The nomination of Dr. Ben Carson to head the Department of Housing and Urban Development has garnered mixed responses from stakeholders, making the choice of key subordinates more crucial to a successful tenure. Stakeholders are willing to give Carson, a pediatric neurosurgeon, a chance despite his inexperience in civil service and in running a federal agency. They say, however, that Carson’s success as President-elect Donald Trump’s housing chief will likely depend on the people who are going to be named as his assistant secretary for housing, FHA commissioner, and Ginnie Mae president. “The key positions need to be filled by people with deep industry experience and understanding of the primary and secondary mortgage markets and housing overall,” said an industry observer. So far, only Carson has been named for an executive position at HUD. The positions of ...
Housing counselors participating in the Department of Housing and Urban Development’s various programs must be certified to offer counseling services to consumers, according to a final rule issued this week by the agency. In order to become certified, housing counselors must pass a standardized written examination and work for a HUD-approved housing counseling agency (HCA). Applicants must demonstrate proficiency in six areas of housing counseling: financial management, property maintenance, responsibilities of homeownership and tenancy, fair housing laws and requirements, housing affordability, and avoidance of mortgage delinquency, eviction and default. Despite its recent release, the final rule will take full effect three years following the announcement of the certification exam. HUD will offer intensive training and study resources in English and Spanish to ...
Corrections to 2017 Nationwide Forward Mortgage Limits. The FHA found some errors in the previously announced 2017 nationwide loan limits for forward loans.The error in Mortgagee Letter 2016-20 pertains to an incorrect limit ceiling for Alaska, Hawaii, Guam? and the U.S. Virgin islands, which are identified as “special exception areas” due to higher construction costs in these areas.FHA will issue another mortgagee letter announcing the correction in special exemption areas in the future. The agency further noted corrections to the List of Increased Loan Limits CY16 to CY17 chart, which has been updated to reflect the correct loan limits for 2017. FHA is urging lenders to discard any previous versions. Requirements for Notification, Evaluation and Reduction of Lead-Based Paint Hazards in VA Properties. The Department of Veterans Affairs has updated guidance governing lead-based paint and/or hazards caused by lead-based paint in federally-owned housing under private management. The guidance updates and implements changes that have occurred since the rescission of the last guidance in 2004. Use of E-Signatures in VA-Guaranteed Home Loans Extended for Two More Years. The VA has extended the use of electronic signatures in ...
The FHA commissioner in the Trump White House will have final say on the key issue of adjusting FHA premiums and loan sizes, and likely would have input on GSE reform.
In case you’re not keeping tally, there are roughly 387 calendar days remaining before the “capital buffer” at Fannie and Freddie falls to zero on Jan. 1, 2018.
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