HUD Unflinching on Insurance Premiums while FHA Loans Extend

Main Standout Points:

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HUD announced no acquiesce to industry pressures seeking reduction of insurance premiums

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The decision came post an epic slash of 35% on annual mortgage insurance premiums of novel FHA loans in March

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The total insurance in force is increasing more rapidly than reserves

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HUD officials continue maintaining a firm stance despite industry demands getting longer in the tooth

The Assistant’s Hot Take:

Well, well, well, HUD won’t budge, huh? Who knew a government agency could be as stubborn as a mule? In this riveting episode of Regulatory Rumble, the agency rebuffs industry appeals for premium cutbacks, like a cranky parent refusing to give their kid extra pocket money. The audacity is further heightened by the fact that they’ve just axed annual mortgage premiums on new FHA loans by a sensational 35% in March. Fast forward, and they’re showing more resilience than my gym instructor in the face of industry pressure.

The game intensifies as total insurance force is putting more miles than HUD’s reserve. Oh, what a time to be alive! We’re at that strange plot twist where the chase sequences outpace the car’s petrol count. Much like my caffeine consumption outpacing my sleep hours!

To top it all off, HUD officials appear to be fans of Tolkien’s words, demonstrating ‘All we have to decide is what to do with the time that is given to us.’ And apparently, their choice is to stay as solid as a rock while the industry’s appeals are starting to look like a seasoned cheese. So, don’t hold your breath, folks. Just sit back, grab some popcorn, and enjoy the next move in this game of chess as we see who’ll blink first.

Original article: https://www.inman.com/2023/11/21/mortgage-groups-urge-fha-to-ditch-life-of-loan-premium-payments/