National Association of REALTORS® News
Friday, April 15 2016 7:10 AM
- NAR Asks Senate to Streamline RHS Loans...NAR has sent a letter to the Senate Subcommittee on Rural Development and Energy underscoring the importance of allowing the Rural Housing Service (RHS) to use approved lenders as delegated underwriters, a change that would streamline the processing of loans guaranteed by the agency. The Housing Opportunity Through Modernization Act, which was passed unanimously by the House in February and is now awaiting a vote by the Senate, would give RHS that authority. Today, lenders can underwrite RHS-guaranteed loans, but each loan must go past an official at RHS for final approval. More
- NAR Presses HUD on Mortgage Insurance...NAR has asked federal housing officials to stop requiring home owners who use FHA-backed mortgages with initial loan-to-value (LTV) ratios of more than 90 percent to pay mortgage insurance premiums for the life of the loan. In a letter to HUD, NAR said it is possible to allow borrowers to stop paying the premiums when their LTV ratio reaches 78 percent without harming the Mutual Mortgage Insurance Fund.Details.
- Webcast: Selling Homes with Reverse Mortgages...NAR will host a live webcast about the issues affecting the sale of a home with a reverse mortgage. Among the questions answered: Are you dealing with the owner or a trustee? Does a child of the owner have the right of first refusal to buy the property? What happens if the market value of the house is less than the balance on the reverse mortgage? You can get you own questions answered during the live webcast, Thursday, April 21, at 2 p.m., Eastern Time. Principal speaker is a reverse mortgage servicing specialist. Registration
- Voice for Real Estate: Outwitting Online Scammers...In case you missed it: The Federal Trade Commission (FTC) and NAR recently posted a warning on the FTC website about hackers who have been stealing money from home buyers by spying on real estate transactions. The latest Voice for Real Estate news video looks at how the scammers deceive buyers, and also covers FHA handbook changes that NAR believes lose the distinction between appraisals and home inspections, and commercial real estate opportunities arising from changes companies are making to their accounting practices because of coming rule changes.