For Immediate Release
Contact: Scott Olson, 571-527-2601
Scott Olson, Executive Director of the Community Home Lenders of America (CHLA) today released the following statement in response to the announcement that FHA is cutting premiums.
“CHLA strongly commends the Biden Administration and FHA Commissioner Gordon for today’s announcement that FHA is cutting premiums.
Long a top CHLA priority, an FHA premium cut is critically needed to insure minorities and other underserved borrowers have affordable access to mortgage credit, in a period of rising mortgage rates and homeownership affordability challenges.”
Link to Mortgage Letter: https://www.hud.gov/sites/dfiles/OCHCO/documents/2023-05hsgml.pdf
CHLA-through its predecessor organizations the Community Home Lenders Association and the Community Mortgage Lenders of America-has been THE leading proponent and long-time advocate of cutting FHA premiums. A short history of CHLA’s leadership on these issues includes:
A July 2022 CMLA letter to HUD Sec. Fudge
A May 2022 IMB Sign-on letter to FHA Commissioner Gordon, spearheaded by CHLA
A November 2021 CMLA letter to HUD Sec. Fudge calling for a cut in FHA premiums
A January 2021 CHLA letter to the incoming Biden Administration calling for an FHA premium cut