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Inside Mortgage Finance

January 8, 2009

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Lawsuits Force HUD to Delay Implementation Of New RESPA ‘Required Use’ Provisions

The Department of Housing and Urban Development has agreed to delay temporarily the implementation of a “required use” provision barring homebuilders from offering customer incentives in order to respond to an industry lawsuit seeking a permanent injunction. HUD’s decision was prompted by a lawsuit filed by the National Association of Home Builders Dec. 22 in federal district... Read More

Home-Equity Lending Remained Sluggish During Third Quarter; Closed-End Seconds Decline

Home-equity lending declined to its lowest level in years during the third quarter of 2008, leading to a 1.0 percent decline in the outstanding balance of these loans. Only an estimated $19 billion of home-equity loans, including closed-end seconds and home-equity lines of credit, were originated during the third quarter. That was down 47 percent from the previous... [Includes one chart] Read More

Fannie Raising Delivery Fees for Most Long-Term Mortgages, Hits Cash-Out Refinance Market

Fannie Mae late last month announced another round of fee increases that will cover most of the company’s business, targeting loans to borrowers with lower credit scores in particular. The government-sponsored enterprise’s latest price increase sparked an immediate response from the National Association of Realtors, which asked Fannie’s regulator to intervene... Read More

GSEs Move to Implement Revised Appraisal Deal That Weakens Broker Role in Process

Fannie Mae and Freddie Mac late last month agreed to final terms on a new shared appraisal policy that will allow lenders to continue using in-house appraisers or those working for affiliated firms. The government-sponsored enterprises this week began implementing the new Home Valuation Code of Conduct, a standard that evolved from a four-way negotiation among the GSEs, their federal... Read More

Boosting Mortgage Activity, Consumer Protection Will Preoccupy Congress in 2009, Observers Say

2009 is poised to become a watershed year for mortgage-related legislation as Congress and the incoming Obama administration will focus on policy proposals to stimulate mortgage demand and enhance consumer protections, according to industry observers. Industry lawyers and lobbyists expect to see more legislative efforts to spur mortgage demand and help people avoid foreclosure... Read More

HUD Moves Ahead With Changes to H4H Program, Ditches FHASecure

The Bush administration this week tied the ribbon on its efforts to make the much derided HOPE for Homeowners program more palatable, shortly after pulling the plug on its FHASecure program that never lived up to its billing. A final rule published in the Jan. 7 Federal Register implements three changes in H4H that were announced by the Department of Housing and Urban Development nearly two... Read More

HUD Sets Guidance on Implementation of SAFE Act, Certifies CSBA/AARMR Model Bill for State Adoption

The Department of Housing and Urban Development has issued new guidance on how it will evaluate state compliance with the SAFE Mortgage Licensing Act in the wake of its review of model legislation developed by state banking and mortgage regulators. The agency has reviewed the state model bill developed by the Conference of State Bank Supervisors and the American Association... Read More

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