The proposed program could be improved by simplifying communications with borrowers and making changes that expand the number of borrowers who can be helped, industry and consumer groups said.
Allowing lenders to provide downpayment assistance on FHA loans would extend homeownership to underserved borrowers who have a difficult time amassing even a 3.5% downpayment, the former Ginnie Mae president said.
USDA deputy secretary confirmed; HUD seeks comments on burdens facing FHA lenders in maintaining eligibility; Ginnie Mae expands LMI disclosure initiative; and more.
The Department of Housing and Urban Development will require lenders to use a Supplemental Consumer Information Form for all FHA Title II single-family home mortgages they originate beginning in August.
The Mortgage Bankers Association proposed some revisions of its own in response to an FHA proposal to change home equity conversion mortgage disbursements and defaults.
The Department of Housing and Urban Development wants all new or substantially renovated homes insured by FHA to be elevated an additional two feet above base flood elevation.
The success of the Section 203(k) program depends on reforms that would make it more accessible for borrowers and operationally feasible for lenders, according to the Mortgage Bankers Association.
The Mortgage Bankers Association wants FHA to extend to all lenders certain documentation waivers recently made available to Reverse Mortgage Funding transferees.
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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