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H.R. 3221 Finally Passed!!! - 07/31/08 11:05 AM
July 30th, 2008 | by admin Published in Gov. Updates, NRMLA, News, Reverse Mortgage
Early this morning President Bush signed the Housing and Economic Recovery Act of 2008 with his economic team on hand, including Treasury Secretary Henry Paulson who helped negotiate the package with the Democratic-controlled Congress.
Reverse mortgage originators have been anxiously anticipating the Bill which gives HECM's a national loan limit of $417,000 and a max of $625,000 in high cost areas. HR 3221 also includes the following:
Home Purchase product authority. Co-op product provisions. Origination fees of 2% on the initial $200,000 in maximum claim amount and … (0 comments)
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David Hamilton
Diamond Bar,
CA
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