Congress will have to appropriate $1.4 billion to keep the Federal Housing Administration operating after Sept. 30 if House and Senate conferees don't agree to allow the FHA to implement risk-based premiums and stop downpayment assistance on FHA loans, according to Housing Secretary Alphonso Jackson. The secretary says in a letter that the Department of Housing and Urban Development "strongly supports" a provision in the Senate's FHA reform bill that prohibits seller-financed downpayment assistance on FHA loans. He also stresses the need for the FHA to price its loans by risk and opposes the restrictions on risk pricing in the House FHA bill and the 12-month moratorium on charging risk premiums in the Senate bill. Regarding loan limits, the secretary says he prefers raising the FHA ceiling from $362,790 to $417,000. HUD does not support raising the maximum to $729,750 on a permanent basis, as provided in the House bill and temporarily in the economic stimulus bill that Congress just passed. The Feb. 11 letter stakes out HUD's position in advance of a conference where House and Senate banking committee members will iron out the final FHA reform bill.
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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