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”

Nation: HUD Extends Temporary Guidance on Condos

On August 24 HUD extended its existing temporary guidance on condos, without the changes brought about in HR 3700 (Housing Opportunity Through Modernization Act). HUD continues to work on the regulatory guidance to implement the new law, but the existing guidance was set to expire. In notice 2016-13, HUD extends the existing guidance until theContinue reading “Nation: HUD Extends Temporary Guidance on Condos”

Nation: HUD Secretary on Speaks to Realtors

The Secretary of Housing and Urban Development (HUD), Julian Castro, was a key note speaker at NAR’s Legislative meetings last week in Washington, DC. Castro, the former mayor of San Antonio, was optimistic. He noted HUD’s condo rule was “out of the door.” He said President Obama’s economic agenda is helping the middle class andContinue reading “Nation: HUD Secretary on Speaks to Realtors”

NAR Wants More Affordable Housing Funding

NAR joined more than 1,500 national, state and local organizations and municipalities in a letter to Congressional leaders urging increased funding for the HOME Investment Partnerships Program (HOME) program.  Using a formula, the Department of Housing and Urban Development (HUD) distributes HOME grants to states and local communities for affordable housing activities. The grants areContinue reading “NAR Wants More Affordable Housing Funding”

HUD Rule Intended to End Segregation

The Obama administration is moving forward with regulations designed to help diversify America’s wealthier neighborhoods, drawing fire from critics who decry the proposal as executive overreach. A final Department of Housing and Urban Development (HUD) rule due out this month is aimed at ending decades of deep-rooted segregation around the country. The regulations would useContinue reading “HUD Rule Intended to End Segregation”

FHA Short Sale Update

The US Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2014-15 allowing dual agency agreements in FHA short sales. Dual agency includes transactions in which two agents are working for the same broker and one agent represents the seller and the other agent represents the buyer. Dual agency also applies to a singleContinue reading “FHA Short Sale Update”

Boulder County: Flood Assistance Available

Boulder County has been awarded a first-round sum of more than $5 million in Community Development Block Grant – Disaster Recovery funds from the federal Department of Housing and Urban Development (HUD). This money is to be used to help eligible homeowners impacted by the 2013 Flood who need financial assistance with eligible projects includingContinue reading “Boulder County: Flood Assistance Available”

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”

Loveland Council Approves Housing-Related Grants

The City Council confirmed recommendations from the Human Services Commission and the Affordable Housing Commission regarding the distribution of funding the City receives from the U.S. Department of Housing and Urban Development (HUD). Neighbor-to-Neighbor will receive $22,500 for rent counseling. Alternatives to Violence will receive an award of $100,000 for a safe house. Habitat forContinue reading “Loveland Council Approves Housing-Related Grants”