A slow and uncertain housing recovery continues, according to a report by Freddie Mac.
Regulators issued a proposal on Friday that would require banks to escrow premiums and fees for flood insurance on mortgages made or refinanced after Jan. 1, 2016.
Most of the securitized single-family market is currently exempt, but only a tiny part of the commercial equivalent is. However, nonexempt commercial will get more expensive to issue, and the single-family exemption could change.
Mortgage lenders will have 210 days to fix errors in their calculations of points and fees and reimburse borrowers for any overages under a final rule issued by the Consumer Financial Protection Bureau.
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