The chief regulator of Fannie Mae and Freddie Mac says the mortgage giants' conforming loan limit for 2004 is $2,300 too high because of an "improper calculation."However, the agency will not reduce the current loan limit -- which is $333,700 -- and instead will incorporate a change in next year's loan limit. The Office of Federal Housing Enterprise Oversight said it has issued a "supervisory guidance" establishing a "regulatory process" for annual adjustments. The agency says it determined several months ago that the 2004 loan limit adopted by Fannie and Freddie "failed to incorporate a necessary adjustment factor brought on by methodological changes" in the Federal Housing Finance Board's monthly interest rate survey.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24