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Annual Performance Plan 508

Annual Performance Plan 508

12/31/2015 Complete and

12/31/2015 Complete and implement components of the new quality assurance framework, as noted below, to provide clarity and transparency in FHA’s policies and encourage lending to qualified borrowers across the credit spectrum. MEASURING OUR PROGRESS • Develop new underwriting defect taxonomy framework. • Implement Supplemental Performance Metric • Update lender and loan-level certifications To help achieve this objective, HUD has established the following performance indicators. Federal Housing Administration share of originations This indicator measures the percentage of mortgage originations in the housing market that were made by Federal Housing Administration. FY12 Actual FY13 Actual FY14 Actual FY14 Target FY15 Target FY16 Target 13.7% 14.2% 15.6% 10-15% 10-15% 10-15% Percent of loans endorsed with credit score < 680 This indicator measures the percentage of FHA loans endorsed that have borrowers with a credit score under 680. Credit scores help lenders to make billions of credit decisions every year. Scores range from 300 to 850. FHA’s traditional first-time borrower is targeted to be a borrower with a credit score of less than 680. The FY 2016 target of 70 percent is considered a manageable and reasonable level of risk for FHA to assume. FY12 Actual FY13 Actual FY14 Actual FY14 Target FY15 Target FY16 Target 42.6% 45.5% 56.2% 60% 6 60% 70% Percent of loans endorsed with credit score

Percent of housing counseling clients that gain access to resources to improve their housing situation This indicator measures the percentage of housing counseling clients who gain access to resources to help them improve their housing situation (e.g. down payment assistance, rental assistance) as a direct result of receiving Housing Counseling Services. FY12 Actual FY13 Actual FY14 Actual FY14 Target FY15 Target FY16 Target No Data No Data No Data NA Establish Baseline Target TBD Percent of housing counseling clients for whom a counselor developed a sustainable household budget This indicator measures the percentage of housing counseling clients with whom a counselor developed a sustainable household budget through the provision of financial management and/or budget services. FY12 Actual FY13 Actual FY14 Actual FY14 Target FY15 Target FY16 Target No Data No Data No Data NA Establish Baseline Target TBD 6 Due to the mortgage insurance premium (MIP) decrease it is likely that applications from borrowers with a credit score of ≥680 will increase beyond estimates set in FY 2015, therefore the target has been adjusted from 70 percent to 60 percent for FY 2015. 7 The target for FY 2015 has been adjusted down as HUD was appropriated $13 million less than requested in the FY 2015 budget. The proposed FY 2015 target of 1,566,000 is a 4.4 percent increase from the FY 2014 target, mirroring the 4.4 percent increase in appropriations from FY 2014 to FY 2015. Strategic Goal: Strengthen the Nation’s Housing Market to Bolster the Economy and Protect Consumers 37

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