HUD Repeals FHA Origination Fee Cap
The U.S. Department of Housing & Urban Development (HUD) has issued Mortgagee Letter 2009-53 that eliminates the one percent loan origination fee limit on Federal Housing Administration (FHA) loans, but provides that the FHA will monitor lenders to ensure they are charging "fair and reasonable" fees for all origination services and that it intends to issue future guidance containing fee limits. The letter also clarifies the manner in which fees and charges for FHA-insured loans must be disclosed on the new Good Faith Estimate (GFE) and HUD-1 Settlement Statement.
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