article thumbnail

Agencies aim to standardize ‘first-generation homebuyer mortgage’ definition

Housing Wire

But if a lender chooses to deliver a loan as a first-generation homebuyer mortgage, then each borrower involved in the loan will need to sign a new form, 1109, which confirms their eligibility under the new definition’s criteria, the bulletin stated.

Mortgage 417
article thumbnail

Ginnie Mae revises definition of high-balance loans in new guidance

Housing Wire

Government-owned corporation Ginnie Mae announced on Wednesday that it has revised its definition for high-balance loans, conforming to new limits announced earlier this week by the Federal Housing Finance Agency (FHFA), according to All Participants Memorandum (APM) 23-13.

Insurance 360
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Fannie Mae clarifies ARM interest rate, ups cash-out refi term on manufactured homes

Housing Wire

The Fannie Mae February Selling Guide has a series of updates , including the expansion of value acceptance and property data appraisal waivers to condominiums, cash-out refinance allowances for manufactured homes, and updates to credit references and certain definitions.

Retail 404
article thumbnail

Market Value or Other Value?

George Dell

The great recession, and things like that, which come around every 12-15 years, all concur with the ‘accepted’ definition of market value, as written in the USPAP book Advisory Opinion 30. Market value, of course!

article thumbnail

Brooke Anderson-Tompkins on the ‘lifescape’ of AI

Housing Wire

It absolutely wasn’t around the headline hype, but that informed me to the extent that as I looked at the things that I was passionate about, the opportunity to incorporate artificial intelligence in the mortgage ecosystem definitely had me leaning in. We’re so used to, “Ok, here’s the definition.

Design 375
article thumbnail

Social Security Administration updates SSI program to expand access

Housing Wire

Notably, it is expanding the definition of a “public assistance household” to those receiving Supplemental Nutrition Assistance Program (SNAP) payments and to households “where not all members receive public assistance,” according to the SSA. The final rule implementing these changes is scheduled to go into effect Sept.

Insurance 370
article thumbnail

HUD publishes several changes to reverse mortgage handbook section

Housing Wire

The changes also include the addition of accessory dwelling units (ADUs) to the definitions of eligible properties. “A In a section governing the processes of a financial assessment, certain definitions have been updated, including those for “effective income” (i.e.,