DOL Announces $48.1 Million Grants for Homeless Veterans’ Workforce Reintegration

According to a recent HUD report, veterans comprise a little under nine percent of all homeless adults in the U.S., and 37,878 of veterans were experiencing homelessness on a single night in January 2018. Of these, 62 percent were staying in sheltered locations while 38 percent were staying in locations unsuitable for human habitation. 

To help homeless veterans reintegrate into the workforce in order to afford a stable home, U.S. Secretary of Labor Alexander Acosta announced that the Department of Labor is awarding 149 Homeless Veterans’ Reintegration Program (HVRP) grants worth a total of $48.1 million. These funds will be used towards workforce reintegration services for more than 18,000 homeless veterans. 

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HUD Releases National Housing Market Indicators for 3rd Quarter of 2018

The U.S. Department of Housing and Urban Development (HUD) recently released the National Housing Market Indicators (NHMI) for the third quarter of 2018. This quarterly publication gives a review of sales transactions through the third quarter and house price trends through November 2018. Read on for some of the key highlights of the report, including housing trends to look out for in the future.

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Current Impact of the Government Shutdown: How Have You Been Affected?

Today marks the 17th day of the partial government shutdown that started on December 22nd, 2018, which is now the third longest government shutdown in U.S. history. Many, but not all, government agencies have been affected, causing federal employees to either be furloughed or to work without pay, national parks to close and affordable housing funding to come to a halt, among other effects.

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HUD Announces Nearly $99 Million Awarded for Disabled Residents

On Tuesday, HUD issued a press release announcing its awarding of $98.5 million to 285 public housing authorities across the country. These housing vouchers are intended to provide permanent housing assistance to “non-elderly persons with disabilities” who are, according to HUD, either transitioning out of institutional or other separated settings, at serious risk of institutionalization or who are homeless or at risk of becoming homeless.

The press release emphasized that these are new vouchers, providing permanent housing to an additional 12,000 low-income disabled residents per year and that it meets the Americans with Disabilities Act goal by helping people with disabilities to live in an integrated setting.

They also provided a list of the PHAs in each state that have been awarded the vouchers and for which amounts.

View the original press release here.

HUD Seeking Comments on Proposed Amendments to AFFH Rule

The U.S. Department of Housing and Urban Development (HUD) released a statement announcing that it intends to “streamline” the Affirmatively Furthering Fair Housing (AFFH) Rule by changing the regulatory requirements it believes are inhibiting states and local communities from increasing affordable housing. HUD is accepting public comments on its proposed amendments for the next two months.

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Financial Services Committee Confirms Brian Montgomery as FHA Commissioner

Chairman Jeb Hensarling of the House Financial Services Committee released an official statement confirming the dual appointment of Brian Montgomery as the Federal Housing Administration (FHA) Commissioner and Assistant Secretary for Housing at the Department of Housing and Urban Development (HUD).

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The Gender Gap: Women as Mortgage Consumers

In the last 200 years, women’s voice and role in society has evolved quite substantially in the United States and around the world. The mortgage industry is no exception. As first-time homebuyers, women face patterns of discrimination. These discriminatory lending patterns, in violation of many regulations including those promulgated by the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA), limit women from becoming homeowners and result in fair lending violations, regulatory actions and litigation against lenders.

As regulatory requirements in the mortgage industry have tightened, lenders are taking note that discrimination is having an adverse effect on the mortgage industry and our economy as a whole. In some cases, programs are being established to target specific categories of women in the market that are faced with discriminatory obstacles. Yet, there is much more that needs to be done.
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Reducing Losses on FHA Defaulted Loans

Servicing FHA Loans continues to be challenging and, in many instances, includes high losses on default liquidated loans. While FHA delinquencies have greatly improved compared to post crisis delinquency, there are still over 7.8 million outstanding FHA insured loans with delinquency rates that rose as high as 11.25 percent according to the FHA Single Family Loan Performance Trends report published by HUD this past January.

When working with FHA Loans in default, there are many key time frames that must be met in order to minimize losses, beginning as soon as the date the loan was last contractually current, and continuing throughout the claim filing process. In many cases just missing the start of a foreclosure action by one day can result in increased losses of thousands of dollars. Failure to meet all time frames will not only result in interest curtailments, but ultimately the curtailment of advances as well. These losses can be further exacerbated depending on the type of pool, the Servicer’s ability to limit interest rate spreads, and time required to resolve. Additionally, if there was a missed time frame, FHA will only pay debenture interest to the point of the interest curtailment. After the interest curtailment, HUD will no longer pay debenture interest on the Unpaid Principle Balance.

To put things in perspective, if an FHA loan has an Unpaid Principle Balance of $150,000 with an interest rate of 3.5 percent, and you miss the first legal action for foreclosure, and it takes an additional 24 months to convey, the Servicer stands to lose $10,500 in interest alone. In addition to interest curtailments, the Servicer must fully comply with the allowable fee schedule for all legal actions and property preservation expenses. Overhead costs as well as any fees or costs associated with clearing title issues are not reimbursable or recoverable through a claim to HUD.

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Pam Patenaude Sworn in as HUD Deputy Secretary – 1st CFPB Report on Struggling Adults

NAWRB is the Women’s and Small Business ValidatorCollaboration, Influence, Access and Opportunities (#CIAO). To find out how you can get involved, contact NAWRB at (949) 559-9800 and info@www.nawrb.com or visit www.NAWRB.com.