Department of Housing and Urban Development

News & Analysis as of

Quarterly Whistleblower Award Update

The SEC recently announced that it has denied whistleblower claims in connection with three different matters and awarded an additional $150,000 to the inaugural recipient of an award under the SEC’s whistleblower...more

HUD Releases Recertification Deadline For FHA Mortgagees

On March 26, HUD presented a webinar regarding upcoming changes to the online system used by FHA mortgagees to certify, pay annual fees, and report other information. Specifically, the Lender Electronic Assessment Portal...more

Study Finds Housing Recovery Fully Taken Hold Nationwide

A recent article in National Mortgage Professional Magazine released a RealtyTrac analysis of housing market health in 410 U.S. counties in two-year increments over the past eight years, finding that “96 percent of county...more

Dodd-Frank News - March 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases January Through March 2014 ..Dodd-Frank Amendments to RESPA ..Dodd-Frank Prohibition on Arbitration Clauses ..Whistleblower Protection Under Dodd-Frank - News &...more

DOJ OIG Report Critical Of Mortgage Fraud Enforcement Programs

On March 13, the DOJ Office of Inspector General (OIG) issued a report on its audit of the DOJ’s efforts between 2009 and 2011 to pursue alleged mortgage fraud. Of particular note, the report reveals for the first time...more

HUD Guidance Addresses Housing Choice Voucher Funding Shortfalls, Tenant Protection Vouchers

The U.S. Department of Housing and Urban Development (HUD) recently issued guidance for implementing its fiscal year (FY) 2014 budget for Housing Choice Vouchers (HCV), including requirements for obtaining additional HCV...more

HUD Proposes To Eliminate Post-Payment Interest On FHA Loans

On March 13, HUD proposed a rule to prohibit mortgagees from charging post-payment interest under FHA’s single family mortgage insurance program. The proposal is responsive to the CFPB’s ATR/QM rule, under which post-payment...more

Mortgage Fraud Whistleblower Receives $64 Million Award

On March 7, the U.S. District Court for the Southern District of New York approved a stipulation and order awarding nearly $64 million to the relator in a mortgage fraud case recently settled by the federal government....more

HUD Issues Proposal to Avoid FHA Loans From Being Prohibited Starting Next Year

On March 13, 2014, HUD published a proposal to eliminate the requirement that an FHA loan borrower be required to pay interest after the loan is prepaid. The move is needed because the requirement would effectively cause FHA...more

Ex-Im Bank President Sees Opportunities For Small Businesses

The Senate Committee On Banking, Housing, and Urban Affairs recently conducted a hearing regarding the reauthorization of the Export-Import Bank of the United States (Ex-Im Bank). Fred Hochberg, Chairman and President of the...more

CFPB Publishes Source Code for HUD-Approved Housing Counselors

In November 2013, the CFPB published a tool to help consumers find local HUD-approved housing counselors. Now, the CFPB has published open source code to allow lenders to integrate the web-based tool into lender applications...more

FHA Low Income Housing Tax Credit Pilot Program Revisions

In February 2012, the United States Department of Housing and Urban Development (HUD) launched the FHA Low Income Housing Tax Credit Pilot program under the mandate of the Housing and Economic Recovery Act of 2008 for the...more

Summary Of HUD’s LEAN 232 Program E-Mail Blast: Office Of Residential Care Facilities (ORCF), February 27, 2014

In an effort to summarize the highlights of the U.S. Department of Housing and Urban Development (HUD) LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper are providing this...more

President Releases FY 2015 HUD Budget

President Obama's fiscal year 2015 budget for the U.S. Department of Housing and Urban Development (HUD), released on March 4, 2014, increases funding for many programs compared to the fiscal year 2014 appropriation. It also...more

The Download - February 2014

In this issue: - Heard on the Hill - Around the Agencies - White House Developments - Venable News - Excerpt from Heard on the Hill: Congress Holds Hearings on Preventing Data...more

Cold Weather Only Partially To Blame For Slow Home Construction

Last week, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau released figures showing that in January 2014, housing starts fell 16 percent to a seasonally adjusted annual rate of 880,000 units....more

Commercial Mortgage Options Expanding – Borrowers to Benefit?

Anyone working in the commercial real estate mortgage industry in the past five or six years is eager for signs of a sustained recovery. Having just returned from the Mortgage Bankers Association Commercial Real Estate...more

Update on disparate impact lawsuit against HUD

The settlement and Supreme Court’s dismissal of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. has increased the potential significance of the lawsuit filed in June 2013 in federal district court in Washington,...more

Summary Of HUD’s LEAN 232 Program E-Mail Blast: Office Of Residential Care Facilities (ORCF), January 28, 2014

In an effort to summarize the highlights of the U.S. Department of Housing and Urban Development (HUD) LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper are providing this...more

Special Alert: FHA Announces It Will Accept Electronically-Signed Mortgage Documents

On January 30, HUD issued Mortgagee Letter 2014-03, announcing that FHA will now treat electronic signatures as equivalent to handwritten signatures for certain mortgage documents. The announcement sets forth FHA’s first...more

HUD Implements New Manual Underwriting Standards

On January 21, HUD issued Mortgagee Letter 2014-02, which implements new manual underwriting standards announced in December 2013. The new standards and guidance will be effective for all case numbers assigned on or after...more

HUD Replaces Delinquent Borrower Publication

On January 10, HUD issued Mortgagee Letter 14-01, which notifies mortgagees that within 30 days they must begin using a new brochure for sending notice to delinquent FHA borrowers. HUD regulations require mortgagees to send...more

Congress Releases FY 2014 HUD Appropriations Bill

Congress passed the fiscal year 2014 appropriations bill for the U.S. Department of Housing and Urban Development (HUD) this week. The bill increases funding for many programs compared to funding levels in fiscal year 2013....more

Lenity, Chevron Deference And Consumer Protection Laws

Several federal statutes, including the Real Estate Settlement Procedures Act (“RESPA”), the Truth in Lending Act (“TILA”) and the Servicemembers Civil Relief Act (“SCRA”) permit the government to seek either civil or...more

CFPB settles RESPA referral fee charges against mortgage lender based on rent payments

The CFPB has announced that it has issued a Consent Order to settle charges that a mortgage lender and its principal violated RESPA Section 8 by paying illegal kickbacks to a bank in exchange for mortgage loan referrals....more

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