News From Washington for Real Estate Investors

From HUD:  120 day period of restraint for the enforcement of the new RESPA Rules

11.13.09 - HUD has announced it will have a have a period of restraint for 120 days in the enforcement of the new RESPA Rules.  Rule includes:  mandatory Good Faith Estimate and the HUD-1.

HUD Press Release

HUD RESPA FAQs

FHA Removes the Requirement for 2nd Appraisals

11.14.09 - Federal Housing Administration (FHA)  It was announced at the annual National Association of Realtors (NAR) convention in San Diego that FHA will soon remove the 2nd appraisal requirement on some types of loans.  In a letter released from FHA (Mortgage Letter 2009-48) it oulined elimination of the 2nd appraisal on:   loans exceeding $417,00, having an LTV  =/> 95%, secured by properties located in declinging makets.  Requirment retained if property is being sold between 91 days and 180 days after acquistion by the seller, so rehabbers and flippers, you can sell to FHA buyers if you have owned for 90 days, but house will need 2 appraisals.

Mortgagee Letter 2009-48: Second Appraisal Reporting Requirements


Mortgagee Letter 2009-08: Limits on Cash-Out Refinances

Mortgagee Letter 2008-09: Second Appraisal Requirements/Limits on Cash-Out Refinances

Mortgagee Letter 2006-14: Property Flipping Prohibition Amendment


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