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Fannie Mae housing equity plan won’t expand credit box

Housing Wire

Can Fannie Mae ’s housing equity plan make a meaningful dent in the 30 percentage point racial homeownership gap without a broad review of loan pricing? The list of potential obstacles across the Black housing journey — it’s long,” said Katrina Jones, Fannie Mae’s vice president of racial equity strategy and impact. “The

Equity 448
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From tenant to trailblazer: Oralia Herrera takes helm at NAHREP

Housing Wire

In our community, many first-time buyers were using those to buy down interest rates or cover closing costs. Diversity as a business imperative, looking ahead Herreras rise comes amid federal pushback against diversity, equity, and inclusion (DEI) programs, a trend she views with concern but also with clarity.

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Prioritizing home equity solutions in a rising rate environment

Housing Wire

HousingWire recently spoke with Barry Coffin, managing director of home equity title/close at ServiceLink , about the ways lenders can capitalize on these trends by revving up their home equity solutions. Barry Coffin : It’s a good time to prioritize home equity transactions for a couple of reasons.

Equity 397
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HUD walks back some proposed changes to HECM for Purchase program

Housing Wire

FHA will move forward with its proposal that permits contributions by the property seller, real estate agent, builder, or developer to HECM for Purchase borrowers’ closing costs,” the update said. Historically, mortgage lenders and originators have been prohibited from contributing to closing costs to protect borrowers.”

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With landmark GSE equity plans, FHFA confronts legacy of redlining

Housing Wire

We look forward to working with the enterprises, lenders, and other housing industry participants to further develop the ideas described in these plans.”. The more than six-month delay, FHFA officials said, was due to the development of the pilot transparency program, and the time it took to scrub proprietary information from the plans.

Equity 370
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Reverse mortgage professionals react to H4P rule changes

Housing Wire

After the release of proposed new rules for the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) program late last year, the reverse mortgage industry expressed a lot of excitement. AARP applauds HUD’s update to its Home Equity Conversion Mortgage for Purchase Program which keeps vital consumer protections in place,” Jones said.

Mortgages 447
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CFPB official talks reverse mortgage safety, counseling resources

Housing Wire

So, as the loan balance increases, your home equity decreases.” The CFPB advises that upfront fees can be “as much as $6,000 plus closing costs in an initial mortgage insurance premium,” in addition to an annual mortgage insurance premium and obligations related to property taxes and homeowners insurance. You can sell your home.

Mortgages 448