In order to fund planned technology investments in the Federal Housing Administration, a per-loan fee on newly originated mortgages is being proposed.

In prepared testimony, Department of Housing and Urban Development Secretary Dr. Ben S. Carson talked about the outdated technology at FHA.

Carson, who was scheduled to speak Thursday before the Senate Committee on Banking, Housing and Urban Affairs, noted that FHA is operating on a mainframe that is over four decades old.

Source: Mortgage Daily