The USDA Rural Development has issued guidance instructing approved lenders to continue using the two-tiered income limit pilot for the agency’s Section 502 single-family housing programs. Launched in June last year, the pilot bands together the income limits of households with one to four members and with 5-8 members. The USDA banding process significantly increases the number of rural households that are eligible for Rural Development’s direct home loan program and the Home Repair Loan and Grant Program, the agency said. The pilot is based on the Department of Housing and Urban Development’s one-to-eight person income limits, which the department releases every year. Until last year, the USDA had been using the HUD income limits for its single- and multifamily housing programs, with the exception of the USDA’s “hold harmless” clause and the moderate-income banding allowed in the ...
Correction: There was an error in the total number reported for Home Equity Conversion Mortgage originations in 2015 in the March 17, 2017, issue of Inside FHA/VA Lending. The correct total is $16.0 billion. HUD Secretary Ben Carson Visits Dallas/Ft. Worth. Housing and Urban Development Secretary Ben Carson continued his national listening tour this week in Dallas/Ft. Worth to learn more about HUD’s public housing programs. Carson embarked on a national listening tour March 15 at a Detroit high school bearing his name President Trump recently released his proposed preliminary FY 2018 budget, which showed among other things a drastic $6.2 billion reduction in funding for public housing assistance and affordable housing. Carson said the discretionary budget plan promotes fiscal responsibility at HUD by “promoting better efficiencies and ...
Despite the huge losses posted by PHH, James Egan, chairman of the board, said Messina “has led PHH with vision, decisiveness and integrity through one of the most turbulent periods in the mortgage industry in decades...”
The GSEs have developed proposals to more closely align their mortgage insurance master policies with their reps-and-warranties policies, which will be reviewed by the FHFA this year.
Joe Farr, director of marketing for MBS Quoteline, said MBS prices have actually improved since the Federal Reserve’s decision to hike rates one week ago.
The top tier of mortgage producers gained some market share in 2016, but call-report data show that community banks continued to play a huge role in the primary market, according to a new analysis and ranking by Inside Mortgage Finance. The top 100 lenders produced a hefty $1.622 trillion in first-lien mortgages last year, including their correspondent and wholesale-broker programs. Although their production faltered by 2.5 percent in the fourth quarter, full-year volume was up 18.2 percent from 2015. Banks, thrifts and credit unions ended...[Includes two data tables]
Mortgage lenders continue to gain share in the home-purchase market as investors and other cash buyers have become less prevalent and the supply of distressed properties declines. Some 562,000 new homes were sold in 2016, according to the Census Bureau and the Department of Housing and Urban Development. Mortgage financing was used for 95.0 percent of the sales, up from a 92.0 percent share the previous year. The cash share of new home sales hit...
RSS