Efforts Underway to House Displaced Harvey Victims

The Federal Emergency Management Agency (FEMA) and the U.S. Department of Housing and Urban Development (HUD), as well as other organizations at various levels, have begun efforts to house those displaced by Hurricane Harvey. These initiatives include: Short-Term For those who are eligible for FEMA assistance, FEMA transitional housing assistance provides lodging to displaced survivors who need […]

The post Efforts Underway to House Displaced Harvey Victims appeared first on RISMedia.

15 money-saving tips for first-time homebuyers

To help make your clients’ first home purchase a success we’ve put together a go-to checklist outlining 15 money-saving tips for first-time homebuyers …

Where NAR and HUD Secretary Ben Carson concur (and conflict)

Dr. Ben Carson, the 17th secretary of the U.S. Department of Housing and Urban Development (HUD) made a brief visit to the National Association of Realtors midyear conference, where he was greeted with a standing ovation …

Where are consumers feeling the pinch of the MIP-reduction-that-wasn’t?

The administration change this past January left some homebuyers scrambling when it came with a somewhat unexpected side effect in the form of an 11th-hour mortgage insurance premium rate reduction — and then a stroke-of-midnight repeal of that reduct…

FHA opens door to homeownership for more borrowers

Low- to moderate-income homebuyers will get a boost in 2017, with the Federal Housing Administration (FHA) set to cut mortgage insurance premiums later this month. The move will “will mean a whole lot more responsible borrowers are suddenly eligible to purchase a home through FHA,” said National Association of Realtors President William E. Brown in a statement …

The 20% fallacy: Why you do NOT need 20% down — or do you?

One of the most persistent myths still making its rounds is that you need 20 percent down to get a mortgage. In fact, you have not needed 20 percent down since FHA went into business in 1934. In recent years, as lender scramble for millennial borrowers…

Do you really understand your client’s credit score?

First-time homebuyers look to agents to fill in knowledge gaps. Although you’ll likely be sending buyers to a lender, it’s good to understand and be able to explain the terms. Especially if they tell you a number or hand you a credit report and think they’re set. Chances are, most don’t know that consumer credit scores are not a measure of true homebuying power …

CFPB: Good cop or bad cop?

After the housing bubble burst and led to the Great Recession, the pressure was on Congress to ensure that this crisis could never happen again — and to create a system under which the financial services industry could be held accountable. So when Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 and authorized the creation of the Consumer Financial Protection Bureau (CFPB), its primary objective was to put a “a cop on the beat to patrol the consumer financial services markets” in the wake of the financial crisis of …

Realogy and PHH alter joint-venture terms as MSA debate heats up

A longstanding relationship between real estate brokerage franchisor Realogy and embattled mortgage lender PHH Home Loans might be the latest casualty of the murky regulatory environment …

Arch MI moves beyond traditional private mortgage insurance pricing models

Private mortgage insurance (PMI) provider Arch Mortgage Insurance Co., announced this week that it will move beyond the conventional rate sheets used for decades in the industry and introduce a new, risk-based model for pricing coverage. The company’s new program, called RateStar, offers a more targeted approach and uses a combination of loan characteristics and other risk factors to determine the most precise premium rate for each loan. Instead of loans being grouped in large risk buckets, each loan will be priced based on its individual risk attributes …