It seems even if Millennials try to buy, they may not be ready financially. Starter homes were another category with more failures. That would lead one to believe they were contingent and the existing home didn’t sell. Step-up homes are one of the most likely sales to fail. No one is totally sure of the reason but there are some good guesses. Home Sales That Don’t Make It to Settlement IncreasingĪ new study by Trulia claims that the number of failed sales contracts doubled in 2016 when compared to 2016. Asked if he will repeal the FHA rate cut, he simply said it will be costly. Carson skipped his opening policy statement and went directly to his life story which sells well. Ben Carson, Donald Trump’s nominee for HUD Secretary, is appearing today before the Senate Committee on Banking, Housing, and Urban Affairs for Carson’s confirmation hearing. Maxine Waters and 20 other Democrats on the House Financial Services Committee, warned Trump about "entering into a protracted - and likely unsuccessful - legal battle to oust" the CFPB's Cordray before his term expires in July 2018.”ĭr. "Considering the damage CFPB has done to credit unions and community banks, President Trump should act quickly to remove the director." The letter to Mike Pence does not call for the abolishment of the CFPB, just appointment of a Director that “could substantially improve regulatory policy at the CFPB, but working toward a more accountable CFPB.” In response, Rep. “The Constitution was written to protect the American people from unelected and unaccountable bureaucrats,” said Lee. Senators, Ben Sasse and Mike Lee, want Donald Trump to fire Richard Cordray immediately when Trump takes office. There are those who believe it was a political move to push incoming Secretary Ben Carson to reverse the cut. House Financial Services Chair Jeb Hensarling points out it was just 3 years ago when Treasury had to loan FHA $1.7 billion. This was a parting gift from Julian Castro who explained, “It’s time the FHA passed along some modest savings to working families.” Not everyone is happy. FHA premiums still remain in effect for the life of the loan unless the borrower puts down 10% or more. FHA has reached its mandated reserve mark of 2% for the first time this year and things are looking even better with lower defaults.
Learn more at UWM.com.Īs predicted, FHA cut its annual premium from. UWM, known for some of the industry’s best technology, turn times and pricing on Elite conventional loans, now offers government loan borrowers access to its exclusive Elite pricing and same-month closings. United Wholesale Mortgage has lowered its FICO requirements on all FHA and VA Elite loans from 720 to 680. News From NAMB is sponsored exclusively by United Wholesale Mortgage. News From NAMB is different because we find important information that may not be reported elsewhere and we comment on why it is relevant to you, often in a fun way. You may have noticed that News From NAMB is not just links to other media stories but also goes to primary sources.