HR 3221 Foreclosure Prevention Act of 2008
This just in from Darryl Hicks, NRMLA's Communication VP and all round Master of Ceremonies:
Senate Passes Housing Bill
President Expected to Sign Immediately
Earlier today, 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
