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Mortgage lending could be halted by flood insurance program’s expiration, experts warn

Housing Wire

Five days remain in the currently authorized National Flood Insurance Program (NFIP). This is according to government researchers, other experts and lawmakers in a U.S. Heller added: “This discussion must include issues of property development, affordable housing and equity as we try to adapt to climate risk.

Insurance 465
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Opinion: Title insurance is vital to protecting the American dream

Housing Wire

As someone who spent a career in the title insurance industry – both as a builder of a title business and leader of the industry’s trade group, — I am proud of the role we play in helping to protect what most Americans consider the biggest purchase of their lives. Why is a title search necessary for refinancing?

Insurance 518
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Fannie Mae clarifies ARM interest rate, ups cash-out refi term on manufactured homes

Housing Wire

1, 2023, the jointly development Uniform Property Dataset (UPD) for the government-sponsored enterprises (GSEs) became active and included a data standard for condos, according to the Selling Guide. Lenders must be in compliance with these property insurance updates for all loans with application dates on or after June 1, 2024.

Retail 429
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Texas Capital Bank shoots back at Ginnie Mae over dismissal motion

Housing Wire

TCB claims that it dealt with Ginnie Mae in good faith, having lent “millions of dollars in much-needed financing to help the collapsing [RMF] continue making payments to senior citizens as part of a mortgage program critical to the federal government.” TCB was thus left with no alternative but to file this action,” the bank concluded.

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Protecting homeowners from predatory business practices

Housing Wire

These complex contracts make selling, refinancing or transferring real estate difficult for homeowners. After signing one of these listing agreements, homeowners are stuck in a contract that can be binding for up to 40 years. These companies know how to make their agreements sound good.

Business 393
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FHA gives investors cold shoulder on foreclosed properties

Housing Wire

For the first 30 days, a foreclosed property listed for sale can only be bid on by owner-occupant buyers, approved nonprofits, and government entities, the FHA announced last week. The administration added that these buyers would also enjoy an additional 60 days for conveyance from the date that the sales contract is ratified.

Investors 418
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Opinion: Two legal issues relevant to FHFA’s review of FHLB system

Housing Wire

savings and loan associations, savings banks, and cooperative banks) and insurance companies. It was not until 1989 that Congress expanded membership to all federally insured depository institutions. Thus, if there is a conflict between the super lien and state insurance law, it is unclear which statutory system would prevail.

Legal 308