- Iowa Bankers Association
- 8800 NW 62nd Avenue
- Johnston, IA 50131
- Toll-Free: 800-532-1423
- Local: 515-286-4300
- Fax: 515-280-4140
Another Source of Woe in FHA: Builder-Run Lenders
American Banker (02/01/10)
With HUD planning regular reviews of FHA loans, the financing arms of several home builders are being scrutinized because of default rates significantly higher than the national average. Some believe the poor performance speaks to the fact that these lenders are run by firms whose sole mission is to sell homes, while others blame seller-funded down-payment programs and builders' presence in overheated housing markets. Regardless, observers say HUD's plans to eliminate lenders from the FHA program if their default rates are more than double the regional rate and higher than the national rate mean that all lenders will find it difficult to continue writing FHA mortgages.
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