Despite congressional opposition, the Department of Housing and Urban Development is expected to move ahead with a risk-based premium structure but give Federal Housing Administration lenders more time to adjust to the changes, sources told MortgageWire.House and Senate lawmakers are urging HUD to postpone implementation at least until Congress passes an FHA reform bill. The Senate bill contains a 12-month moratorium on FHA adopting a RBP structure. Currently, FHA charges a 150 basis point upfront premium and a 50 bp annual premium for most borrowers. With RBP, FHA officials say they could increase the upfront premium to 2.25% for the riskiest borrowers with low credit scores and low downpayments and help an estimated 20,000 subprime borrowers refinance into new FHA-insured mortgages in fiscal year 2008. In moving ahead with a RBP structure, sources expect HUD will postpone the Jan. 2 implementation date -- possibly for three months. HUD officials could not be reached for comment.
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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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