Senate Passes Housing Bill
The Senate passed HR 3221 by a vote of 72-13. We expect the President to sign the bill into law immediately.
Our most current interpretation is that the loan limit will go to $417,000 once HUD issues a Mortgagee Letter, and that the high cost area adjustments to a max of $625,500 will take effect on January 1.
In addition to raising loan limits, HR 3221 includes:
* Home Purchase product authority.
* Co-op product provisions.
* Origination fees of 2% on the initial $200,000 in maximum claim amount and 1% on the balance thereafter with a cap of $6,000
* Prohibitions on requiring the purchase of annuities and other financial products.
* Restrictions around cross selling financial products.
* Requirements on counseling protocols, funding and practices that promote independence and quality in counseling.
NRMLA will issue a more detailed memo next week. In the meantime, rejoice.
Darryl Hicks, VP, Communications
