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FHA increases multifamily large loan threshold

Housing Wire

The goal of the increase is to “enable a greater number of transactions to use standard underwriting processes when submitted for FHA Multifamily insurance,” the agency said. Anything we can do to prudently alleviate extra steps in obtaining FHA insurance will help all of us meet the housing supply challenges before us.”

Insurance 380
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Michigan attorney general reissues reverse mortgage consumer alert

Housing Wire

The action is designed to inform consumers about the potential pros and cons of taking out these loans, according to an announcement issued by Attorney General Dana Nessel’s office on Monday. “A Department of Housing and Urban Development (HUD)-approved counseling prior to closing the loan.

Mortgage 404
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Reverse purchase financing: The financing option no one is talking about

Housing Wire

That’s where reverse purchase financing comes into play, the funding option specifically designed for older Americans. For real estate professionals, this option presents an opportunity to capture more sales. The 6% limit also includes payment of the Up-Front Mortgage Insurance Premium (UFMIP).

Finance 445
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Industry supports FHA’s 40-year loan term option — with caveats

Housing Wire

In a letter to the FHA , Sharon Whitaker, vice president of the ABA, said the 40-year loan modification will help borrowers retain their homes after default and help mitigate losses to FHA’s Mutual Mortgage Insurance Fund. Presented by: Stavvy. Should there be a 40 year mortgage option for all homebuyers?

Insurance 414
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CRT protects GSEs, taxpayers from unexpected disasters

Housing Wire

After reading the recent report from the Federal Housing Finance Agency on the performance of Fannie Mae and Freddie Mac’ s credit risk transfer programs, anyone unfamiliar with the purposes of CRT might understandably conclude that the GSEs vastly overpaid capital market investors and insurance providers to transfer credit risk off their books.

Insurance 321
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CFPB wants lenders to disclose reason for denial of credit

Housing Wire

Presented by: Mortgage Coach. The designers historically have been unwilling to tell lenders all the factors used and how they are weighted,” Kully said. The CFPB said it is concerned automated valuation models may reflect bias in design and function.

Law 414
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Presenting HousingWire’s 2021 Women of Influence

Housing Wire

Head of Product and Design. Mortgage Insurers. National Community Reinvestment Coalition, Community Development Fund. Westcor Land Title Insurance Company. WFG National Title Insurance Company. Enact Mortgage Insurance. Enact Mortgage Insurance. Chief Operating Officer. Ashley Smith. VP, Marketing.

Insurance 393