FHA Head Praises Realtor Role in Recovery

San Diego, November 15, 2009
Realtors® are the face of the housing market, the focal point of information, involvement and inventory, and the Federal Housing Administration is committed to help them be successful, FHA Housing Commissioner Dave Stevens told more than 1,000 Realtors® at a gathering here today.
“You help to stabilize the community, and without homeownership, there can be no stability in communities,” Stevens said. “Together, we must never let overexuberance overtake the housing market again, and interrupt the housing market and the lives of untold millions of Americans. Our goal must be nothing less than to craft a solid, sustainable housing market, a market with a secure foundation for the future.”
Stevens said he and Shaun Donovan, secretary of the Housing and Urban Development, recognize that the National Association of Realtors has been at the forefront of efforts to address the housing crisis, and he has met with NAR on several occasions to consider their concerns. FHA has taken direct action on a number of those concerns.
Stevens announced that effective Monday, Nov. 16, FHA will no longer require a second appraisal on high-balance loans for properties in declining markets. “We did not find our previous policy to be particularly helpful and were very concerned about the additional burden on lenders and consumers,” Stevens said. He noted the policy change will bring industry alignment, streamline loan processing and reduce costs to consumers.

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