HUD Updates 203(k) Rehabilitation Mortgage Insurance Program

HUD Updates 203(k) Rehabilitation Mortgage Insurance Program

The Department of Housing and Urban Development, through the Federal Housing Administration, updated policies for its 203(k) Rehabilitation Mortgage Insurance Program. Officials say the updates modernize and enhance the program for homeowners looking to affordably finance home renovations and rehabilitations when purchasing or refinancing. Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon and…

Opinion: A National Homeownership Month Scorecard

Opinion: A National Homeownership Month Scorecard

By SCOTT OLSON June is National Homeownership Month. So the Community Home Lenders of America (CHLA) has called on Congress to begin debate and ultimately enact a Mortgage Interest Credit (MIC) when it considers tax legislation next year to extend expiring provisions from the 2017 Tax Cut and Jobs Act (TCJA). The 2017 TCJA raised the…

CFPB Launches Inquiry Into Mortgage “Junk Fees”
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CFPB Launches Inquiry Into Mortgage “Junk Fees”

The Consumer Financial Protection Bureau launched a public inquiry into mortgage “junk fees,” which it says hide in closing costs. The Bureau said closing costs have “risen steeply” and cause undue financial stress on both borrowers, who bear the burden of higher prices, and lenders, who have to pass costs along to borrowers in order to…

Will The Affordability Of Homes Sway Voters In 2024?
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Will The Affordability Of Homes Sway Voters In 2024?

By KIMBERLEY HAAS Home affordability continues to be problematic for American families. High prices, elevated mortgage rates, and a low supply of inventory have kept adults in their 20s and 30s off the housing ladder. At the same time, homeowners with growing families are unable to move up that ladder into properties that would better…

Opinion: All Mortgage Loan Originators Should Be Qualified To Originate Loans
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Opinion: All Mortgage Loan Originators Should Be Qualified To Originate Loans

By SCOTT OLSON This week, the Consumer Financial Protection Bureau fined Bank of America $12 million for reporting false mortgage data. CFPB’s Press Release on the action stated that BofA “Loan officers routinely falsified forms about mortgage applicants.” In response to this action, the Community Home Lenders of America issued a statement renewing its longstanding…

Congresswoman Expresses Concerns About ICE-Black Knight Merger

Congresswoman Expresses Concerns About ICE-Black Knight Merger

By KIMBERLEY HAAS As officials at the Federal Trade Commission continue to review the proposed acquisition of Black Knight by Intercontinental Exchange, the top Democrat on the House Financial Services Committee is reiterating her concerns about the merger. U.S. Rep. Maxine Waters (D-CA) has said the two companies play a dominant role in the technology…

Administration: Buyers Will Save Money On Mortgage Payments Through Premium Reduction

Administration: Buyers Will Save Money On Mortgage Payments Through Premium Reduction

By KIMBERLEY HAAS The Biden administration has announced a reduction on mortgage insurance premiums in a move they say could benefit an estimated 850,000 borrowers over the coming year. New borrowers who take out loans insured by the Federal Housing Administration will see the effects of the reduced premiums, according to a press release. The…

Reaction To Wells Fargo Announcement Lukewarm
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Reaction To Wells Fargo Announcement Lukewarm

By KIMBERLEY HAAS Leaders at Wells Fargo announced this week that they are reducing their home lending footprint and some people are saying it may be big news in the lending space, but will likely not make much of a difference to the average consumer. It was announced Tuesday that the company, formerly the nation’s largest mortgage…

Opinion: Community Home Lenders Of America To Influence Mortgage Policies In Washington
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Opinion: Community Home Lenders Of America To Influence Mortgage Policies In Washington

Editor’s Note: This article was written by a contributor and contains the individual’s views, opinions, or personal experiences. Last week, we announced the merger of the Community Mortgage Lenders of America and theCommunity Home Lenders Association under a renamed Community Home Lenders of America (CHLA). To date, both organizations have represented a similar profile of…

CHLA Says FHA Should Cut Premiums, End Life Of Loan

CHLA Says FHA Should Cut Premiums, End Life Of Loan

In its budget proposal this week, the Biden Administration allotted a 34% budget increase for the Department of Housing and Urban Development of $11.6 billion over the fiscal year of 2022. This proposed budget includes $32 billion for the Housing Choice Voucher Program and almost $2 billion for the HOME Investment Partnership, aimed at affordable…

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