A regulatory board overseeing implementation of the $300 billion FHA borrower-rescue program under the recently enacted Homeownership and Economic Recovery Act of 2008 is considering guidance recommended by the mortgage industry. In a recent letter to the oversight board in charge of implementing The HOPE for Homeowners program, the Mortgage Bankers Association reiterated its support for the program and...
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The Office of Federal Housing Enterprise Oversight is being blamed for the impasse in current negotiations over appraiser selection standards agreed to by Fannie Mae, Freddie Mac and New York Attorney General Andrew Cuomo in March. OFHEO, which supported the controversial agreement, is reportedly “messing up” the talks by insisting on more regulatory power for the Independent...
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Lenders are likely to do more loss mitigation than refinancing under the Hope for Homeowners program to help distressed borrowers, although the $300 billion FHA borrower-rescue program will still be a valuable tool for people who can no longer be helped through loss mitigation, according to the mortgage banking industry. Reiterating previous testimony before the House Financial Services Committee...
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Mortgage lenders reiterated their support for the Department of Housing and Urban Development’s effort to institute risk-based premium pricing and said they regretted that Congress did not allow the agency to go down that path. Lender groups said they were not surprised at all by HUD’s announcement to impose a one-year moratorium on risk-based pricing for FHA mortgages – and then start...
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The Department of Housing and Urban Development will not support pending House legislation that would allow limited seller-funded downpayment assistance, even though the measure would also restore FHA risk-based premium pricing, a source familiar with department policymaking said. While department officials reportedly acknowledge that the bill somewhat improves the...
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Five industry trade groups, representing virtually all mortgage lenders, have asked the Federal Reserve Board to make the index that triggers “high-cost loan” reporting under the Home Mortgage Disclosure Act the same as in the recently revised rules for the Home Ownership and Equity Protection Act. In a joint letter, the Mortgage Bankers Association, Consumer Mortgage Coalition...
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North Carolina has prohibited the payment of a yield-spread premium on rate spread home loans – the first among the states to ban YSPs and likely to set the stage for similar actions elsewhere. The Tar Heel State’s enactment of H.B. 2188, which amends the state’s Rate Spread Home Loan law, will affect first-lien loans with an annual percentage rate that exceeds the yield on a comparable...
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Indiana. State Attorney General Steve Carter joined other state AGs in filing a... Illinois. The Land of Lincoln has amended its foreclosure sale notice requirements to... Maryland. State regulators have amended regulations pertaining to monthly reporting... Virginia. Regulations explaining how a mortgage lender or broker may seek approval...
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Department of Housing and Urban Development: HECM Final Rule. HUD is finalizing revised methods for calculating FHA claims related to its Home Equity Conversion Mortgage program.... Office of Thrift Supervision: HELOC Guidance Issued. The OTS warned lenders to keep close watch on home-equity lines of credit, especially those with interest-only payment plans or...
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The House Financial Services Committee will have a hearing on... The Office of the Comptroller of the Currency will host... The American Enterprise Institute will have its fifth annual conference... The Consumer Bankers Association is having its annual Fair Lending... The Office of the Comptroller of the Currency is hosting its 3rd Annual...
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