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HUD To Launch Quality Assurance Plan, New Lender Fees (Reverse Mortgage Daily)

Reverse Mortgage Daily
(3/6/2014 7:20 PM, Elizabeth Ecker)

In an effort to strengthen lending programs under the Federal Housing Administration, officials announced this week with the release of the Obama Administration’s 2015 fiscal year budget plan that a new, proposed administrative fee will apply to all FHA lenders.

The agency is working to improve quality assurance among its lender partners, Department of Housing and Urban Development executives said in presenting the proposal earlier this week.

“The FY 2015 Budget] roposes authority for FHA to collect an administrative fee, which will help FHA further its Quality Assurance efforts by expanding its capacity to more effectively monitor loans and also transform its business processes,” HUD wrote in its presentation of the budget.