Housing industry groups are questioning the Office of Federal Housing Enterprise Oversight's authority to reduce the conforming loan limit in urging the regulator to withdraw a proposal that might lead to a 2009 decline in the loan limit."OFHEO's proposal ignores current law relating to the loan limit adjustment, which does not provide for a decline in the CLL," the National Association of Home Builders says in a letter to the regulator. The NAHB, the Mortgage Bankers Association, the American Financial Services Association, the Consumer Mortgage Coalition, the Financial Services Roundtable, and Freddie Mac contend that the mortgage market would be better served by leaving the conforming loan limit at $417,000 and netting out any declines in house prices against a future increase in the limit. Fannie Mae and Freddie Mac cannot purchase mortgages with a loan amount above the CLL, which is adjusted annually based on a housing price index. Considering the disruption the proposal would cause, "the utility of decreasing the ceiling is not worth the cost," the AFSA, the CMC, and the FSR say in a joint letter.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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