Tag: mortgage lending

Administration Proposes Modernizing Mortgage Lending

Filed in Codes and Regulations by on August 3, 2018 0 Comments
Administration Proposes Modernizing Mortgage Lending

The Treasury Department released a report on July 31 addressing advances in financial market technology and related changes in the delivery of financial services. The report includes recommendations for legislative and regulatory action to streamline and modernize mortgage lending and servicing.

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VA Changes Approval Process for Site Condos in Michigan

Filed in Codes and Regulations, Housing Finance by on May 29, 2018 6 Comments
VA Changes Approval Process for Site Condos in Michigan

In an important victory for NAHB and Michigan home builders, the Department of Veteran Affairs has announced a major change that will waive VA’s site condo approval process for single-family detached homes in the state of Michigan.

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CFPB Finalizes ‘Know Before You Owe’ Rule

Filed in Codes and Regulations, Housing Finance by on April 27, 2018 0 Comments
CFPB Finalizes ‘Know Before You Owe’ Rule

The Consumer Financial Protection Bureau (CFPB) has announced that it has finalized an amendment to its “Know Before You Owe” mortgage disclosure rule that addresses when mortgage lenders with a valid justification may pass on increased closing costs to consumers.

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FHA to Halt Insuring New Mortgages with PACE Obligations

Filed in Housing Finance by on December 8, 2017 1 Comment
FHA to Halt Insuring New Mortgages with PACE Obligations

On Dec. 7, the Federal Housing Administration (FHA) issued Mortgagee Letter 2017-18 announcing the agency will no longer insure new mortgages on properties that include Property Assessed Clean Energy (PACE) assessments. This reverses policy announced by the agency in July of 2016. The directive applies only to new mortgages.

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CFPB Publishes Final ‘Know Before You Owe’ Rule

Filed in Codes and Regulations, Housing Finance by on July 10, 2017 0 Comments
CFPB Publishes Final ‘Know Before You Owe’ Rule

The Consumer Financial Protection Bureau on July 7 published final updates to its “Know Before You Owe” mortgage rule, offering amendments on finance charge disclosures, disclosures tied to housing assistance that a borrower receives, and when information can be shared with third-parties, including real estate agents.

Of particular interest to NAHB, the final rule clarifies disclosures for construction and construction-to-permanent loans addressing many of the concerns lenders have expressed in making these loans.

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House Passes Bill to Ease Banking Regulations

Filed in Capitol Hill, Codes and Regulations by on June 9, 2017 0 Comments
House Passes Bill to Ease Banking Regulations

The House yesterday passed legislation that would address challenging credit conditions that home builders and home buyers continue to experience as a result of strict regulatory restraints imposed following the 2008 financial crisis.

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House Panel Approves Bill to Ease Tight Credit Conditions

Filed in Capitol Hill, Codes and Regulations by on May 5, 2017 0 Comments
House Panel Approves Bill to Ease Tight Credit Conditions

The legislation includes provisions to address challenging credit conditions that home builders and home buyers continue to experience as a result of an overzealous regulatory response to the recent financial crisis.

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NAHB Urges HUD Secretary to Act on FHA Mortgage Insurance Premium Cuts

Filed in Housing Finance by on March 10, 2017 2 Comments
NAHB Urges HUD Secretary to Act on FHA Mortgage Insurance Premium Cuts

NAHB sent a letter to HUD Secretary Ben Carson on March 9 urging the secretary to reinstate previously announced premium reductions on FHA-insured mortgages that were due to go into effect on Jan. 27, 2017 but suspended by the Trump administration.

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Conventional Financing Continues to Climb

Filed in Economics, Housing Finance by on February 8, 2017 0 Comments
Conventional Financing Continues to Climb

NAHB economist David Logan looked at the Census Burea’s Quarterly Sales by Price and Financing to determine that nearly 71% of new home sales were financed with conventional loans in 2016: a nine-year high and up from 58.5% in 2010.

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Trump Administration Cancels FHA Mortgage Premium Cuts

Filed in Housing Finance by on January 23, 2017 6 Comments

President Donald Trump signed an executive order on Jan. 20 cancelling a decision made by the Obama administration to lower Federal Housing Administration annual mortgage insurance premiums by 25 basis points to 0.60%.

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