The Federal Housing Administration should be able to use pilot programs to test new single-family loan products or to modify existing loan products, according to a Government Accountability Office report."We believe that HUD needs to further consider piloting or limiting volume of new or changed products because ... it is a practice followed by others in the mortgage industry and could assist HUD in mitigating the risks and costs associated with new or changed products," the GAO report says. Department of Housing and Urban Development officials contend that they don't have the authority or the resources to conduct pilot programs. However, GAO auditors maintain that the FHA would benefit from using a pilot program in developing a zero-downpayment loan program. HUD is seeking congressional authority to start a zero-down program.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28