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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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
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The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
April 23 -
Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
April 23 -
Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
April 23