Nation: HUD Suspends FHA Mortgage Insurance Premium Rate Cut

One of President Trump’s first executive orders suspended a 25-basis point fee reduction for FHA mortgage insurance premiums. NAR estimated that the fee reduction would have opened homeownership to an additional 30,000 to 40,000 homebuyers. The reduced premium would save the average FHA borrower $500 a year in insurance costs. The Department of Housing and Urban DevelopmentContinue reading “Nation: HUD Suspends FHA Mortgage Insurance Premium Rate Cut”

Nation: HUD Proposes Condo Rule

When H.R. 3700, the “Housing Opportunity Through Modernization Act,” was signed into law earlier this year, the Department of Housing and Urban Development was given notice that they had 90 days to weigh in on regulations related to Federal Housing Administration financing for condominiums before changes automatically went into effect. These included rules regarding owner-occupancyContinue reading “Nation: HUD Proposes Condo Rule”

FHA Announces Changes to Condo Rules

Federal Housing Administration Principal Deputy Assistant Secretary Ed Golding joined National Association of Realtors® President Chris Polychron to announce changes to FHA condominium policies. NAR has long advocated for broad improvements, arguing that existing policy is overly restrictive and keeps many consumers from buying and selling a home. Golding said the changes will be similarContinue reading “FHA Announces Changes to Condo Rules”

Feds Impose Big Fine for Inadequate Affiliated Business Disclosure

On May 28, 2014, the Consumer Financial Protection Bureau (CFPB) announced a consent agreement and $500,000 fine to a real estate firm for inadequate disclosure language in an affiliated business disclosure. Under the Real Estate Settlement Procedures Act (RESPA) affiliate entities must disclose relationships to consumers at or prior to the time of referral andContinue reading “Feds Impose Big Fine for Inadequate Affiliated Business Disclosure”

HUD Announces Plan to Expand Access to FHA Loans

The Federal Housing Agency (FHA) is taking additional steps to expand access to mortgage credit for underserved borrowers, according to Department of Housing and Urban Development Secretary Shaun Donovan, who spoke last week at the FHA: 80 Years and Counting – Regulatory Issues Forum during the REALTOR Party Convention & Trade Expo in Washington, DC.Continue reading “HUD Announces Plan to Expand Access to FHA Loans”

Colorado Senator Sponsors SAVE Act

Senators Michael Bennet (D-CO) and Johnny Isakson (R-GA) reintroduced the SAVE Act earlier this month. The bill gained support from the National Association of Realtors and National Association of Home Builders, who helped to shape this revised bill. The SAVE Act would improve federal mortgage underwriting by including a home’s expected energy cost savings whenContinue reading “Colorado Senator Sponsors SAVE Act”

House Passes RESPA Home Warranty Clarification Act

On Wednesday, Aug. 1, 2012, the U.S. House of Representatives passed “The RESPA Home Warranty Clarification Act of 2011” (H.R. 2446). The bipartisan legislation is designed to counter an erroneous Department of Housing and Urban Development interpretive rule that reversed decades of common understanding of RESPA. Real estate professional and home warranty companies routinely partnerContinue reading “House Passes RESPA Home Warranty Clarification Act”