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Annual Performance Plan 508

Annual Performance Plan 508

Strategic Objective:

Strategic Objective: FHA’s Financial Health 8 Restore the Federal Housing Administration’s financial health, while supporting the housing market recovery and access to mortgage financing. OVERVIEW A strong Federal Housing Administration (FHA) is critical to the recovery of the housing market and our economy at large. The mortgage insurance provided by FHA has made financing available to individuals and families not adequately served by the conventional private mortgage market. The Mutual Mortgage Insurance Fund (MMIF) is the largest fund covering activities of FHA. The recession put substantial strain on the MMIF as private capital retreated and FHA played a countercyclical role to support the broader housing market. Over time, FHA has experienced significant swings in its market share as it has stepped in to provide insured loans for qualified borrowers who would otherwise be shut out of the mortgage market. In addition, the severe decline in house prices, the sluggish performance of the economy, and the behavior of some lending partners resulted in increased FHA losses that drove its capital reserve ratio 8 below the congressionally mandated 2 percent level. STRATEGIES • Restore FHA’s capital reserve ratio to the congressionally mandated 2 percent level. Strengthen FHA’s book of business through policy reforms and minimize losses on existing books. • Continue loss mitigation efforts in order to prevent foreclosures. Focus on effective and proactive loss mitigation. HUD will track the effectiveness of these efforts by measuring the number of homeowners who re-default after receiving assistance. • Maximize Single Family FHA recovery rates by actively monitoring contractor scorecards and implementing alternative asset disposition options. LEADING THIS OBJECTIVE Kathleen Zadareky Deputy Assistant Secretary for Single Family Housing Office of Housing Sarah Gerecke Deputy Assistant Secretary Office of Housing Counseling 8 The capital ratio compares the “economic net worth” of the MMI Fund to the dollar balance of active, insured loans, at a point in time. Economic net worth is defined as a net asset position, where the present value of expected future revenues and net claim expenses is added to current balance sheet positions. The capital ratio computation is part of an annual valuation of the outstanding portfolio of insured loans at the end of each fiscal year. 38 Strategic Goal: Strengthen the Nation’s Housing Market to Bolster the Economy and Protect Consumers

FY14 APR PROGRESS UPDATE HUD continues to make progress on restoring the financial health of the FHA Mutual Mortgage Insurance Fund (MMIF). While design of analytical models to estimate interim actuarial results was completed on schedule, implementation has been pushed to FY15. The Capital Reserve Ratio continues to rebound to its mandated 2% level; from -1.44% in FY12 to .41% in FY14. The loss mitigation uptake metric exceeded its target by more than thirty percentage points. MAJOR MILESTONES 4/30/2014 Assess appropriate Annual Mortgage Insurance Premium (MIP) levels to balance risk return and increase homeownership. Achieved as of this publication. 6/30/2014 Measure and maximize management and marketing contractor performance by rolling out initial performance scorecards. Achieved as of this publication. 9/30/2014 Develop a loan servicing contractor scorecard for Secretary-held loan servicing. Achieved as of this publication. 6/30/2015 Update Distressed Asset Stabilization Program (DASP) – Neighborhood Stabilization Outcome (NSO) strategy to maximize support to struggling Metropolitan Statistical Areas (MSA). 9/30/2015 Design and implement appropriate analytical models to estimate interim actuarial results. This milestone has been extended one year. Design was completed in FY 2014 with implementation scheduled to begin as early as Q2 of FY 2015. 9/30/2015 Provide updated guidance to lenders to improve tracking for the number of FHA borrowers who receive housing counseling before loan origination. 9/30/2015 Implement comprehensive policies through Mortgagee Letters and rulemaking that will eliminate negative capital reserve on Mutual Mortgage Insurance Home Equity Conversion Mortgage (HECM) portfolio. 3/31/2016 Implement asset execution model that supports FHA realization of optimal recovery across disposition strategies. These strategies are geared to keep distressed borrowers in their homes and communities. This target has been extended to FY 2016 from FY 2014. Implementation work is anticipated to begin in September of 2015 with completion in Q2 of FY 2016. FHA 80 th Anniversary Strategic Goal: Strengthen the Nation’s Housing Market to Bolster the Economy and Protect Consumers 39

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