MBA Statement on Sec. Fudge’s Decision to Not Change FHA Premiums
|Rob Van Raaphorst|
WASHINGTON, D.C. (March 30, 2021) - MBA President and CEO Bob Broeksmit, CMB, released the following statement regarding HUD Secretary Marcia Fudge's announcement that HUD has no plans to change FHA's mortgage insurance premium pricing in the near term.
"MBA commends Secretary Fudge for maintaining FHA's current mortgage insurance premium pricing until we have a clearer picture of the long-term impact of the pandemic on FHA borrowers and the insurance fund. While it is desirable to have lower mortgage financing costs, particularly as rates rise and home prices continue to increase, we agree with HUD that we need more data about how the more than 1 million FHA loans that are delinquent perform as they exit COVID-19-related forbearance.
"We look forward to continuing to work with Secretary Fudge on ways to protect FHA borrowers and ensure the overall stability of the FHA program."