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

Housing Wire

While four prominent trade groups voiced support, they also proposed some tweaks. The MBA and HPC, in a mutually penned letter , supported the initiative, but with a caveat. They recommended the FHA allow servicers to qualify borrowers for home retention options at terms between 360 months and 480 months.

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Longtime reverse mortgage leader Scott Norman appointed CEO of Texas MBA

Housing Wire

Norman is currently serving his fifth consecutive term as co-chair of the National Reverse Mortgage Lenders Association (NRMLA). Norman also wanted to thank the organization’s executive committee, vowing to remain supportive of the trade association. “I And of course, my friend Darryl Hicks,” he added.

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CoStar to acquire 3D scanning firm Matterport

Housing Wire

Through the terms of the deal, stockholders will get $2.75 The firm announced Monday that it has acquired 3D scanning company Matterport. The Andy Florance -helmed CoStar purchased all of Matterport’s outstanding shares for $5.50 each, representing a value of $2.1 per share in cash and $2.75 in shares of CoStar Group.

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Treasury’s new housing plan includes redirected COVID-19 funds to boost affordable supply

Housing Wire

The third provision is an extension of the support from the Federal Financing Bank (FFB) for “a risk-sharing initiative between the U.S. Recipients will be presumptively eligible to spend funds on housing for families earning up to 120% of area median income, as well as projects that meet the terms of other federal housing programs.”

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NAF’s Gatling: Recognize that diverse communities are the norm

Housing Wire

I feel that in mortgage and real estate, we are still clinging to outdated fair housing terms,” Gatling said during the session. I don’t typically talk about ’prequalification.’ “It’s a more compassionate approach and lets them know we’re here to support them, maybe even guide them along the way,” she said.

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Kevin Sears, NAR won’t take on any presidential initiatives

Housing Wire

In an email to the board of directors on Wednesday, National Association of Realtors (NAR) President Kevin Sears announced that he and the trade organization would not be taking on any presidential initiatives throughout the duration of his term, as first reported by Inman News. We hear you and are taking action to meet your needs.

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Trade groups express concerns on VA timeline for defaulted loan purchase program

Housing Wire

The first is that the expectations of veterans should be clearly set by “publicly communicating that servicers and the VA are working diligently to quickly adjust their existing operations to support the new program before the mandatory compliance deadline, which we think should be re-set, based on the guidance publication date,” the letter stated.

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