Senator commends FHA efforts for change
The FHA’s efforts to implement changes in its policies have been warmly commended by Senator Bob Corker, who was the initial supporter of the changes.
Significant changes are taking place at the FHA to increase revenue, insurance, and efficiency. Senator Bob Corker has been credited as the one who initially suggested the change. His influence was crucial to the changes since, the FHA experienced significant losses in 2012 due to their automatic cancellation policies, which cancels any borrower’s balance once it reaches 78%. Their problematic reverse mortgage policies were the source of the loss of revenue, but of course, this isn’t the only change. The FHA is comprising a complete overhaul of underwriting procedures. This will foster a better mutual mortgage fund, as well as analyze the various risks involved with much more scrutiny.
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