Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Mortgage Insurance Fund Results to Impact Future of Housing Mortgage Insurance Fund Results to Impact Future of Housing Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Print This Post The Best Markets For Residential Property Investors 2 days ago Share Save Tagged with: Ben Carson FHA HOUSING HUD mortgage Representative Jeb Hensarling USMI November 15, 2017 1,939 Views Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] in Daily Dose, Featured, Government, Headlines, News Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily About Author: Nicole Casperson Ben Carson FHA HOUSING HUD mortgage Representative Jeb Hensarling USMI 2017-11-15 Nicole Casperson Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago On Wednesday, the Federal Housing Administration (FHA) released its Annual Report to Congress showing the economic condition of the Mutual Mortgage Insurance Fund (MMI) for fiscal year (FY) 2017.According to the report, the MMI Fund had a total economic net worth of $25.6 billion and the Capital Ratio that remains above the statutory minimum for a third straight year.Although the MMI Fund remained above its minimum capital level for FY 2017, both the economic net worth and the capital ratio declined from levels reported last year. The FHA noted that the Fund’s economic net worth fell $1.9 billion—while the capital ratio declined from 2.35 percent to 2.09 percent from FY 2016. The FHA is a critical part of the housing finance system, and according to Lindsey Johnson, U.S. Mortgage Insurers (USMI) President and Executive Director, while there have been calls to reduce FHA insurance premiums, but she believes Wednesday’s report makes it clear that had this happened, the fund would be at 1.76 percent and undercapitalized. “The FHA should resist calls for significant policy changes, such as reducing the cost of its insurance or canceling the collection of insurance premiums while the FHA insurance protection remains in-force on a mortgage,” Johnson said. “This will help the agency rebuild its financial strength.” Johnson continued, “Now is the time for the FHA to refocus on its core mission, scaling back from the oversized role it played during the recession so that it can return to serving low-to-moderate income individuals who need the FHA’s 100-percent government-backed loans the most.”In response to the annual report, Financial Services Committee Chairman Jeb Hensarling (R-Texas) said the declining fiscal condition represents a present danger to taxpayers, homebuyers, and the U.S. economy. Hensarling urged Congress to have a clearly defined mission to ensure homeownership opportunities for creditworthy first-time homebuyers and low-income families. “As I did back in January, I once again commend President Trump’s decision to suspend the outgoing Obama administration’s ill-advised and 11th-hour rule change on FHA mortgage insurance premiums,” said Hensarling. “Without this action by President Trump on his first day in office, this annual report confirms that the FHA would be in even worse shape today.”However, U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson is ensuring the public that HUD is working to better the fiscal health of the FHA and aid American homeownership opportunities. “The fiscal health of FHA demands our constant attention and vigilance to ensure we can continue providing sustainable homeownership opportunities to working families without exposing taxpayers to excessive risk,” said Secretary Ben Carson. “Our duty is clear—we must make certain FHA remains financially viable so future generations can build wealth and climb the economic ladder of success.”Other key findings from FHA’s 2017 report include:The MMI Fund’s Economic Net Worth for FY 2017 is $25.6 billion, down from $27.6 billion for FY 2016. Economic Net Worth is comprised of Total Capital Resources of $39.7 billion and a negative Cash Flow NPV of $14.1 billion. Economic Net Worth declined by $1.9 billion from FY 2016.FHA’s cumulative Insurance-in-Force (IIF) reached approximately $1.23 trillion at the end of FY 2017, an increase of 4.8 percent from FY 2016. FHA endorsed 1,246,440 forward mortgages in FY 2017 (including 882,079 purchase loans) totaling $251 billion in Unpaid Principal Balance (UPB). First-time homebuyers accounted for 725,102 or 82.2 percent of all FHA forward purchase loans. The average loan amount of FHA-insured forward mortgages was $201,337.The average borrower’s credit score was 676 compared to 680 in FY 2016.To view the full report, click here. Previous: Cordray Announcement Stirs the Industry Next: Household Debt on the Rise
Queensland reported the greatest gains in household financial comfort over the past six months, the latest ME report found.QUEENSLANDERS have had the country’s biggest gain in household financial comfort in the past six months, but not everyone is winning.The latest ME House Financial Comfort report found that Queenslanders were feeling 4 per cent better about their household finances in the last six months.“Queensland reported the greatest gains in household financial comfort over the past six months to June 2017, up 4 per cent to 5.42 points (out of a possible 10 points), reflecting significant increases with most drivers, notably ‘anticipated standard of living in retirement’ (up 11 per cent to 5.13),” the report said.Worryingly, despite the current lowest interest rates on record, 2 per cent of Queenslanders were not meeting the current minimum repayment on their home loan. The only bright side of that result was that it was better than the national figure (3 per cent). NEW HOUSE SALES FALL 29PC More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor2 hours ago SUPPLY IS NOT THE PROBLEM GET ALL YOUR REAL ESTATE NEWS IN YOUR INBOX FREE The report also found that 5 per cent of Queenslanders paying mortgages or rent were “a great deal” worried or stressed about their household’s ability to meet scheduled payments over the past month.Almost a third of respondents in Queensland (32 per cent) also said they would be worse off if the RBA raised the cash rate by 1 per cent. The figure was just above the national average of 31 per cent.According to the report, “both Queensland and Western Australia reported significant gains over the past year, recovering from the mining downturn and recent weather-related events”.Queensland’s financial comfort level was below the national average (5.51 points), a figure that was lifted by real estate-fuelled financial prosperity in Victoria (up 2 per cent to 5.70) and New South Wales/Australian Capital Territory (up 3 per cent to 5.65).*FOLLOW SOPHIE FOSTER ON FACEBOOK AND TWITTER read more
The East Central Lady Trojans and The Batesville Bulldogs were the team winners of The EIAC Track Meet at Connersville.Girls Team Scores. 1. East Central 18o, 2. Batesville 94, 3. Greensburg 91, 4. Rushville 83, 5. Franklin County 75, 6. Connersville 45, 7. South Dearborn 39, 8. Lawrenceburg 13.Boys Team Scores. 1. Batesville 134, 2. Rushville 132, 3. East Central 87, 4. Franklin County 75, 5. Lawrenceburg 65, 6. Connersville 57, 7. Greensburg 46, 8. South Dearborn 25.2017 EIAC Track ResultsCourtesy of Pirates Coach Katina Tekulve.
LUBBOCK, Texas (March 12) – The 2014 season will be the second for Scoggin-Dickey Parts Center as title sponsor of IMCA’s Southern SportMod division.The Lubbock, Texas, distributor is one of the largest GM parts retailers and Chevrolet engine dealers in the United States and provides a portion of the $9,500 point fund to be paid to top 15 drivers in national standings for the division.Southern SportMods will run at tracks in Texas, New Mexico, Utah, Colorado and Kansas this year.Drivers are required to display two Scoggin-Dickey Parts Center decals on their race car to be eligible for point fund shares. Those checks will be presented during the national awards banquet in November or mailed beginning the following week from the IMCA home office. More information is available by calling 800 456-0211 and at the www.sdparts.com website. “If you are in the market for a 602 or a 604 crate engine, especially if you live in the South or West, Scoggin-Dickey Parts Center is not only convenient but competitive as well,” IMCA Marketing Director Kevin Yoder said. “I hope IMCA racers remain conscientious consumers and continue to support the companies that support IMCA racing whenever possible.” read more