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Loan Modification

: Mortgage Lender Implode-o-Meter

HUD Eliminates 1% Cap on FHA Mortgages

By Implode-Explode Heavy Industries

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The US Department of Housing and Urban Development (HUD) removed the 1% origination fee cap on loans insured by the Federal Housing Agency (FHA), according a mortgagee letter sent out this week.

HUD made the change to remain consistent with the Real Estate Settlement Procedures Act (RESPA), which will require mortgage lenders to disclose to borrowers a single origination fee on the Good Faith Estimate (GFE) and the HUD-1 Settlement Statement. The regulations go into effect Jan. 1, 2010 and have software developers scrambling to fit in the updates before the deadline.

Full post as published by Mortgage Lender Implode-o-Meter on January 01, 2010 (boomark / email).

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