Mortgage executive participants reported being optimistic about the pace of mortgage originations this year, but split their opinions about the impact of the Federal Housing Administration's recent premium reduction, according to a new survey.
On Jan. 7, the Obama administration announced the FHA would cut the premiums it charges to guarantee mortgages by 37%, from 1.35% to 0.85%.
The administration said cutting the rate as some, including CUNA and NAFCU, said the decrease would bring as many as 250,000 more potential home purchasers into the market.
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