initiatives include electronic claims submission and delinquency reporting as well as accelerated claims disposition. The FHA has also replaced paper mortgage insurance certificates with an electronic system so that paper MICs are not required to file a claim.
HUD's loss mitigation program, a result of legislation that is intended to keep more seriously delinquent or defaulted FHA borrowers in their homes, also is designed to improve the program for borrowers as well as lenders. The legislation extended more flexibility to the FHA in dealing with loan defaults.
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Source: HighBeam Research, HUD Seeks Ways to Reverse Declining Fortunes of FHA.