House passes Build Back Better bill; lenders can send electronic submissions of multifamily mortgage applications in the FHA Catalyst; HUD will sell multiple pools of vacant properties from FHA’s reverse mortgage program; FHA announces job openings; the USDA appoints new administrator to the RHS.
First-time homebuyers seeking loans backed by FHA, VA or the Rural Housing Service are among those eligible for the DPA program under the Build Back Better Act.
Beginning Dec. 1, VA is increasing the appraisal fees of residential mortgages in its loan guarantee program in response to unprecedented demand for appraisal services.
The spending bill would direct $300 million for HUD information technology systems, including those that support FHA mortgage insurance programs and grant programs.
The mortgage industry is applauding the passage of a False Claims Act amendment that would address language in a previous version that could have led to unintended consequences for FHA and VA lenders.
Rocket Mortgage recently completed its one millionth e-closing transaction, an executive with the lender said last month during a Ginnie Mae podcast on digital collateral in the government mortgage market.
Positive results in the forthcoming audit report to Congress on the status of the FHA insurance fund could prompt a reduction in premiums (or so the industry hopes).
Loan removals from Ginnie MBS declined nearly 10% from the second to the third quarter, with the sharpest drop in buyouts of delinquent loans. (Includes data chart.)
Lenders need to do more to boost first-time homeownership among low- to moderate-income households, according to panelists speaking at the Mortgage Bankers Association’s annual convention.
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