The President’s FHA Fee Move Gets Kudos

The National Association of Hispanic Real Estate Professionals (NAHREP) supports President Obama’s plan to reduce mortgage insurance premium (MIP) fees for FHA loans in order to expand the availability of HUD loans to include more deserving borrowers. NAHREP also feels that government sponsored enterprises Fannie Mae and Freddie Mac must follow suit if the national recovery is to realize its true potential. With over 21,000 members, NAHREP is the country’s largest trade organization for Latino real estate and mortgage professionals.

“Hispanics represent the largest segment of new homebuyers in the market today,” said NAHREP President Jason Madiedo. “The reduction in MIP premiums could facilitate the dream of homeownership for hundreds of thousands of additional qualified buyers.” However NAHREP also feels that lowering borrower costs by reducing the current excessive guarantee fees and loan level pricing adjustments at Fannie Mae and Freddie Mac are equally important in supporting the Obama administration’s stated goal of ‘preserving broad and affordable access for all creditworthy families.’

“Fannie Mae and Freddie Mac currently account for more than 80 percent of the market,” said NAHREP Co-Founder and CEO Gary Acosta. “Reducing FHA fees is an important first step, but getting the GSEs back in the first time homebuyer market would have an even greater impact.”

NAHREP is a non-profit 501c6 trade association dedicated to increasing the homeownership rate among Latinos by educating and empowering the real estate professionals that serve them. Based in San Diego, NAHREP is the nation’s largest trade organization for Hispanics with more than 21,000 members in 48 states and 40 affiliate chapters.

About The Author

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Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.