The Office of Management and Budget has finally cleared a regulation that will allow Federal Housing Administration lenders to offer a 5/1 hybrid adjustable-rate mortgage that is similar to conventional hybrid products.OMB cleared the hybrid rule after a three-month review. FHA lenders should be able to offer the 5/1 ARM in early April. Under the interim final rule, FHA can insure 5/1 hybrids with an initial interest rate adjustment of 200 basis points after five years and a 600 bp adjustment over the life of the loan. The new adjustment caps also apply to 7/1 and 10/1 hybrids. The hybrid rule still has to go to Congress for a 15-day review period. It will not go into effect until 30 days after it's published in the Federal Register.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
8m ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
35m ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18