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FHA Guideline Changes Incoming
FHA has a problem. There is a Congressionally mandated reserve amount for covering bad loans that is fast approaching. 17% of FHA loans are in foreclosure, compared with 13% of the entire market. Thus, FHA’s cash reserves as a percentage of their loan portfolios has declined below acceptable levels. As a result, change is coming:
FHA will [...]
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Tags: HVCC Appraisal Rules – Reality Check
Everyone is STILL talking about HVCC, the new Home Valuation Code of Conduct, and how it affects appraisals. Fannie and Freddie put this into effect earlier this year and the negative repercussions have been striking, especially in extremely depressed markets with lots of foreclosures and short sales.
The issue is low valuations and the new rules [...]
HERA HVCC New Lending Laws and Regulations
Banks are still dealing with fallout from the subprime mortgage crisis, and this post covers a few of the most recent changes stemming from that. Many of them dictate a transaction’s closing date, so make sure you know how the new laws work. Below is a synopsis of the recent changes.
First up is the Home [...]
