Housing Finance

Builder Credit Tightens on Virus Concerns

Filed in Economics, Housing Finance by on May 14, 2020 1 Comment
Builder Credit Tightens on Virus Concerns

For the first time since 2012, builders and developers reported tighter credit conditions on loans for land acquisition, development and single-family construction (AD&C) in NAHB’s AD&C financing survey for the first quarter of 2020. Most builders reported that lenders are pulling back because of coronavirus concerns.

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NAHB Sends White House Policy Proposals to Boost Housing and the Economy

NAHB Sends White House Policy Proposals to Boost Housing and the Economy

NAHB recently sent the White House a list of policy recommendations designed to help the residential construction industry to survive the COVID-19 economic disruption and be a force that leads the economy out of recession.

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Fannie Mae Provides Further Temporary Guidance on Appraisals

Filed in Housing Finance by on April 14, 2020 0 Comments
Fannie Mae Provides Further Temporary Guidance on Appraisals

In the wake of the COVID-19 pandemic, Fannie Mae has announced additional temporary guidance, including use of virtual inspections for appraisals and renovation loans, and flexibilities for condominium project reviews.

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HUD Issues Guidance on Multifamily Mortgage Forbearance Under the CARES Act

Filed in Codes and Standards, Housing Finance, Multifamily by on April 14, 2020 0 Comments
HUD Issues Guidance on Multifamily Mortgage Forbearance Under the CARES Act

HUD has released two letters to provide guidance to borrowers and lenders during the COVID-19 pandemic. The first letter provides guidance for implementing the CARES Act multifamily mortgage forbearance provisions for FHA-insured multifamily loans. The second letter is a separate guidance to mitigate risks for FHA insured Section 223(f) refinancing loans.

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How to Obtain an SBA Loan and Have it Forgiven

How to Obtain an SBA Loan and Have it Forgiven

In recent weeks, Congress has adopted three bills aimed at stabilizing the economy, with more to come. The most notable of these was the $2.2 stimulus package (the CARES Act) that President Trump signed into law on March 27. This law contains a nearly $350 billion federal small business loan protection program called the Paycheck Protection Program (PPP) that will provide significant loan forgiveness for small businesses with fewer than 500 employees if employers meet certain criteria.

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USDA Announces Loan Forbearance Up to 1 Year

Filed in Economics, Housing Finance by on April 2, 2020 0 Comments
USDA Announces Loan Forbearance Up to 1 Year

In accordance with the newly-enacted stimulus law, the U.S. Department of Agriculture(USDA) announced today that any borrowers experiencing financial hardship caused by the COVID-19 pandemic shall receive immediate forbearance¬† of their guaranteed loan payment for a period of up to 180 days. In addition, the forbearance period may be extended up to an additional 180 days at the borrower’s request.

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Fannie, Freddie to Allow Desktop Appraisals on New Construction Loans

Filed in Disaster Response, Housing Finance by on March 31, 2020 0 Comments
Fannie, Freddie to Allow Desktop Appraisals on New Construction Loans

The Federal Housing Finance Agency announced several loan processing flexibilities for Fannie Mae and Freddie Mac, including allowing desktop appraisals on new construction loans.

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FHA Announces Policy Updates Related to COVID-19

Filed in Housing Finance by on March 30, 2020 0 Comments
FHA Announces Policy Updates Related to COVID-19

The Federal Housing Administration has announced new guidance for property appraisals and other policy updates due to the COVID-19 national emergency declared by the president.

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VA Updates Lender, Valuation Guidance for Borrowers Affected by COVID-19

Filed in Disaster Response, Housing Finance by on March 27, 2020 0 Comments
VA Updates Lender, Valuation Guidance for Borrowers Affected by COVID-19

The U.S. Department of Veterans Affairs today issued a circular that provides guidance for VA home loan borrowers affected by COVID-19 and describes temporary measures regarding loan origination, closing and guaranty. The agency also issued a separate notice regarding valuation practices during the pandemic.

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CFPB Provides Flexibility During COVID-19 Pandemic

Filed in Codes and Standards, Housing Finance by on March 26, 2020 0 Comments
CFPB Provides Flexibility During COVID-19 Pandemic

The Consumer Financial Protection Bureau (CFPB) today announced that it is providing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic.

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