The National Association of Federal Credit Unions Monday sent a letter to the Federal Reserve Board supporting a proposed rule that would increase the escrow threshold for jumbo loans. The organization said the rule would help credit unions “better manage interest rate risk relative to higher-priced mortgages.” Under the proposal, loans that exceed the Freddie Mac maximum prinicpal limit — $729,750 — the escrow requirements would apply only if the annual percentage rate is 2.5% or higher than the applicable average prime offer rate. The proposed rule comes from Section 1461 of the Dodd-Frank Act. Write to Christine Ricciardi.
NAFCU supports rule to increase escrow threshold on jumbo loans
October 25, 2010, 5:34pm
Christine was a reporter with HousingWire through August 2011.see full bio
Most Popular Articles
Latest Articles
From resilience to antifragility: Rethinking cybersecurity for real estate and mortgage professionals
In information security, we’ve long spoken about resilience. The goal has been to withstand an attack, recover quickly, and return to business as usual. But in today’s environment—where attackers adapt and evolve daily—resilience is no longer enough. We must go further. We must embrace antifragility.
-
From local to global: RE/MAX’s Chris Lim on the next era of real estate relationships
-
Stop marketing like it’s 2008: You’re invisible
-
RE/MAX accelerates real estate innovation with AI and technology
-
Retirement plans for small-business owners have visible generational gaps
-
VA loans rise as housing market shifts toward buyers
Christine was a reporter with HousingWire through August 2011.see full bio
