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The MReport Webcast: Tuesday 3/22/2016

Now that the effects from the TILA-RESPA Integrated Disclosure rule have subsided significantly in the housing market, first-time buyer activity has resumed from the delays caused in the previous months. The AEI International Center on Housing Risk found that the share and volume of first-time homebuyers rose significantly in February 2016 compared to a year earlier.

 

According to AEI's First-Time Buyer Mortgage Share Index released Monday, first-time buyers accounted for 56 point 7 percent of primary owner-occupied home purchase mortgages with a government guarantee in February 2016. This number is up from 55 point 9 percent last February and up from January's share of 56 point 1 percent.

 

Bank of America recently announced a new program that cuts the FHA out of the mortgage lending equation with its latest mortgage product, dubbed the Affordable Loan Solution. Karan Kaul, a Research Associate at Urban Institute, recently made the argument that Bank of America's mortgage solution, while promising, is not a substitute for healthy FHA lending.

 

About Author: Seth Welborn

Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for MReport. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer.
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