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FHA Incentives For Property Owners Investing in One of Over 8000 Opportunity Zones

May 9th, 2019 Comments off

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In the wake of encouraging commentary last week and this week by HUD Secretary Ben Carson regarding manufactured housing – which included his tying that in with Opportunity Zones – comes this news today from HUD.

 

To set the stage for this release, ICYMI or need a refresher, see the report at the link here that contains the official statement by Secretary Carson on manufactured housing, which included his thoughts on Opportunity Zones.

 

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FHA OFFERS INCENTIVES FOR PROPERTY OWNERS WHO INVEST IN OPPORTUNITY ZONES
Lower costs and dedicated underwriters to stimulate housing investment in distressed neighborhoods

 

WASHINGTON – The Federal Housing Administration (FHA) today announced a package of incentives to encourage multi-family property owners to invest in thousands of neighborhoods located in Opportunity Zones across the nation. Read today’s Housing Notice

FHA is introducing reduced application fees paid by property owners applying for certain multifamily mortgage insurance programs for the development or rehabilitation of apartment units located, or proposed to be located, in Opportunity Zones. In addition, FHA is designating teams of senior underwriters to review these applications to ensure the most attentive and timely processing.

When more investors can apply for benefits in Opportunity Zones, more investors can supply benefits in Opportunity Zones.  And that’s exactly the intention of today’s Notice,” said Secretary Carson. “These FHA incentives, combined with the preference points HUD already offers grantees for activities in Opportunity Zones, show how this Administration is maximizing the power of public-private partnerships to never forget – and always lift up – our nation’s “the forgotten men and women.”

 

Reduced Application Fees

Applicants to FHA’s New Construction and Substantial Rehabilitation (Section 221(d)(4))Urban Renewal and Concentrated Development (Section 220), and Purchase or Refinance of Existing Multifamily Property (Section 223(f)) multifamily mortgage insurance programs will be eligible for significantly lower application fees provided the property is located within qualified Opportunity Zones.  For transactions that are defined as ‘broadly affordable,’ FHA’s application fee will be reduced from the current $3 per thousand dollars of the requested mortgage amount to $1 per thousand dollars of the requested mortgage amount, resulting in an average cost saving to applicants of approximately $28,000. ‘Broadly affordable’ is defined as developments in which at least 90 percent of the units are Section 8-eligible or deemed affordable under the Low-Income Housing Tax Credit (LIHTC)

program.

“When more investors can apply for benefits in Opportunity Zones, more investors can supply benefits in Opportunity Zones.  And that’s exactly the intention of today’s Notice,” said Secretary Ben Carson. “These FHA incentives, combined with the preference points HUD already offers grantees for activities in Opportunity Zones, show how this Administration is maximizing the power of public-private partnerships to never forget – and always lift up – our nation’s “forgotten men and women.”

For ‘market rate’ and ‘affordable’ transactions, FHA will reduce application fees from $3 to $2 per thousand dollars of the requested mortgage amount, resulting in an estimated average cost savings of $14,000.  Read more about the definitions of broadly affordable and affordable in the Federal Register.  

 

Designated Senior Underwriters

            FHA will designate seasoned underwriters to process applications located in Opportunity Zones to ensure expert and expedient reviews. Applications must meet the following criteria to qualify for reduced fees and designated underwriting:

  • The application is submitted under FHA’s Section 221(d)(4), Section 220, or Section 223(f) program for a property located in, or proposed to be located in, a qualified Opportunity Zone, and/or:
  • The application involves an investment from a Qualified Opportunity Fund (QOF).

The new incentives offered by FHA are available immediately for applicants of market-rate properties that have not yet submitted a pre-application, and for applicants for affordable properties that have not yet applied.

 

Opportunity Zones

Created under the 2017 Tax Cuts and Jobs Act, Opportunity Zones are intended to stimulate economic development and job creation in distressed low-income communities by incentivizing long-term capital investment.  The program offers capital gains tax relief to those who invest in these targeted distressed areas. This program is anticipated to spur approximately $100 billion of private capital investment in Opportunity Zones. There are more than 8,700 census tracts designated as Opportunity Zones in all 50 States and in the U.S. territories. Read more about the Opportunity Zones program.

 

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HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.

That’s this afternoon’s chapter of “News through the lens of manufactured homes, and factory-built housing” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Declining Manufactured Home Shipments More Serious Than Retailers, Communities Being Told

 

 

 

 

 

 

 

Will FHA Auditors Bring Good News Come November?

October 10th, 2016 Comments off
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Image credit, FHA.

Strong home sales are boosting originations of Federal Housing Administration (FHA) loans, opening the door for many first-time homebuyers.

According to the National Mortgage News, the strong loan volume could also portend the federal mortgage insurance agency is in line to receive a positive report this fall.

It certainly looks positive for the 2016 actuarial review of the FHA mortgage insurance fund,” said Brian Chappelle, a co-founder of the consulting firm Potomac Partners.

 

willnovemberbringgoodnewsfromfhaauditorscreditfha-postedtodailybusinessnews

Credit: FHA.

 

Independent auditors are expected to release the next actuarial report in November.

The latest production report from the FHA shows that lenders originated 622,757 purchase mortgages during the first three quarters of fiscal 2016, compared to 486,139 purchase loans during the same period in fiscal year 2015.

The FHA endorsed 895,713 single-family loans during the first three quarters of fiscal year 2016, up 21.6% from the same period last year ending June 30, 2015. And most of the mortgages are home purchase loans.

 

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Multi-sectional’s kitchen/dining area. Photo credit – eGreenHomesOhio.com.

Roughly 82% of FHA purchase mortgages in both time periods went to first-time buyers.

Another Manufactured Home Loan Option

As many  Daily Business News readers are already aware that VA, FHA Title II and USDA (Rural Housing) loans can all be used for manufactured home loans, so long as the deal involves real estate. A report covering consumer home loan financing options for manufactured homes is linked here.

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Manufactured homes have been attracting positive media attention, as the report linked here spotlights. Residential style single sectional shown, photo credits, Sunshine Homes – Red Bay AL, by ManufacturedHomes.com.

FHA also offers the Title I loan program, which may be used with ‘home only’ loans on single and multi-sectional homes on leased land and manufactured home communities.

FHA Logo

FHA Logo

The June FHA Performance Report also showed a significant drop in serious delinquencies over the past four quarters. Loans 90 days or more past due fell to 5.02% as of June 30, down from 6.12% a year ago.

Also of note in the report from the National Mortgage News, results from last November’s actuarial report showed the FHA’s ratio of reserves to guaranteed loans exceeded its minimum 2% threshold for the first time since 2008, but the FHA fund reached its minimum capital ratio with the help of the agency’s reverse mortgage program, which is an unreliable source of support and negatively impacted the FHA fund in FY 2014.

FHA lenders are hoping the new actuarial report will top last year’s 2.07% ratio, which might prompt Department of Housing and Urban Development officials to approve a reduction in FHA mortgage insurance premiums. In January 2015, FHA reduced its 135-basis-point annual premium to 85 basis points.

The negative is the runoff volume,” Chappelle said, which results from FHA borrowers refinancing into conventional loans.

willnovemberbringgoodnewsfromfhaauditorsbrianjchappellecreditmortgagebankersorg-postedtodailybusinessnews

Brian J. Chappelle. Credit: Mortgage Bankers.

In the month of June, 111,000 FHA borrowers prepaid their loans. 25,600 refinanced back into an FHA-insured mortgage.

But it appears the increase in volume will make up for runoff, which is encouraging,” said Chappelle, who is also a former FHA official.

The wild card for any audit is the auditor’s projections for interest rates, home price appreciation and other economic factors over the next 30 years. FHA has no control over that. But in terms of current trends, it does look very positive from FHA’s standpoint,” Chappelle said. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

 

 

Comment Period Open Regarding Title 1 FHA Handbook

May 16th, 2016 Comments off

fha logoSince 1969, the Federal Housing Administration’s (FHA) Title 1 program has insured mortgage loans made by private lending firms to finance the purchase of new or used manufactured homes (MH), designed to increase the availability of MH financing.

In a draft of the Title I section of its Single Family Housing Policy Handbook 4000.1, FHA consolidates existing guidance to provide FHA’s Title I lenders, appraisers, and other stakeholders with a comprehensive set of program guidelines.

A month prior to its release, on March 22, 2016, in testimony before the House Financial Services Subcommittee on Housing and Insurance, the Manufactured Housing Institute (MHI) pinpointed three issues with Title 1 that limit its usefulness in the MH Marketplace, as the MHI tells MHProNews.

1-origination fees policy fails to cover the costs of Title I loan originations.

2-appraisal requirements that do not work in the MH market because there are only 85 certified appraisers in the U. S. and they must be certified through the National Automobile Dealers Association.

3-”A need for better alignment of Title I underwriting standards with the single family Title II guidelines.”

MHI is preparing improvements to the Title 1 program during the Dept. of Housing and Urban Development’s (HUD) open comment period which ends June 6, and welcomes comments from members. ##

(Image credit: Federal Housing Administration)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Lenders Fined, Lose FHA Approval Status for Manufactured Home Lending Fraud

August 11th, 2015 Comments off

photographersdirect__creditTwo Texas mortgage lenders who wereengaged in a scheme to charge bogus fees to consumers, which improperly inflated mortgages for borrowers purchasing newly constructed manufactured housing,agreed to settlements with the Department of Housing and Urban Development’s (HUD) Mortgagee Review Board (MRB), according to themreport.

For violations of the Federal Housing Administration’s (FHA) program requirements, the MRB can withdraw a lender’s FHA approval, impose civil monetary penalties, enter into settlement agreements to bring them into compliance, place lenders on probation, and issue letters of reprimand.

American Free Home Mortgage (AFHM) of Prosper, Texas was charged with 11 violations, fined $169,419 and had to permanently withdraw its FHA approval. Specifically, AFHM “artificially increased mortgage costs by an average of $12,000 per loan through illegitimate fees paid to a company owned and operated by its sales manager. The company did not admit to fault or liability.

In the other case, R. H. Lending, Inc. (RHL) of Colleyville, TX was accused of multiple underwriting violations regarding manufactured home loans. The MRB alleged RHL “took part in a scheme to disguise fees charged to borrowers as legitimate construction fees, but for which no work was performed, thus creating an inflated mortgage for the borrowers and increasing FHA’s exposure to loss.

RHL also did not admit fault or liability, MHProNews understands, but agreed to pay $300,000 in civil penalties and to permanently withdraw its FHA approval. The government also barred two RHL employees from doing business with the federal government for seven years.

FHA-approved lenders are obliged to apply our underwriting standards, not only to protect our insurance fund, but to make certain families can sustain their mortgages,” said Helen Kanovsky, HUD’s general counsel. ##

(Image credit: photographersdirect)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Rep. Ed Royce Questions HUD Sec. Julian Castro

June 17th, 2015 Comments off

Ed_Royce_CAdashR_Rep__nationalmortgageprofessional__creditFrom a hearing June 11, 2015 from the House Financial Services Committee entitled, “The Future of Housing in America: Oversight of the Department of Housing and Urban Development” at which Rep. Ed Royce (R-CA) questioned HUD Secretary Julian Castro about the need for housing finance reform, and bank lenders leaving the Federal Housing Administration (FHA) program. Both spoke at the National Journal’s forum on housing finance.

As the Texas Manufactured Housing Association (TMHA) related to MHProNews, supplied by the nationalmortgageprofessional, Financial Services Committee Chairman Jeb Hensarling (R-TX) opened the hearing: For whatever good HUD does it clearly has not won the War on Poverty. Only economic growth and equal opportunity can do that. In other words, the greatest housing program in America remains a good career path in a growing economy, not a HUD program.

Rep. Royce said to Sec. Castro: “I wanted to get your take on … an increase in private sector credit risk sharing by the GSEs … the creation of a truly Common Securitization Platform which allows for issuance of mortgage-backed securities other than the GSEs, and the development of a common residential mortgage-backed security by Fannie Mae and Freddie Mac. I thought I would just give you the floor to discuss how this might bring private sector capital back into the market and how we might work together to achieve these goals as kind of a building block.”

Sec. Castro replied: “Housing finance reform has been a long and winding road I think it’s fair to say but the Administration is supportive of housing finance reform. In fact I think there’s agreement on some of these issues. The President has made very clear that he does have an interest, as I think all Americans do, in taking taxpayers off the hook in the event that God forbid we did experience the same kind of housing crisis we did go through. Agreed that we can find ways to introduce more private capital into the market. With respect to proposed legislation, I think there’s some common principles that are the foundation to build on and we look forward to working with you.

Rep. Royce: “We do have a situation where the FHA market share for large banks has recently been cut in half from 61 percent to 33 percent and I know that is a concern. Non-banks have increased now, they were 24% and now [several years later] they are 51%. Is this troubling, and do you think legal uncertainty maybe is part of the problem in terms of getting the traditional lenders more involved here and what about the need for a greater certainty around the rep and warranty framework here and looking at that as a way of bringing capital back in?

Yes, we are looking at that,” replied Castro. “We believe it makes sense to take reasonable steps to create more business certainty for lenders. I know this is something that Director Mel Watt at FHFA has worked on, is working on now, it’s something that we’re working on that’s called Blueprint for Access to Credit [for American Families]. We hear from lenders about the uncertainty that does exist regarding potential liability. We look forward to being able to create greater certainty that will help open up the credit box reasonably for responsible Americans to get access to credit.

In the Obama Administration’s new budget, HUD’s funding will rise to $49.3 billion, nearly $4 billion more than this year’s level. ##

(Photo credit: nationalmortgageprofessional-Rep. Ed Royce R-CA)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Before you Dismantle Fannie Mae, Freddie Mac and Ginnie Mae………

May 27th, 2015 Comments off

joseph_murin__yahoo_creditWhile he supports free enterprise in the mortgage market, former Ginnie Mae President Joseph Murin, in a blog on housingwire, says without the federal guarantee offered by the Federal Housing Administration, the Department of Agriculture and Veterans Administration mortgages, the U. S. economy may have fallen farther than it did. Ginnie Mae grew during the Great Recession as Freddie Mac, Fannie Mae (the government-sponsored enterprises, or GSEs) and private markets tightened their lending standards.

Less than a year ago nearly 80 percent of new mortgages were backed by a government guarantee. To suddenly remove the GSEs and Ginnie Mae would be disastrous; to remove it slowly over time does not guarantee that private markets would necessarily pick up the slack. Murin says, “Without the government guarantee, our housing industry would be left to the whims of a private market. We’ve already seen what private markets tend to do in times of economic crisis or hardship: they hunker down and mitigate risk.

If the backstops did not exist, and the relatively uniform underwriting and origination standards the GSEs bring to the table disappeared, investors would become much more skittish on the secondary market. As MHProNews understands, the number of lenders (especially for smaller loans) would decline and fewer consumers would be buying homes because the cost of mortgages would inflate.

Murin realizes the GSEs need some changes, and taxpayers need to be protected from mortgage industry collapse and bailouts. But, he says, Unless we, as a nation, have turned our back on the American Dream and the ideal that most (if not all) Americans should have access to affordable homes, we need to maintain, in large part, the role of the GSEs and Ginnie in that dream. ##

(Photo credit: yahoo–Joseph Murin)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Former FHFA Head DeMarco Slams Congress and Obama Administration

March 18th, 2015 Comments off

question_mark_houses__fotosearchEdward DeMarco, former Federal Housing Finance Agency (FHFA) chief, says Congress’ failure to pass government-sponsored enterprise (GSE) reform and the current mortgage finance system promotes housing debt instead of home ownership. As nationalmortgagenews tells MHProNews, DeMarco says the Obama administration is trying to boost credit availability, a move that echoes the run-up to the financial crisis.

Cutting the Federal Housing Administration’s mortgage insurance premiums and encouraging the FHFA to lower down-payment loans that would be purchased by Fannie Mae and Freddie Mac means two federal programs are competing with each other instead of bringing more private capital into the mortgage finance system.

While the acting director at FHFA, DeMarco was criticized for trying to reduce Fannie and Freddie’s presence in the mortgage market, praised by Republicans, but Democrats accused him of cutting credit availability. He says its past due time for taxpayers to get out from under the $4.5 trillion in mortgage debt, essentially backing 75 percent of mortgages.

Fannie and Freddie have about $240 billion in non-performing loans on the books and DeMarco supports the sale of them as well as the GSE’s recent credit risk transfers.

Meanwhile, he says, “Billions of dollars sit on the sideline…because the rules are uncertain, the government controls the field and the future legal structure is unknown.” ##

(Image credit: fotosearch–Question mark housing)

matthew-silver-daily-business-news-mhpronews-com   Article submitted by Matthew J. Silver to Daily Business News-MHProNews)

HUD Secretary Julian Castro Speaks to Congress About Recent FHA Actions

February 12th, 2015 Comments off

Julian_Castro mayor of san antone  new HUD head 5 14On Wednesday, February 11, HUD Secretary Julian Castro testified before the House Committee on Financial Services concerning FHA’s effort to expand access to credit to credit-worthy families.

He began his presentation with some positive statements concerning the economy, saying that “2014 was the best year for job growth since the 1990s. Over the last 59 months, businesses have created 11.8 million new jobs — the longest streak of private sector job growth on record.  And in recent years we’ve seen existing single-family home sales rise 50 percent, housing starts double, and home equity grow by more than $4 trillion.”

Castro stated it’s clear that housing is reemerging as an engine of economic prosperity and that the Federal Housing Administration has been instrumental in this progress. “The FHA has provided access to credit for generations of underserved borrowers and has been a stabilizing force in the housing market,” he said.

But then he offered another viewpoint. “Unfortunately, there are some who try to include FHA with all the bad actors that caused the housing crisis. That could not be more wrong,” he explained. “FHA never pushed the toxic products that did so much damage. It didn’t bring down the market — it saved it.”

He pointed out that FHA both stepped in and stepped up to fill the void created when private capital retreated — actions that independent economists say prevented a further collapse in home prices. “And now that our nation has turned the page on the crisis, we have a responsibility to give more Americans the chance to participate in this growth,” Castro explained.

In order to do this, he said that last month FHA took action to restore some fairness in the market and to make homeownership more affordable for working families by reducing annual mortgage insurance premiums by a modest half a percentage point. “We expect this to save more than 2 million households more than $2 billion during the next three years,” he explained. “That’s money that can now be used on everything from a child’s education to retirement savings.  It will also encourage more than 250,000 new borrowers to enter the market, and create tens of thousands of jobs.”

For those who worry that the reduction in mortgage insurance rates might deplete the Mutual Mortgage Insurance Fund, Castro assured them that the Fund has a net worth of $4.8 billion according to the independent actuary’s most recent annual report to Congress. “It’s grown more than $21 billion in just two years,” Castro explained. “Even with the reduction, premiums are still 50% higher than pre-crisis levels.”

In addition, he said that the expectation is that the Fund will grow by at least $7 billion annually over the next several years, and exceed the 2 percent ratio within 2 years. “Our loans will still represent quality because our underwriting standards ensure that we’re lending to responsible borrowers,” he stated. ##

(Photo Credit: HUD)

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Article submitted by Sandra Lane to – Daily Business News – MHProNews.

Rural Home Purchase Loans Still over 50 Percent Below Pre-Recession

October 15th, 2014 Comments off

home_mortgage_disclosure_act_dataWhile refinance lending in rural and small town communities fell by 23 percent in 2013 compared to 2012, purchase lending in the same areas rose 2.3 percent for the similar period, after hitting a ten-year low in 2011, according to what daily.yonder tells MHProNews.

Just as rising interest rates and tighter lending criteria have affected the nation overall, the number of home loans fell 14.1 percent between 2012 and 2013 in rural areas, according to data obtained from the Home Mortgage Disclosure Act (HMDA).

Although showing some improvement, home purchase loans in rural and smaller communities remain 52 percent below pre-2006 levels.

Following the housing crisis, the government’s role in rural home lending increased through the Federal Housing Administration’s (FHA) mortgage insurance program, the Veterans Affairs (VA) lending programs and the Department of Agriculture’s loan guarantee programs.

Prior to the recession, 90 percent of first-lien home purchase loans were conventional loans, but that number fell to just above 50 percent by 2009. Although the level of conventional lending is 41 percent of what it was in 2004, during the last three years, conventional home purchase originations rose by 14 percent while government assisted loans dropped 17 percent.

Roughly 11 percent of rural home purchase loans were classified as “high-cost” versus seven percent of urban/suburban mortgages, due in part to the higher incidence of manufactured homes in rural areas financed with personal property loans, which often have higher interest rates. Interest rates of 1.5 percentage points higher than the annual percentage rate (APR) on prime mortgage loans are classified as “high-cost.” Due to so-called ‘unintended consequences’ of the Dodd-Frank Act, half of rural manufactured home purchase loans as reported through the HMDA were considered “high-cost.” ##

(Graphic credit: DailyYonder/Housing Assitance Council)

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(Story submitted by Matthew Silver to Daily Business News – MHProNews)

HUD Head Castro Supports Johnson-Crapo Reform Bill

September 22nd, 2014 Comments off

Julian_Castro mayor of san antone  new HUD head 5 14The new head of the Department of Housing and Urban Development, Julian Castro, in his first major policy speech, said lending standards have become too tight and policymakers need to find ways to expand the housing market. Speaking at a housing summit sponsored by the Bipartisan Policy Center, the former mayor of San Antonio supports the Johnson-Crapo measure to reform housing finance that passed out of the Senate Banking Committee. The bill would eventually eliminate Fannie Mae and Freddie Mac while maintaining a backstop for the private securitization market, but opposition by several key Democrats has stalled it, according to nationalmortgagenews.com. He supports the Federal Housing Administration’s (FHA) housing counseling program called HAWK—Homeowners Armed with Knowledge—that can save FHA borrowers $10,000 over the life of a loan if they adhere to the counseling program. FHA has also developed a Loan Quality Assessment Framework to clarify underwriting guidelines. MHProNews understands loosening of credit is good for the manufactured housing industry as well. ##

(Photo credit: hud.gov)