HUD Issues Final Rule Permitting Private Flood Insurance with FHA Loans
The U.S. Department of Housing Urban Development (HUD) recently issued a final rule permitting the use of private flood insurance policies with FHA-insured mortgage loans. HUD also issued Mortgagee Letter 2022-18 addressing with regard to FHA-insured loans general flood insurance requirements, flood insurance requirements for condominiums, manufactured homes and home equity conversion mortgage (HECM) loans (i.e., reverse mortgage loans), and private flood insurance requirements. Both the final rule and Mortgagee Letter are effective December 21, 2022.
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Rook CEO Ed Messman on solving the housing affordability crisis
For today's episode of the Housing News Podcast, we're bringing you the audio version of an interview featuring Clayton and the CEO of Rook Capital, Ed Messman, who talks about some of the innovative solutions to the home affordability crisis. Clayton and Ed's conversation helps lay a great backdrop to the affordability challenge that our country is currently facing and how that challenge impacts both mortgage and real estate professionals across the country.
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The Agency expands into title and mortgage
The Agency is now expanding into title insurance, mortgage, escrow, home inspection and home warranty, the Los Angeles-based real estate brokerage announced on Tuesday. The reason behind the firm's expansion into core real estate services is the increase in demand for boutique-style services of high quality and consistency, said Rainy Hake Austin, president of The Agency. The firm is expanding into mortgage at a challenging time for lenders amid rising interest rates.
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Title insurance is burning through homebuyers' pockets - and filling up their lawyers'
Homebuyers plunk down lots of money for title insurance. It's a cash cow for lawyers.
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Mortgage rates fall for the second week in a row
Mortgage rates dropped again this week, after plunging nearly half a percentage point last week. The 30-year fixed-rate mortgage averaged 6.58% in the week ending November 23, down from 6.61% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.10%.
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Digital mortgages to enter a new, faster (and cheaper) era in year ahead
Over the past few years, lenders have focused on improving the digital mortgage experience for consumers, but now lenders could increasingly look to back-end technology for mortgage, improving the speed at which consumers can go through the mortgage process. This coming year, mortgage lenders will be focused on investing in solutions that will drive efficiency, Seth Appleton, Mortgage Industry Standards Maintenance Organization (MISMO) president, said.
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Mortgage rates plunge, largest weekly drop since 1981
Mortgage rates dropped sharply last week following a series of economic reports that indicated inflation may finally be easing. The 30-year fixed-rate mortgage averaged 6.61% in the week ending November 17, down from 7.08% the week before, according to Freddie Mac, the largest weekly drop since 1981. A year ago, the 30-year fixed rate stood at 3.10%.
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