The U.S. Department of Housing and Urban Development (HUD) released its annual report to Congress on the financial condition of the Federal Housing Administration Mutual Mortgage Insurance Fund yesterday. In a statement issued today, FHA acknowledges that it continues to be impacted by losses from mortgages originated prior to 2009. In its statement, FHA indicates that it will continue to focus on foreclosure avoidance, sales of distressed loans, a small increase in annual premiums and a requirement that MMI annual premiums be paid for a longer period of time. This is encouraging in that FHA does not appear to be anticipating any further tightening of certification guidelines for condominiums nor other types of projects. If your condominium community is not yet certified feel free to contact Jennifer Keenan to discuss the process.