The temporary loan limits contained in the recently passed economic stimulus bill should increase FHA mortgage endorsements by 154,000 loans this year, according to HUD estimates. John Garvin, deputy assistant secretary of the Department of Housing and Urban Development, told homebuilders at their annual convention that 85,000 will be purchase loans and 69,000 will be refinancings. The Federal Housing Administration expects to begin processing these higher-balance loans 30 days after President Bush signs the bill. He noted that HUD is calculating the loan limits for metropolitan statistical areas, which should be completed within 30 days. Once HUD publishes the MSAs and issues its mortgage letter, "FHA systems will be ready," Mr. Garvin said. Fannie Mae and Freddie Mac executives said they are working to be ready in 30 days as well. But a lot will depend on HUD's getting the MSA list out and getting its models and controls in place to satisfy the Office of Federal Housing Enterprise Oversight. National Association of Home Builders officials pressed OFHEO Deputy Director Edward DeMarco not to put hurdles in the GSEs' way. He stressed that OFHEO is working cooperatively with Fannie and Freddie. "We understand the importance of getting this moving," Mr. DeMarco said.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
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The top five producers had an average dollar loan volume of more than $140 million in 2023.
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The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22