Mortgage – HousingWire

FHA’s manufactured housing loan program gets a facelift

Posted: 11 Nov 2021 12:34 PM PST

Manufactured housing is a topic that has gained some steam on Capital Hill as of late, with the White House announcing earlier in the year that it intends to address the lack of affordable housing in the nation by upping the available supply of MH.

In September, Biden's administration also called on state and local governments to "reduce zoning and financing barriers to these kinds of housing – housing that allows families to achieve homeownership and build wealth."

With renewed attention towards the manufactured housing space, the FHA moved this week to provide updated guidance to its Title I loan program, making it easier to understand and use for lenders. (The Title I program insures mortgage loans made by private lending institutions to finance the purchase of a new or used manufactured home.)

According to a press release published by the administration, this is the first consolidation of policies for the Title I program in almost 40 years, and will remove the need for lenders to refer to more than 120 separate policy documents.

One of the updates to the program is enhanced value determinations, which will now "use a sales comparison approach" and allow for qualified FHA roster appraisers to perform valuations, the FHA said.

How Freddie Mac is addressing affordable housing challenges

As part of Freddie Mac's mission to provide liquidity, stability, affordability and equality to the housing market, Freddie Mac created its Housing Solutions team in 2020 to reduce barriers to homeownership and provide solutions to some of the nation's toughest housing challenges.

Presented by: Freddie Mac

Additionally, the administration is expanding allowable income sources for borrowers "consistent with the criteria for income and property valuations used in real-estate mortgage financing.”

The roster of updates also mentions that student loan debt will be calculated on par with FHA's Title II mortgage insurance programs and that the administration will allow the use of gift funds from eligible sources. The changes can be implemented immediately but must be implemented for loans closed on and after May 9, 2022, the FHA said.

"This nation is in an affordable housing crisis and manufactured housing will be a key part of the solution," said Lopa Kolluri, principal deputy assistant secretary for housing and the FHA. "Our new and updated Title I policies will not only expand access to credit for borrowers seeking loans for quality and affordable personal property manufactured homes but will also make it to easier for lenders to offer financing through the Title 1 program."

Concurrently, the FHA published updated requirements for its Title I property improvement loan program "to make the requirements of this program consistent with current lending practices," the FHA said.

FHA's property improvement program provides financing that “improve livability of utility of a property through a secured on unsecured loan,” the press release said.

The post FHA's manufactured housing loan program gets a facelift appeared first on HousingWire.

Nicole Beattie will be the next CEO of Amrock

Posted: 11 Nov 2021 12:24 PM PST

Amrock, a title insurance, property valuations and settlement services provider that is part of the Rocket Companies family, announced Wednesday that longtime CEO, Brian Hughes will be retiring later this month and Nicole Beattie, the current vice president of mortgage servicing at sister company Rocket Mortgage, will take over.

Hughes' retirement comes after more than 21 years at Amrock, with a total of 30 years devoted to the title, appraisal, and settlement services industry. During his time at Amrock, Hughes spearheaded the firm's effort to develop digital mortgage closings. The firm reached a milestone during the third quarter of 2021, completing its one-millionth eClosing.

“In my time at Amrock, I’ve had the honor of challenging the housing industry’s status quo and positively impacting client experience, making the home buying journey easier to navigate,” Hughes said in a statement.

According to Rocket’s quarterly earnings report, Amrock closed 261,500 closings during the third quarter.

Also in the statement, Beattie said she is excited to build on the company's momentum and to continue to create technological solutions that improve the mortgage closing experience.

How do remote valuation solutions benefit appraisers?

To keep up with the high demand amid the ongoing pandemic, appraisers need a remote solution that keeps them in full control.

Presented by: Incenter

“I would like to congratulate Brian on Amrock’s success. His leadership has solidified the company’s position at the top of the industry and paved a clear path of innovation for years to come,” Beattie said.

Beattie has been with Rocket for 18 years; for the past four years she has led Rocket Mortgage's servicing team. During the height of the pandemic, she worked with her team to release technology that enabled clients to apply for a forbearance plan through an online platform, reducing wait times.

"Her leadership has brought innovation to mortgage servicing that many didn’t think possible," Hughes said of Beattie. "I look forward to seeing the strides that will be made in home valuation and mortgage closing under her direction.”

Beattie is entering into her new role at Amrock at an interesting time for the industry. The title industry as a whole is facing a talent crunch and struggling to embrace technology. Plus, appraisers are grappling with claims of racial bias, and appraisal management companies are facing challenges from lenders themselves.

Hughes will officially step-down November 19. LaQuanda Sain, who has been with Rocket Mortgage since 2013 and is currently serving as executive vice president of mortgage retention, will take over Beattie's role as the head of the servicing team.

The post Nicole Beattie will be the next CEO of Amrock appeared first on HousingWire.

Loans And Mortgage

Friday, November 12, 2021