The Thanksgiving leftovers are put away and Black Friday shopping is finally upon us! While you wait in line for that great deal, check out these articles to stay up to speed on what’s going on in housing.
In case you missed it earlier this week, federal regulators have proposed changing the appraisal requirement for some mortgages. As Ben Lane reported, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve are proposing to eliminate the appraisal requirement on certain home sales of $400,000 and below.
Some in the valuations industry are crying foul (I promise that is the only bird-related pun I’ll make) over the proposal. On Wednesday, the Appraisal Institute blasted the proposal, stating that the new rules would add significantly more danger to the lending environment and harken back to the way things were just before the financial crisis.
Nashville is set to be the home of a new Amazon operations center as the retail giant gets ready to construct its new HQ2 locations. While it might appear like a consolation prize, the center might mean big wins for the city’s economy. Amazon, over the next seven years, will invest $230 million into the city and create 5,000 high-paying jobs.
Now that the Democrats have taken control of the House, the party has said that they’re gearing up for an onslaught of investigations into the Trump administration. According to reports, Democrats want to look into the soft regulatory environment ushered in by Mulvaney. Under his term, consumer protections eroded, the Democrats claim.
Last week, the Federal Housing Administration released the results of its 2018 Report to Congress, in which it revealed that the HECM portfolio had a negative capital ratio of 18.83% and a negative economic net worth of $13.63 billion in the last fiscal year. Read reaction from reverse mortgage industry executives on the FHA's Actuarial report and the changes the reverse mortgage space could see moving forward.
As we head into 2019, many are predicting the direction lending is going to take in the new year. Technology is going to be front and center as the terrain becomes more challenging to navigate. One expert outlined five trends to keep an eye on in 2019.
Good luck out there and happy shopping!