Single Family Housing

News & Analysis as of

FHA Attempt To Provide New Guidance: Too Little, Too Late?

On June 18, the Federal Housing Administration provided lenders with a new Defect Taxonomy for Single Family Housing Loans, or Loan Quality Assessment Methodology. It has been working on the new taxonomy for almost a year,...more

Make the Most of Your Mediation: The Single-Family Construction Defect Case

How can you economically and effectively settle the single-family construction defect case? In a recent mediation involving a homeowner, contractor and 15 subs, the participants used the following practices, which resulted in...more

FHFA Releases Annual Guarantee Fee Report

On June 30, the Federal Housing Financing Agency released its annual report on the single-family guarantee fees charged by Fannie Mae and Freddie Mac, which tracks how guarantee fees have increased from 2009 through 2014....more

FHA Announces Updated Defect Taxonomy to Clarify its Plan for Classifying Loan Defects Found in its Single-Family Loan Portfolio

On June 18, the FHA released its Single-Family Housing Loan Quality Assessment Methodology (“Defect Taxonomy”), a framework outlining the agency’s plans to identify and capture information related to loan defects found in...more

Risk Retention – “How I Learned to Love Risk Retention and Live With It.” (Apologies to Stanley Kubrick)

As time goes by we start to get close to the first of two risk retention effective dates; December 24, 2015 for residential product and everything else looming December 24, 2016 (does anyone really think a Christmas Eve...more

FHA Revises Single-Family Housing Policy HandBook, Extends Effective Dates

On April 30, the FHA announced revisions to its Single Family Housing Policy HandBook (HandBook) and extended the effective date for various policies contained within from June 15 to September 14, 2015....more

3rd Annual IMN Single Family Rental Investment Forum – 7 Thoughts on the State of the Single Family Rental Market

The 3rd Annual IMN Single Family Rental (SFR) Investment Forum was held at the Loews Hotel in Miami Beach last week.  Over 1,000 SFR professionals attended the forum, including buyers, investors, lenders and service...more

Trade Association Urges HUD to Delay Effective Date on Single-Family Housing Policy HandBook

On March 26, 2015, the Mortgage Bankers Association (MBA) sent a letter to HUD’s Deputy Assistant Secretary Zadareky seeking clarification, guidance, and answers to outstanding questions raised by HUD’s early drafts of its...more

Special Alert: USDA-RHS Proposes Its Own QM Rule

On March 5, 2015, the USDA-RHS released a proposed rule to amend the regulations for the Single Family Housing Guaranteed Loan Program (SFHGLP) to provide that a loan guaranteed by USDA-RHS is a QM if it meets certain...more

California Supreme Court Establishes the Standard of Review for the Unusual Circumstances Exception to CEQA Categorical Exemptions...

Breathing life into the use of CEQA categorical exemptions, on March 2, 2015, the California Supreme Court held that a reasonable possibility that a project may result in significant effects on the environment alone is not...more

Government & Regulatory Law Update March 2015: California Supreme Court Issues Decision in Berkeley Hillside Preservation v. City...

On March 2, 2015, the California Supreme Court issued its long awaited opinion in Berkeley Hillside Preservation v. City of Berkeley (“Berkeley”). The opinion clarifies two important issues relating to the California...more

Developer Catches a Break in California Supreme Court CEQA Ruling

In Berkeley Hillside Preservation v. City of Berkeley, No. S201116 (Cal. Mar. 2, 2015) (slip op), the California Supreme Court overturned an appeals court ruling that banned developers from using an exemption under the...more

Navigating HUD’s New Single Family Housing Policy Handbook

Last fall the Department of Housing and Urban Development (“HUD”) issued the first section of its new Single Family Housing Policy Handbook (“Single Family Handbook” or “Handbook”). The Single Family Handbook is designed to...more

California Environmental Law and Policy Update - December 2014

Environmental and Policy Focus: State court may tighten review process for building super-sized homes - SFGate.com - Dec 8: In a case that could redefine the scope of California’s environmental laws, the state Supreme...more

FHFA Releases New Fannie Mae/Freddie Mac Instructions on Single-Family Seller/Servicer Oversight

On December 1, 2014, the Federal Housing Finance Agency (FHFA) released a new advisory bulletin with significant implications for “all entities that sell single-family mortgage loans to [Fannie Mae or Freddie Mac] or perform...more

GAO Publishes Report Regarding Proposed Changes To The Single-Family Housing Finance System

On October 7, the GAO published a report to help policymakers assess proposals for changing the single-family housing finance system and consider ways to make it more effective and efficient. To this end, the report first...more

FHA Updates its Single Family Housing Policy Handbook

On September 30, the FHA published updates to several sections of its Single Family Housing Policy Handbook. The updates only apply to loans originated on or after June 15, 2015 and are a result of FHA’s attempt to create a...more

Federal Housing Administration Posts Draft Servicing Section of its Single Family Housing Policy Handbook

On September 11, as part of its initiative to develop a single authoritative source for Federal Housing Administration (“FHA”) Single Family Policy, the FHA posted a draft of the servicing section of its Single Family Housing...more

Are we seeing the return of Single-Family Tax-Exempt Bond Financing?

Prior to 2009, housing finance agencies (HFAs) financed nearly all of their single-family mortgage loans with tax-exempt bond financings. Over the past five years as rates on conventional mortgage loans fell and remained at...more

FHA Releases New Draft Handbook Sections

Recently, the FHA released for comment two additional draft sections of its new Single Family Policy Handbook. The first, Doing Business with FHA, outlines the requirements associated with FHA mortgagee approval...more

HUD Releases Draft Section Of Overhauled SF Handbook

On October 29, HUD released a draft section of its new FHA Single Family Housing Policy Handbook (SF Handbook). The draft section consolidates all FHA Single Family requirements — including content from hundreds of mortgagee...more

Miami-Dade Housing Inventory Significantly Shrinking

At the height of the meltdown of the housing market in Miami-Dade County in 2008, the number of months needed to absorb existing inventory was at 29.7 months for single family housing and 40.4 months for condominiums but many...more

Montana Court Addresses Business Risk Exclusions

In its recent decision in Lukes v. Mid-Continent Cas. Co., 2013 U.S. Dist. LEXIS 17979 (D. Mont. Feb. 11, 2013), the United States District Court for the District of Montana had occasion to consider the application of the...more

Trends in Single-Family Housing

Rising home values in many areas of the country and improved economic data have buoyed hopes that the recession may be behind us, but no one expects an immediate return of either pre-2007 home value appreciation or the loose...more

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