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FHFA proposed rule for GSES to offer mortgages to three underserved markets

According to an article in the DS News magazine; FHFA proposed rule for GSES to offer mortgages to three underserved markets: A rule that was introduced last December requires FHFA by federal law to implement a “Duty to Serve” requirement as specified in the Financial Safety and Soundness Act of 1992 and amended by HERA in 2008.  The proposed regulation will require the manufactured housing, affordable housing preservation and rural markets to be served. The rule would require an adoption of plans to improve the distribution and availability of mortgage financing that will serve very low, low and moderate income families in these three specified markets. For manufactured housing market: Duty to Serve credit would be provided for eligible activities related to manufactured homes financed as real property and blanket loans for certain categories of manufactured housing communities. For affordable housing preservation market:  Credit would be provided  for eligible  renters and homebuyers and also be provided for activities related to existing small multifamily rental properties, energy efficiency improvements on existing multifamily rental and single family first lien properties, shared equity homeownership programs and the HUD’s Choice Neighborhoods Initiative and Rental Assistance Demonstration program. For rural markets: Duty to Service credit would be provided for activities related to housing in rural areas, high-needs rural regions (such as Appalachia, Mississippi Delta ad Native American...

What You Should Know About Designated Agency

What is Designated Agency and why does it matter to you? Licensed Illinois Realtors are governed by the Real Estate License Act of 2000. According to Section 15-10 of that Act, “Licensees shall be considered to be representing the consumer they are working with as a designated agent for the consumer unless there is a written agreement” stating otherwise. That means that unless you are given a written disclosure that you are not being represented by the Realtor you are working with, you are a client of that Realtor and are owed certain duties. These laws were put in place to protect the consumer and to make sure they are being properly represented in real estate transactions. It used to be that all agents worked for the seller and no one represented the buyer in a home purchase. It was the “let the buyer beware” model for a very long time. Because the seller paid the commission or compensation to the Realtors involved, it was thought that the Realtors’ owed duties only to that seller and the buyers were on their own. Our industry has evolved past that thinking and now buyers and sellers both have the right to representation by their Realtor. Even when the seller is paying the compensation to both Realtors, the buyer is allowed to have their own Designated Agent representing their interests in a purchase. When you begin to work with a Realtor, you should be given a written disclosure telling you who your designated agent will be and what kind of representation you will have with that agent. Depending on the type of...

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