Even though Fannie Mae and Freddie Mac have loosened standards for property appraisals, lenders are choosing the option of using appraisal waiver programs.
Flipped houses represented 6.7% of all single-family homes and condos sold in the second quarter, down from 7.5% of all sales in the prior period. (Includes data chart.)
But that’s easier said than done. The CMBS structure prohibits borrowers from taking on additional debt and includes a prepayment penalty clause, Federal Reserve Chair Jerome Powell pointed out.
Under the Fed’s framework, which in many ways differs from the OCC’s final rule, a bank’s mortgage lending performance will be evaluated in two ways: a retail test and community development measurement.
The Mortgage Bankers Association and the National Association of Realtors have urged Congress to stop hiking VA loan-guarantee fees to offset the costs of non-housing programs involving veterans.
If the Senate doesn’t act quickly to extend the National Flood Insurance Program, the Federal Emergency Management Agency’s authority to provide new flood insurance contracts will lapse at the end of the month.
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