Vice President Kamala Harris outlines economic agenda for her presidential campaign; ex-FHA official joins M&T Bank; VA outlines secondary borrowing requirements when using assumable mortgages; FHA drafts guidance on loss-mitigation consultation requirements.

The move is meant to keep FHA multifamily loans for new construction competitive with those from other programs.

With the presidential election around the corner, FHA Commissioner Julia Gordon said her goal is to ensure she leaves FHA stronger than she found it. A Republican-appointed FHA commissioner also voiced support for the agency at a recent event to celebrate FHA’s 90th anniversary.

The final rule has its roots in a pandemic-era temporary partial waiver of the face-to-face meeting requirement. That waiver will remain in place through the end of the year.

Under the proposed legislation, FHA would receive $155 million for administrative contract expenses for fiscal year 2025.

The National Association of Home Builders has asked its members to support a bill that would stop FHA and the U.S. Department of Agriculture’s Rural Housing Service from adopting the 2021 International Energy Efficiency Code.

VA releases WebLGY system enhancement for veteran-paid buyer-broker charges; HUD updates debenture interest rates for FHA loans; FHA extends foreclosure moratorium in Maui, HI; Finance of America conducts 1-for-10 reverse stock split; MBA asks HUD for six-month extension for implementing new reconsideration of value policies.

The bill is more generous than its companion House legislation.

The final rule closely aligns with HUD’s July 31, 2023, proposal.

Mortgage lenders must monitor the insurance landscape and inform their loan officers on the topic given that insurance costs help determine a borrower’s monthly escrow obligations.