News
2nd Lien Firms Eye Piggybacks for VA, FHA Assumptions
A 2020 report found Surfside condo lacked funds for necessary repairs. One expert called it a ‘wake-up call’
Task Force Recommends Changes After Surfside, Fla., Condo Collapse
How To Avoid Homebuyer’s Remorse
Condos Are Back! Here Are the Cities Where They’ve Become the Hottest Thing in Real Estate
Real-Estate Agents Gear Up for Fight to Save Their Commissions
Justice Department probe, civil lawsuits pose challenge to real-estate industry practices
Sellers Are Rejecting FHA/VA Backed Offers
The Urban Institute (UI) says it appears that the current sellers’ market is having a negative impact on government backed loans and the borrowers who need to use them. In an article posted on UI’s Urban Wire blog, Janneke Ratcliffe and Laurie Goodman write that, while soaring home prices and historically low inventories of available homes have been good for sellers, many of them are unwilling to accept offers backed by FHA or VA financing.
http://www.mortgagenewsdaily.com/07062021_loan_underwriting.asp
2020 FHA Annual Report
Revised Reverse Mortgage Condo Forms Encouraging for Loan Officers
The Federal Housing Administration (FHA) earlier this month announced that it has revised two of its forms relevant to condominium owners seeking FHA relief in the form of loan programs or certification: its condominium loan-level/single-unit approval questionnaire and FHA condominium project approval questionnaire. This is according to the publication of Mortgagee Letter (ML) 2021-09, released on March 15.
Both forms have relevance for the Home Equity Conversion Mortgage (HECM) industry, as they will each be required for any borrower seeking to get an FHA-sponsored reverse mortgage on a condominium unit. Reverse mortgage loan officers in two major origination areas are very encouraged by this news, as is a company who has worked with originators to facilitate both single-unit and full project approval.