The Senate has passed a housing bill that creates a downpayment assistance program, fixes a glitch in the Federal Housing Administration hybrid loan program, and increases the FHA multifamily loan limit in high-cost areas.The bill (S. 811) authorizes the president's American Dream Downpayment Assistance program to help low-income renters purchase their first home. The bill provides $200 million annually for downpayment and closing cost assistance. S. 811 also includes a fix for the FHA hybrid adjustable-rate mortgage program. It would remove a one-percentage-point cap on the initial interest rate adjustment for a five-year hybrid. The FHA is expected to issue its hybrid ARM regulations early next year. The housing bill also increases FHA multifamily loan limits in high-cost areas such as New York and San Francisco by changing the statutory maximum adjustment percentages from 110% to 170%. The House is expected to approve the housing bill when members return Dec. 8 to wrap up any unfinished business and adjourn for the year.
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The Office of the Comptroller of Currency said it will no longer include examinations for disparate impact liability but will still perform fair lending risk assessments on a regular basis.
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The number of homes purchased by foreign buyers increased for the first time in 8 years, with many making all-cash purchases of vacation and rental homes.
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Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
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Most indicators cited by Morningstar DBRS are favorable to a good securitization market the rest of the year, but inflation is one of several challenges.
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While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
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Mortgage professionals are more often subject to non-compete and non-solicitation agreements and aren't likely to be impacted by the new Sunshine State law.
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