FHA this week announced a 6.8 percent increase in loan limits nationwide for 2018 with 26 counties seeing increases above the national rate. In high-cost areas, the loan-limit ceiling will rise to $679,650 from $636,150 in 2017, while the floor will increase to $294,515 from $275,665. In addition, the national mortgage limit for Home Equity Conversion Mortgages (HECMs) or reverse mortgages will rise to $679,650 from $636,150. FHA regulations do not allow HECM loan limits to vary by metropolitan statistical area or county. Instead, the single limit applies to all mortgages regardless of where the property is located, the agency explained. In between the floor and the ceiling is a broad band of loan limits for single-family forward mortgage loans set at 115 percent of median house prices. The forward limits vary according to MSA and county. The changes in the loan limits are the result of ... [ Chart ]
Congress on Thursday passed a stopgap-spending bill to prevent a potential government shutdown and to give lawmakers time to negotiate crucial issues. The House voted 235-193 to pass the measure. A short time later, the Senate quickly approved it 81-14. The temporary spending bill will keep the government running through Dec. 22. The continuing resolution or CR, that has kept the government open would have expired on Dec. 8. Both the House and Senate are scheduled to adjourn on Dec. 15. Congress will need to pass a final appropriations bill or another continuing resolution to keep the government operating after Dec. 22. Despite differences over tax reform, FY 2018 budget, immigration, health care and other issues, lawmakers do not want a shutdown, mortgage industry sources said. Republicans, in particular, hope to enact their $1.5 trillion tax package by Christmas. On the other hand, ...
Attorney Alan Kaplinsky said the new filing “may be an indicator of the enforcement philosophy of Mick Mulvaney… and how that philosophy may impact future CFPB enforcement activity.”
Acting Ginnie Mae President Michael Bright also issued a warning that expulsion from the program for “lenders who produce pools with inexplicably fast prepayment speeds” was a distinct possibility.
It's only a matter of time before the White House officially nominates acting Ginnie Mae president Michael Bright to be the permanent head of the agency...
Under new management, the Consumer Financial Protection Bureau this week took action that may be a harbinger of a more laissez-faire approach to regulatory enforcement.
Despite industry worries that the struggle over the leadership of the Consumer Financial Protec-tion Bureau might derail congressional efforts to enact regulatory relief legislation, the Senate Banking, Housing and Urban Affairs Committee did just that this week, with 16 ayes prevailing over seven nays.
Guaranteed Rate is accusing a former top executive of raiding talent at the Chicago-based firm by planning a mass exodus of key employees for a newly launched competitor across town. But Joseph Caltabiano, the company’s former senior vice president of mortgage lending, denies the allegations.
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