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FHFA: Government to back mortgages up to $970,800 in 2022

Housing Wire

Median home values exploded across dozens of housing markets across the country in 2021. A 2008 law determines the conforming loan limits for Fannie Mae and Freddie Mac. It mandated that the baseline could only rise after home prices returned to pre-recession levels. increase from the prior year.

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FHFA conforming loan limits increase to $766,550 in 2024

Housing Wire

For areas in which 115% of the local median home value exceeds the baseline conforming loan limit value, HERA establishes the ceiling at 150% of the baseline limit. The law mandated that the baseline could only rise after home prices returned to pre-recession levels.

Finance 533
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CFPB investigating Rocket Homes for illegal kickbacks

Housing Wire

Syndicated columnist Lew Sichelman reported Sunday that Dmitry Shkipin of HomeOpenly.com alleged that Rocket Homes was receiving what amounted to illegal kickbacks while violating consumer protection laws, market allocation practices, and antitrust laws.

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The homegenius Platform gives consumers deeper insights in the home buying and selling journey

Housing Wire

Geniusprice, an automated and instant home value estimate driven by AI, advanced machine learning and homegeniusIQ. Consumers can see room condition scores at a glance and get the estimated value of each property they’re interested in, instantly. To learn more, click here.

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Supreme Court orders review of recession-era class action against Rocket

Housing Wire

But they claim that Quicken Loans influenced appraisers to raise their home values and originate higher loans. According to the lawsuit, the Aligs, for example, estimated their home was worth $129,000, and provided the information to Quicken Loans. According to the case, “injury in law is not an injury in fact.”.

Appraisal 412
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Opinion: How did homeowners get into home equity prison?

Housing Wire

Even though they have a low mortgage rate on their home loan, the pandemic causes unanticipated financial hardships which lead to a decrease in their annual income as well as the necessity of using credit cards for their basic needs. Then, the housing market takes off like a rocket with home values exceeding all expectations.

Law 427
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How to get a real estate license in Ohio (OH) in 5 steps

Housing Wire

Considerations for attorneys in Ohio If you are an active, licensed attorney in the state of Ohio, you may be able to apply some of your law degree credits toward the Ohio prelicensing course requirements. Be honest and truthful Not be convicted of a disqualifying offense. It is not a compilation of courses that total 20 hours.