Volume 2 | Issue 16 | Monday, January 27, 2003
Sponsored by:
Very little public record searching goes on at the time of loan origination, so having it right there on the face of the document that [a loan originator] is probably seeing electronically to begin with is a tremendous advantage.” — Brian Hershkowitz, executive vice president of data services at Fidelity National Information Solutions, Inc. (FNIS), Santa Barbara, Calif.
Mtge Banking Magazine
Mtge Banking Magazine

Top National News
Lenders Losing Faith in U.S. Consumer (Wall Street Journal)
Banks Woo a Growing Market (Fort Lauderdale Sun-Sentinel)
Builders Await Lift From Terrorism Insurance Law (Detroit News)
Banking Reps, Activists Differ on Effectiveness of Law (Maryland Daily Record)
Mortgage Brokers, Clients Ask Court to Block Georgia's Predatory Lending Law (Atlanta Journal-Constitution)
Countrywide Braces for Drop-Off (Los Angeles Times)
Legislature Debating Predatory Lending Bill (State (SC))
SunTrust Buying Hilton Head Mortgage Lender (GlobeSt.com)


Residential Finance News
FNIS Adds Value to the Triple Merge Report
Countrywide Strengthens Production, Closing Services in Fourth Quarter of 2002
People in the News
Residential Briefs

Commercial/Multifamily Finance News
Commercial People in the News
DealMaker of the Day
Commercial Briefs

Spotlight: Washington
Another Court Rules for Banks in RESPA Class Action Dispute
Washington Briefs
Washington: The Week Ahead

Top News
Lenders Losing Faith in U.S. Consumer
Wall Street Journal (01/27/03) P. A2; Rhoads, Christopher; Delaney, Kevin J.
International business leaders attending the annual World Economic Forum believe U.S. consumers cannot continue to prop up the global economy, a view that could stall economic recovery at home even more as foreign companies decide to spend their investment dollars elsewhere. Though Americans kept purchasing cars and homes long after the Sept. 11 terrorist attacks, fears of war with Iraq and soaring oil prices, as well as larger debt loads, may put a serious dent in consumer spending. According to London-based Capital Economics, high unemployment rates, a decline in mortgage refinancings, weaker home-price appreciation, and higher debt burdens will diminish the consumer's strength to keep the economy afloat. However, Siemens AG managing board member Volker Jung says, "We think the U.S. consumer will be more interested in spending money again in about a year."

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Banks Woo a Growing Market
Fort Lauderdale Sun-Sentinel (01/26/03) P. 14G; Silvestri, Scott
Hispanics are expected to step up spending 80 percent to $926 billion by 2007; and Wells Fargo, Bank of America Corp., Citigroup Inc., and other lenders are hoping to lure these customers to build brand loyalty. To accomplish this, these banks will spend $8.5 billion or more over the next two years, targeting new immigrants--even those who come to the country illegally--and other consumers with scant credit histories. Offerings include credit cards backed by savings accounts, seminars, and mortgages that allow multiple families to pool their resources in order to purchase a single home.

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Builders Await Lift From Terrorism Insurance Law
Detroit News (01/25/03) ; Murray, Brendan
McGraw-Hill Construction reports that U.S. construction spending may decline this year for the first time since 1991, with the value of new building starts projected to dip 1.5 percent to $491 billion. U.S.-based builders say that new government backing for terrorism insurance coverage simply will not be enough to convince them to once against invest in new office properties and industrial facilities amid sluggish economic growth. One of the main goals of the White House has been putting 300,000 construction workers back to work after bankers balked at financing projects following the Sept. 11 terrorism attacks; however, economists say that while the federal insurance backstop may help a nominal number of high-profile projects move forward, it alone will not jump-start the commercial property market as a whole. Rather, they speculate, a turnaround in the sector will depend largely on the pace of recovery in business investment.

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Banking Reps, Activists Differ on Effectiveness of Law
Maryland Daily Record (01/25/03) ; Jarboe, Kathleen Johnston
Consumer advocates are pressing the Maryland Legislature to amend the state's new predatory lending law, which took effect on Oct. 1. The measure governs loans with interest rates 7 percent above the standard benchmark, bans credit insurance and loans that boost borrowers' debt payments to more than 45 percent of their monthly income, and gives consumers a list of loan counselors from which they can seek a second opinion on a loan. "The advocate community felt that it was an industry-friendly bill, and there weren't enough protections regarding the predatory lending practices," explains The Community Law Center's Diane Cipollone. However, Maryland Bankers Association President Kathleen Murphy says the 7-percent threshold is an improvement from the federal law, which covers only those loans with interest rates 8 percent more than the benchmark; and she warns against over-regulation, which is prompting many lenders to flee the market in Georgia.

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Mortgage Brokers, Clients Ask Court to Block Georgia's Predatory Lending Law
Atlanta Journal-Constitution (01/25/03) ; Luke, Robert; Unger, Henry
The National Minority Mortgage Bankers Association, along with three brokerages--C&S Mortgage Co. Inc., Mortgage Underwriters Inc., and All American Mortgage Financial--as well as several prospective borrowers, are calling on the Fulton County Superior Court to cease enforcement of the Georgia Fair Lending Act. Standard & Poor's has said it will not rate bonds backed by mortgages covered by the anti-predatory lending law, and lawmakers are now worried that the measure could dry up mortgage credit throughout the state. "We are seeking an emergency injunction to shut down the law until a judge can determine whether the law is constitutional or not, and whether it is pre-empted by federal law," according to plaintiff attorney Kurt Hilbert.

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Countrywide Braces for Drop-Off
Los Angeles Times (01/25/03) P. C3; Sanchez, Jesus
Countrywide Financial Corp. reports that a wave of mortgage refinancings in the fourth quarter helped increase the company's profit by almost 60 percent to an all-time high. The California-based firm is now preparing for tougher times ahead, however. That is because the Mortgage Bankers Association of America projects that the national volume of refinancings will plummet by nearly 50 percent in 2003 from last year's record $1.44 trillion. Analysts expect that industry competition will only intensify as mortgage lenders like Countrywide and Wells Fargo & Co. jockey for the remaining business.

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Legislature Debating Predatory Lending Bill
State (SC) (01/24/03) P. B3
South Carolina lawmakers have turned their attention to predatory lending, with a debate on curbing predatory lending practices undergoing a first hearing Thursday before the House Labor, Commerce and Industry subcommittee. Rep. Converse Chellis (R-Dorchester County)--chairman of the subcommittee--said lawmakers will need to define the meaning of flipping loans, reasonable benefit for the consumer, and other predatory lending practices as well as determine what makes fees excessive. South Carolina Financial Services Association executive director Derial Ogburn warned lawmakers about the problems Georgia has had with its predatory lending law, which allows borrowers to sue lenders for punitive damages. The subcommittee will likely address predatory lending several more times before putting a bill before the full committee and moving the legislation on to the House floor.

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SunTrust Buying Hilton Head Mortgage Lender
GlobeSt.com (01/24/03) ; Finkelstein, Alex
The mortgage business of SunTrust Bank has expanded into South Carolina's affluent Hilton Head Island market with the acquisition of Lighthouse Financial Service, a five-branch outfit with $577 million in assets. SunTrust agreed to purchase the largest mortgage lender on Hilton Head Island for $130 million in cash and stock. "Affiliation with Lighthouse is consistent with SunTrust's bank acquisition strategy that focuses on expansion into demographically attractive, high-growth markets," said L. Phillip Humann, SunTrust chairman, president, and CEO, in a prepared statement. Lighthouse is expected to operate under the SunTrust banner with most of its 170 employees, including CEO Jerry Caldwell and President Terry Rohlfing.

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FNIS Adds Value to the Triple Merge Report

MBA (1/27/03) Murray, Michael
The mortgage loan application can be filled with trepidation as the loan officer waits for something to trip up the process. It could be anything from a condo not having enough owner-occupied units to an appraisal coming in at a low value. But Fidelity National Information Solutions, Inc. (FNIS), Santa Barbara, Calif., announces today that it can eliminate some potential obstacles by adding an extra value to the triple-merged credit report.

The Quad-Merge Value adds on to the FNIS triple-merged credit report by providing data from its public records database and the FNIS automated valuation model (AVM) called ValueSure. The additional information shows the current owner’s name or names on the property, presents any liens against the property, provides a legal description and shows a dollar valuation for the property on the 1003 application.

“Having information on the liens that have been recorded against that property are extremely helpful in making good decisions that will save time later on so that questions can be asked up front,” said Brian Hershkowitz, executive vice president of data services at FNIS. “The ownership of a property, a public records search, is not included on any triple-merge that we know about.”

Some equity lines of credit (ELOCs) that have not been drawn on might not show up in a triple merge but would appear in the Quad-Value Merge. In addition, mortgage servicers could also find Quad-Merge Value as a useful tool for delinquencies or loans that are in default, Hershkowitz said, noting that lender quality control departments can benefit as well.

The cost for the lender or servicer is an additional $3 per credit report. Current users of the FNIS triple-merged credit report that includes Experian, Trans Union and Equifax would not be forced to switch to the upgraded report. However, Hershkowitz pointed out that the change could be a competitive advantage.

“Very little public record searching goes on at the time of loan origination, so having it right there on the face of the document that [a loan originator] is probably seeing electronically to begin with is a tremendous advantage,” Hershkowitz said.
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Countrywide Strengthens Production, Closing Services in Fourth Quarter of 2002
MBA (1/27/03) Murray, Michael
The mortgage banking segment of Countrywide Credit Industries Inc., Calabasas, Calif., including production, servicing, and closing services, showed pre-tax earnings of $294 million for the fourth quarter and $968 million for the twelve months, gains of 43 percent and 45 percent, respectively, compared to the fourth quarter of 2001.

Countrywide officials said that after taking into account the negative impact of impairment and amortization of the MSRs and the hedge gain, the servicing sector sustained a pre-tax loss of $620 million during the fourth quarter. But the production sector earnings more than offset the net loss in the servicing business.

According to Countrywide officials, production fundings exceeded loan prepayments in the servicing portfolio by a record $50 billion this quarter and $123 billion for the full year.

Countrywide’s production sector consists of consumer-direct lending through retail branches, telemarketing and Internet operations; wholesale lending; correspondent lending; and Full Spectrum Lending, Inc., a consumer-direct sub-prime lender with more than 50 branches.

The Production sector contributed $890 million in pre-tax earnings for the quarter ending December 31, 2002 and $2.4 billion for the twelve months. This represents increases of 146 percent and 168 percent, respectively, over last year, Countrywide officials said.

Meanwhile, Countrywide’s LandSafe companies makes up the closing services with credit reports, appraisals, title reports and flood determinations to Countrywide's production sector as well as to third parties.

LandSafe had pre-tax earnings totaling $25 million in the fourth quarter and
$70 million for the last 12 months, compared to $20 million and $61 million, respectively, for the three and 12 months ending November 30, 2001.
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People in the News
MBA (1/27/03) Richardson, Tisha; Sorohan, Mike
Lynn Halstead has been named senior vice president of the national lending and acquisitions division at Option One Mortgage Corp., Irvine, Calif. In this newly created position, Halstead will oversee the company’s bulk acquisition channel development of the company’s partnerships with financial institutions.

Halstead has more than 20 years in the mortgage and consumer finance business. She joined Option One from The Mortgage Conduit, where she served as senior vice president ad chief production officer. She has also worked with AMRESCO Residential Mortgage Corp. and Household Finance Corp.

GeoVue, Boston, Mass., announced the appointment of Diana M. Bolick as the company’s new vice president of marketing. She will be responsible for building and maintaining the company’s marketing infrastructure. She will oversee a number of company functions including marketing, communications, lead generation and product management.

Prior to joining geoVue, Bolick, who has more than 10 years of marketing and business development experience, was vice president of marketing and business development for USPower Solutions, a provider of web-based billing for energy companies.

ABN AMRO Capital Markets Group, Boca Raton, Fla., promoted Jeff Harry as its national sales manager. In this new position, Harry will direct and oversee the company’s sales force and its customer acquisition initiatives.

Harry joined AMCAP, a division of ABN AMRO Mortgage Group, Ann Arbor, Mich., in 2000. He has more than 13 years of capital markets and investment experience. Previously, Harry was regional sales director of correspondent lending at E-Trade Capital Markets.

Woodrow Crochet has joined PW Funding Inc. ("PWF"), a subsidiary of Charter Municipal Mortgage Acceptance Company (CharterMac), as a senior underwriter, based in PW Funding's Dallas, Texas, office. Crochet will be responsible for underwriting Fannie Mae DUS loans in the southwest region of the United States.

Most recently, Crochet was assistant vice president of commercial underwriting at STANDARD Mortgage Corp., New Orleans.

LogicEase Solutions, Inc. (LogicEase), San Francisco, appointed Wright H. Andrews, Jr. as a member its advisory board. Andrews has his own law firm, Butera & Andrews, based in Washington D.C., which he formed together with James J. Butera in 1990.

Kirkpatrick & Lockhart LLP (K&L), a law firm specializing in real estate finance issues, announced the appointment of Carl Cooper as the firm's chief diversity officer, a position in which he will participate at a management committee level and will report directly to the firm's chairman. K&L officials said it is the first law firm to establish such a position.

Cooper currently serves as general counsel of the Housing Authority of the City of Pittsburgh, In his new position at K&L, Cooper will be responsible for designing and implementing an ambitious agenda that promotes, achieves and maintains a diverse and open workplace at the firm

Basis100 Inc. (TSX: BAS), a technology solutions provider for the financial services industry, announced today the appointment of Robert J. Smith, Basis100’s former U.S. president, to the role of chief financial officer, effective immediately. Interim CFO, Mr. James Pavlonnis, of Jacksonville, Florida will resume his duties as vice president of finance for U.S. operations.

Smith joined Basis100 in April of 2002, assuming the role as president of Basis100 Corporation (U.S.). He was in public practice from 1984-1992, as a senior manager, audit services for Deloitte & Touche.
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Residential Briefs

MBA (1/27/03) Sorohan, Mike
Business and Professional People for the Public Interest, a consumer advocacy group, has sued the Chicago Housing Authority, alleging that the department has violated fair housing laws by moving displaced residents into mostly minority and crime-ridden areas.

The organization claims in the lawsuit that 86 percent of the residents who were forced out of CHA high-rises—which are largely being demolished—were moved to neighborhoods that are 96 percent African American. Residents were being moved because many of the CHA high-rises are being demolished.

" The CHA has an obligation to further fair housing," Alexander Polikoff of Business and Professional People for the Public Interest, told the Associated Press. "We are not asking for the CHA's relocation plan to end. We are saying it needs to be fixed."

The federal government seized control of CHA in 1995, citing “rampant mismanagement” and “atrocious” living conditions. The agency regained local control in 1999.
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CREF / MF News
Commercial People in the News
MBA (1/27/03) Richardson, Tisha
The Mortgage Bankers Association has appointed Leanne Tobias as director of the association’s Commercial/Multifamily division. In addition to serving as the key staff representative and spokesperson for the Capital Markets, International and Portfolio Investors committees, Tobias will coordinate the development and implementation of association policies and positions for industry issues related to the respective committees.

Tobias joins MBA from the Multi-Employer Property Trust, a $3.2 billion commercial real estate fund, where she managed its Investment Committee, directed due diligence for more than $1 billion in real estate acquisitions and sales, and managed more than 6 million square feet of office, industrial, retail and hotel properties across the United States. Previously, Tobias directed the real estate operations of the AFL-CIO Building Investment Trust and served as a consultant on real estate finance issues for the federal government and the city of New York.

"Leanne brings a unique blend of commercial real estate and portfolio management, financial analysis and broad knowledge of economic policy to MBA,” said Gail Davis Cardwell, senior vice president of the Commercial/Multifamily division. “We are delighted to have her join our team."

Tobias received her Master’s of Business Administration degree from The Wharton School at the University of Pennsylvania, a master’s of public affairs degree from the Woodrow Wilson School at Princeton University, and a bachelor’s degree from the University of Rochester.
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DealMaker of the Day
MBA (1/27/03) Murray, Michael
Related Capital Co., New York, has provided $19 million of equity financing to Southern California Housing Development Corp. (SCHDC), Rancho Cucamonga, Calif., and Bighorn Affordable Communities (BAC), Palm Desert, Calif., for development on two affordable housing complexes in the San Bernardino/Riverside region. Related Capital provided $9.7 million in equity to SCHDC for “Impressions at Valley Center” and $9 million to BAC for “Mission Palm Apartments.”

Impressions at Valley Center received additional financing from US Bank, Minneapolis, with a construction loan of $1.8 million, along with funds from the County of San Bernadino and the Victorville Redevelopment Agency.

On Mission Palms Apartments, the construction lender was Farmers & Merchant Bank, Los Angeles, for $1.8 million, with additional funds provided by the Department of Housing and Urban Development’s HOME program and from the County of Riverside Redevelopment Agency.

SCHDC, a non-profit developer and operator of affordable housing since 1992, has developed 25 multifamily projects and manages almost 4,000 units. BAC has developed seven affordable housing complexes with 820 units.

“As the region continues to experience rapid growth, affordable housing has not been able to keep pace with demand,” said Rebecca Clark, executive director of SCHDC.

Ronne Thielen, executive vice president and west coast regional director of Related Capital, said the affordable housing market in San Bernardino County has significant supply constraints with only a one percent vacancy rate.

The Impressions at Valley Center would target toward households earning 60 percent or less of the area median income. The design includes 16 two-story apartment buildings and a community building with two to three bedroom units ranging from 904 square feet to 1,144 square feet.

Meanwhile, Mission Palms will consist of six two-story structures and a two-story clubhouse with a majority of units targeting senior citizens earning 60 percent or less of the area median income. A senior center is located across the street from the site.

“These complexes will help fill a great void, serving two segments of the market most in need of quality housing, senior citizens and families,” Thielen said.
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Commercial Briefs
MBA (1/27/03) Murray, Michael
William Polk Carey, chairman of the real estate investment banking firm of W.P. Carey & Co., New York, has donated a $50 million gift on behalf of the W.P. Carey Foundation to the Arizona State University (ASU) College of Business. The gift is the second largest donation to any U.S. business school, according to the Association to Advance Collegiate Schools of Business (AACSB), and it will create the W.P. Carey School of Business. It is the largest gift in the history of ASU.

Carey’s grandfather, John Samuel Armstrong, was the legislative founder of ASU in 1886. Carey previously funded the Armstrong Law Prize at the ASU College of Law, but this donation could expand the W.P. Carey School of Business on a global scale and help ASU to develop new partnerships within business, industry and government, Carey said.

“The key to future economic growth is quality education,” Carey said. “[The W.P. Carey School of Business] will be dedicated to producing our country’s next generation of business leaders.”
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Another Court Rules for Banks in RESPA Class Action Dispute

MBA (1/27/03) Sorohan, Mike
The U.S. Court of Appeals for the Eighth Circuit handed the real estate finance industry another in what has been a series of recent victories involving interpretation of the Real Estate Settlement Procedures Act, known as RESPA.

In a January 23 ruling, the court in Haug v. Bank of America, N.A., [pdf] reversed a lower court ruling. The lower court had said that, using HUD’s 2001 Statement of Policy on RESPA as a guide, that Bank of America violated RESPA by overcharging for certain outside services as part of making a mortgage loan.

But the Appeals Court ruled that Bank of America did not violate RESPA Section 8(b) when it charged the plaintiffs those services. The court said that even though Bank of America charged the plaintiffs additional fees for these services, such charges did not constitute a “split of fees” or “unearned fees” in violation of RESPA, and that the lower court erred in its interpretation of HUD’s Statement of Policy.

The case originated in 2001, when Amy and Peter Haug of Missouri filed a class action suit against Bank of America in St. Louis. The Haugs alleged that Bank of America, based on their 1996 loan application, violated RESPA. The Haugs said that as part of obtaining the mortgage loan, they paid Bank of America $50 for a credit report, $300 for an appraisal and $25 for document delivery services. They said that Bank of America obtained the credit report from a third party vendor for less than $15 and that it purchased the appraisal and document delivery services from a third party vendor at a cost “significantly less” than the amount they were charged. Thus, the Haugs contended that Bank of America’s “overcharges” constituted a “split of fees” or “unearned fees” in violation of RESPA Section 8(b).

Section 8(b) of RESPA states: “No person shall give and no person shall accept any portion, split, or percentage of any charge made or received for the rendering of a real estate settlement service in connection with a transaction involving a federally related mortgage loan other than for services actually performed.”

The Haugs said that the word “and” in the phrase “no person shall give and no person shall accept” meant that giving or accepting an unearned fee could constitute a violation of RESPA Section 8(b) because the statute did not require a showing that the person illegally shared a fee with a third party.

The lower court, in ruling for the Haugs, cited a portion HUD’s Statement of Policy that it said supported the Haugs’ arguments. According to the Statement of Policy, Section 8(b) forbids the paying or accepting of any portion or percentage of a settlement service—including up to 100 percent—that is unearned, whether the entire charge is divided or split among more than one person or entity or is retained by a single person.

But the Appeals Court accepted Bank of America’s argument that the lower court misinterpreted HUD’s Statement of Policy. Bank of America said that Section 8(b) did not prohibit payment or receipt of any portion or percentage or a settlement service fee that is “unearned,” regardless of whether the entire charge is retained by a single individual or entity or is split or shared with a third party.

The Appeals Court said HUD’s Statement of Policy “required a case-specific determination of whether goods or facilities were actually furnished or services were actually performed and whether the payment amounts were reasonably related to the value of the goods, facilities or services. Because such determinations must be made on a loan-by-loan basis, we held that certification of the plaintiffs’ class was impractical.”

“We hold that the plain language of Section 8(b) requires plaintiffs to plead facts showing that the defendant illegally shared fees with a third party and that the district court erred in relying on the HUD Policy Statement,” the appeals court said. “Accordingly, we reverse the order of the district court as it pertains to Section 8(b).”

In December, the United States Court of Appeals for the Seventh Circuit affirmed a district court’s earlier ruling that Republic Title Co., Chicago, did not violate Section 8(b) when it charged Nedzad and Danijela Krzalic $50 for recording a mortgage, but paid the county recorder only $36. The Krzalics had asserted that HUD’s 2001 Statement of Policy that clarified RESPA should be applied to Republic Title, arguing that the company’s charge amounted to “fee-splitting” prohibited by HUD’s new interpretation of RESPA Section 8(b). But the court rejected that argument.

“Maybe, though, there is some hanky-panky going on here that we are missing by assuming away costs of information…still, to repeat an earlier point, we are having difficulty seeing what difference it can make to the consumer where the $14 ‘overcharge’ appears on the closing statement. And if there is a fraud here, there are plenty of legal remedies, though none so far as we know under RESPA,” that court said.
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Washington Briefs

MBA (1/27/03) Sorohan, Mike
The Department of Veterans Affairs announced last week that it would no longer finance the sale of acquired properties, effective January 31.

“Effective for all listings dated on or after January 31, 2003, the VA will no longer offer vendee financing,” VA said in a statement. “VA will continue to accept and use the Offer to Purchase and Contract of Sale (VA Form 26-6705); however, in Section II, only Items 7.A. through H. will be completed. These items pertain only to cash offers. In the event that a listing issued prior to January 31, 2003, is subject to a bid period which extends beyond January 31st, offers submitted with vendee financing will still be considered.”


HUD issued a Mortgagee Letter [pdf] last week announcing that it had eliminated the Federal Housing Administration’s (FHA) policies and procedures for approving Planned Unit Development (PUD) projects.

“Effective immediately, FHA will no longer require approval of a PUD as a precondition for placing FHA mortgage insurance on a dwelling located in the development. Further, FHA will no longer maintain a list of approved PUDs,” HUD said.

HUD Secretary Mel Martinez, speaking at a news conference last week, said that the new regulation would make it easier to insure units within a development. “In the past, a developer had to get an entire project mortgage insured PUD to obtain FHA mortgage insurance. Now, effective immediately, they will be able to obtain it on a unit basis,” he said.
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Washington: The Week Ahead

MBA (1/27/03) Sorohan, Mike
President George W. Bush delivers his second State of the Union Address tomorrow, January 28. Bush is expected to discuss in detail his proposed $674 billion economic stimulus package.

San Diego barely has time to recover from last night’s Super Bowl when the Mortgage Bankers Association of America’s Commercial Real Estate/Multifamily Housing Convention and Expo rolls into town. Some MBA staff are already in town preparing for more than 4,000 commercial/multifamily lenders who will descend on the San Diego Convention Center this weekend. MBA NewsLink will provide daily reports from CREF, and commercial/multifamily members can look for special afternoon editions of MBA Commercial/Multifamily NewsLink, which debuts this Thursday.

Upcoming Events/Reports:

  • January 27: Quarterly Financial Report—Housing Vacancies and Homeownership, Bureau of the Census
  • January 28: New Residential Sales, Bureau of the Census
  • January 28: State of the Union Address
  • January 28-29: Federal Open Market Committee
  • January 29: MBA Weekly Mortgage Application Survey
  • January 30: Gross Domestic Product, Bureau of Economic Analysis
  • January 30: Existing Home Sales, National Association of Realtors
  • February 2-5: MBA Commercial Real Estate/Multifamily Housing Convention and Expo, San Diego, Calif.
  • February 3: 4th Quarter Housing Affordability, National Association of Realtors
  • February 10: Unemployment, Bureau of the Census

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Publisher: Cheryl Crispen, Senior Vice President - Communications and Marketing
Editor: Mike Sorohan 202/557-2855 michael_sorohan@mbaa.org
Deputy Editor: Michael Murray 202/557-2851 michael_murray@mbaa.org
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