Mississippi has cleared all the regulatory hurdles for its Katrina homeowner grant assistance program, and it will soon be sending the closing documents for the grants to the hurricane victims and their lenders, according to a Mississippi Development Authority spokesman.MDA spokesman Scott Hamilton said the closing documents will be sent to mortgage lenders that signed up to help homeowners fill out the closing documents. Over 16,000 Mississippians have applied for the grants, which are designed to cover up to $150,000 of the costs of repairing or rebuilding a home that was damaged in Hurricane Katrina last August. However, industry groups are concerned that homeowners receiving the grants are under no obligation to rebuild their homes. Lenders wanted the state to require escrow accounts to ensure that the grants are used for rebuilding. But Mississippi officials insisted on a program that gave the homeowners direct control of the funds, and the Department of Housing and Urban Development approved it.
-
New research from National Mortgage News finds that nonbank mortgage firms are leading the pack of tech adopters, outpacing many financial institutions.
1h ago -
Consumers are 19% more likely to pay their auto loans than their mortgages, which is a shift in attitude from the pandemic period, FICO said.
September 16 -
The transaction combines independent mortgage companies which are based in Strongsville, Ohio (East Coast) and Folsom, California (West Coast).
September 16 -
Housing finance firms have anticipated a 25 basis point move, so what could move the needle is less that outcome than actions that go beyond or differ from it.
September 16 -
A federal judge in Colorado ruled that the appraisal discrimination case raised by the government against both Rocket and Solidifi will move forward.
September 16 -
New-home loan activity rose 1% in August year over year, but applications fell 6% from July.
September 16