CHLA released its set of FHA policy proposals – which include ending the overcharging of borrowers by ending FHA’s Life of Loan premium policy, reducing disproportionate penalties for missing servicer deadlines, finalizing pending condo flexibility proposals, modernizing FHA’s IT and underwriting standards, and reducing annual premiums as its Net Worth increases.
CHLA sends a letter to Congressional appropriations leaders asking for (1) higher pay scales for FHA staff, commensurate with other financial regulators and (2) re-authorization of lapsed authorization from the 2008 HERA legislation which allows FHA to use FHA profits to fund needed IT technology updates. Both changes are critical to keeping FHA modern and responsive to borrower and lenders needs.
In identical letters (House letter attached) to House and Senate authorizers and appropriators, the Community Home Lenders Association (CHLA) today asked Congress to adopt legislation that would create higher pay scales for the Government National Mortgage Association (GNMA), commensurate with other federal financial regulators, such as the FDIC and the FHFA. CLICK HERE for letter to House leadership.
CHLA releases a comprehensive “Report on Ginnie Mae” – which explains why smaller IMB issuers pose no significant financial or systemic risk to Ginnie – and concludes that Ginnie Mae should not tighten supervision of smaller IMBs.
Don Calcaterra, Jr. testifies on behalf of CHLA at a House hearing on housing finance reform – outlining critical small lender priorities and essential protections, opposing new GSE charters to allow vertical integration, and laying out CHLA’s administrative plan to reform and recapitalize the GSEs.
CHLA Calls on RHS to Eliminate “Anachronistic” Interest Rate Cap Contact: Scott Olson For Immediate Release 571-527-2601
CHLA Joins Other Groups in Letter to FHA to Eliminate Indemnification Penalties for New Loans with Forbearance
CHLA, along with consumer groups and other trade groups, sent a letter to HUD Secretary Ben Carson, asked FHA to eliminate its recently adopted 20%
Housing Wire: FHA enacts temporary policy shift on forbearances; CHLA pushes back on 20% first loss penalty
A Housing Wire article on FHA’s announcement that it would impose a 20% first loss indemnification penalty on validly underwritten loans that go into forbearance