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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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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