The Department of Housing and Urban Development has backed off from raising insurance premiums on multifamily mortgages in the face of industry and congressional opposition.HUD had proposed to increase annual Federal Housing Administration insurance premiums from 45 basis points to 77 bps on multifamily construction and rehabilitation mortgages, as well as refinancings. However, HUD received letters from 121 congressmen and 26 senators opposing the premium increase, which the Bush administration had proposed as part of the president's budget. The Mortgage Bankers Association warned the administration that lenders have other options, which means the FHA would lose business and the government would not collect the premiums it expects. "I think that was one of the things that persuaded them, plus there are a lot of good arguments against it," said MBA senior vice president Cheryl Malloy. "It would increase rents by 5% on affordable housing units. That's not something anyone wants to do."
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The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
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The top five depositories have a combined wholesale volume of more than $15 billion at the end of Q4 2023.
10h ago -
Among opportunities to be offered to the program's fifth class of startup entrepreneurs are bank-provided mentorships and sessions with technology leaders and regulatory experts within home finance.
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Financial advisors and tax experts say HOA fees are usually not deductible, unless the home is used for a business or as a rental property.
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The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.
March 18 -
The racial gap in first-time buyers' ability to maintain their status as owners has also narrowed over the last two decades, the agency's researchers reported.
March 18