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HUDRulemakingHUD-2012-0029

FR–5572–N–01 Federal Housing Administration (FHA) Risk Management Initiatives: Revised Seller Concessions

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Mortgage Bankers Association filings
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Mortgage Bankers Association filed 4 comments on this docket between Mar 16, 2012 and Mar 27, 2012. 128 other organizations filed here. The comment window closed 5237d ago.

What Mortgage Bankers Association filed (4)

Mar 27, 2012· Comment Submitted by Doug Scott, Austin Mortgage Bankers Association· HUD-2012-0029-1610

Please maintain the maximum seller concession for FHA loans to 6% of the transaction in the interest of promoting increased homeownership.

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Mar 27, 2012· Incomplete Comment Submitted by Tamara King, Mortgage Bankers Association· HUD-2012-0029-1634

Filed on regulations.gov — full text not in the inline record.

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Mar 16, 2012· Comment Submitted by Michael Martin, Raleigh Mortgage Bankers Association· HUD-2012-0029-0557

As a mortgage lender (loan officer, branch manager, sales manager) for the past 10 years in the Raleigh, NC area. I have not once heard of somone defaulting on thier loan because of a seller contribution being too high. Normal closing costs and pre-paid items only account for about 3-4% of the sales price so it is my opinion that seller contributions being up to 6% can only go to help buy the clients rate down which would only help keep a buyer from defaulting down the road because he/she has a lower mortgage payment. I'm not sure how reducing the seller paid amount from 6% to 3% would actually help FHA or HUD from having additonal defaults. Please keep the 6% seller contributions as they are now.

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Mar 16, 2012· Comment Submitted by Joel Epstein, In Mortgage Bankers Association· HUD-2012-0029-0523

What you are proposing does not lower foreclosures only takes potential buyers out of the market.

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Abstract

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Co-filers (128)

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