WASHINGTON (AP) — Negotiations to increase the nation’s debt ceiling shifted to Congress where Republican and Democratic leaders were assessing the mood of their members even as an intricate but potentially face-saving deal to avoid an unprecedented government default was taking shape in the Senate.With an Aug. 2 deadline looming and no compromise jelling at the White House, President Barack Obama had to settle Friday for asking congressional leaders to take three deficit reduction options to their members to see which, if any, could win a vote in the House and Senate.Meanwhile, a proposal the White House has termed a “fallback option” was taking root in the Senate as a likely alternative to the brinkmanship that has defined negotiations to secure an increase in the government’s borrowing authority.Obama, who had vowed to meet with congressional leaders every day until a debt limit deal was struck, did not schedule a session for Friday and instead asked leaders to gauge the temperament of their caucuses and to report back to him in 24 to 36 hours. White House officials said a meeting could still be scheduled this weekend.Obama planned an 11 a.m. news conference Friday to discuss the status of debt limit talks, his second this week. House Republicans and House Democrats planned their own membership meetings earlier in the morning.
On Thursday, the Federal Housing Administration (FHA) proposed several revisions to its lender certification requirements. Specifically, the FHA is proposing revisions to its Addendum to Uniform Residential Loan Application (Form 92900-A) and to its annual lender certification form.Additionally, the FHA is revising its “defect taxonomy” to clarify the various loan defect categories and how the agency weighs the severity of each defect.“A key focus of this Administration and of my tenure at HUD has been to improve the clarity, certainty, and transparency of our regulations and requirements,” said Housing and Urban Development (HUD) Secretary Ben Carson. “As part of this work, we have updated our defect taxonomy as well as the annual and loan-level certifications delivered in connection with FHA-insured loans. While HUD will preserve its strict enforcement authority where our requirements are violated, we will continue to reduce unnecessary burdens on stakeholders across our programs.”“It has become clear that our lending partners are seeking clarity and greater certainty when documenting compliance with FHA requirements,” said Acting Deputy Secretary and FHA Commissioner Brian Montgomery. “We are proposing a new, more transparent set of requirements that will preserve our enforcement authority. We anticipate that this will encourage more lender participation in FHA business, thus increasing competition in the market and resulting in greater choices for borrowers.”The FHA notes that traditional banks participating in FHA’s single-family mortgage insurance programs has declined since the housing crisis, and non-bank lenders originating FHA-insured mortgages have increased. According to the FHA, President Trump issued a memorandum on Federal Housing Finance Reform on March 27, 2019. The President’s memorandum included a directive that FHA work to diversify the network of FHA-approved lenders through “increased participation by registered depository institutions,” in order to expand mortgage financing options offered by a more diverse population of lending institutions. Lending mortgage 2019-05-09 Seth Welborn in Daily Dose, Government, News, Servicing FHA Updates Lender Certification Requirements May 9, 2019 1,125 Views Share