The National Association of Mortgage Brokers (NAMB) has released “Addressing America’s Housing Affordability Crisis,” a white paper designed to offer solutions for expanding affordable homeownership opportunities.
The report details how elevated home prices and limited inventory has kept many first-time buyers, self-employed borrowers, and moderate-income families from purchasing residential properties. NAMB highlights its federal regulatory initiatives including the reduction or elimination of Loan-Level Price Adjustments (LLPAs) on investment properties and second homes, the reduction on government-sponsored enterprise refinance waiting periods from 12 months to six months, increasing the Area Median Income thresholds to 130% for HomeReady and Home Possible programs, and regulating credit report costs and establishing rapid rescore pricing standards.
NAMB also seeks legislative change regarding Mortgage Loan Originator compensation reform and reauthorization of the National Flood Insurance Program.
“Housing affordability has reached crisis levels,” said Kimber White, president of NAMB. “The legislative framework exists. The industry expertise is ready. The time for action is now. We hope this white paper helps serve as a guide for lawmakers and the mortgage marketplace.”
