The agency's pilot program, designed to streamline mortgage insurance applications associated with the Low-Income Housing Tax Credit program, will now include applications for new construction and substantial rehabilitation.
Many federal agencies have been closed for more than three weeks, making it the longest shutdown in U.S. history. With no end in sight, here's how it's affecting banks, credit unions and mortgage lenders.
The American Bankers Association has called for an end to the government shutdown, saying it has prevented customers from securing loans and threatens even more damage.
A lapse in rental-assistance funding, an understaffed FHA and other effects of the government shutdown are causing real harm to families, said the chair of the House Financial Services Committee.
The agency wants mortgage servicers to extend special forbearance plans to those affected by the partial government shutdown and evaluate borrowers for loss-mitigation options.
As the government shutdown enters its third week, mortgage servicers are activating the response plans they normally use during hurricanes and wildfires to assist federal workers who may have trouble paying their mortgages.
Borrowers and financial institutions may be feeling the strain from reduced operations at the FHA and IRS, which has suspended the release of certain income documentation during the budget impasse.
The Federal Housing Administration's risk-sharing program with the Federal Financing Bank began as a temporary fix, but the agency is exploring how to make it more permanent.
The agency's mortgage insurance fund has big potential shortfall; Howard Wilkinson can tell U.S. regulators and law enforcement agencies what he knows.
