Borrowers with existing FHA-insured mortgages may continue to utilize the agencys streamline refinance program regardless of their loan balance. The current cap of $271,050 for low cost areas will remain unchanged.
With the increase, the average g-fee for new loans will be in the range of 60 basis points. But there is some good news: FHFA said it would eliminate the up-front adverse market fee of 25 bps assessed on all but the four states whose foreclosure carrying costs are more than two standard deviations greater than the national average.
Brokers and the trade groups that represent them believe new regulations from the Consumer Financial Protection Bureau put them at a competitive advantage to lenders that actually fund mortgages.
Ed DeMarco might possibly name a chairman for the CSP platform and let Mel Watt have the final say on the CEO slot. Two mortgage executives interviewed for the CEO job include Peter Carroll and Luke Hayden.