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FHA eases new rule on collections accounts

Mortgage delinquency rate drops nearly 14%: TransUnion Mortgage delinquency rate drops nearly 14%: TransUnion – According to TransUnion, the mortgage delinquency rate in the United States dropped for the fourth straight quarter in a row. In the fourth quarter of 2011, the national delinquency rate was 6.01%. By the end of 2012, it had fallen to 5.19%, a decline of nearly 14%.

Collection Accounts and FHA Loans. We’ve had some recent questions about home loans and collection accounts lately; in light of those questions it seemed like a good time to review the FHA loan rules on collection accounts as found in HUD 4000.1.. The FHA loan rule book has instructions for the lender on what to do when reviewing such credit report data and it never hurts to know what your.

The new disputed account rules, which take effect Oct. 15, exclude consideration of all medical collection and charge-off accounts, and “do not require resolution” for applications to move forward. The new rule requires that lenders document the reasons for approving a loan when the borrower has collection accounts in any amount.

According to fha mortgagee letter 12-03, new changes to the rules for collections and judgments were due to change as follows:. FHA loan rules define collection accounts as "a Borrower’s loan or debt that has been submitted to a collection agency by a creditor".

 · FHA mortgages account for nearly one in four closed mortgages nationwide. Getting one, though, is tougher for borrowers “on the margin” than it once was. The federal housing administration.

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FHA 15-year vs FHA 30-year fixed rate mortgage Paying your mortgage over a shorter time period is the best way to save on interest costs. For example, if you’re paying back a loan of $250,000 with a mortgage rate of 5% and you pay it over 15 years, you would pay $104,815.47 in interest.

An additional 0.18 percent also came from delinquent accounts. For a nation that collected P1.78 trillion, these collections. rules governing the revenue officers are needed. For one, the.

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The U.S. Department of Housing and Urban Development (HUD) helps individuals acquire mortgage loans backed by the Federal Housing Administration (FHA). There are numerous benefits to these types of loans, including relatively low down payments, but getting an FHA-insured mortgage loan requires adherence to their guidelines.

The Federal Housing Administration (FHA) back stepped a bit on a rule announced earlier. FHA says it will give borrowers a chance to explain any disputed collection accounts in their history in order to qualify for an FHA-backed mortgage. A new FHA rule took effect April 1 and had some in the real estate community concerned that it would shut.

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