The Federal Housing Administration announced on Thursday it was seeking to strea...
FILE PHOTO: A home for sale is seen in Santa Monica, California, U.S., March 21, 2017. REUTERS/Lucy Nicholson/File Photo
The FHA provides mortgage insurance on loans created by approved lenders, helping borrowers with less money for down payments or lower credit scores qualify for home loans. The FHA insurance protects the lender in the event of a borrower default. Traditional banks made a significant exit from the FHA mortgage business in recent years, citing costly and complex rules. But now the FHA said it wants to more clearly explain what lenders and what types of mortgages qualify for its programs in an effort to bring them back.
Depository institutions now make up just 13 percent of new FHA loans, with nonbank institutions originating the rest, he said.
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