Law360, New York (February 5, 2013, 5:16 PM EST) -- The Federal Housing Administration on Tuesday said it is reducing the number of inspection and home warranty requirements for its single-family mortgage insurance program, finding the regulations unnecessary because of more reliable certification systems and building codes.
Under the proposed rule, which is expected to save homeowners $30 million, 10-year protection plans will no longer be necessary to quality for a high loan-to-value mortgage for a newly constructed home. The FHA will also stop forcing homeowners to select their home inspector from an official administration roster, opening the jobs up to all certified professionals.
"Since the promulgation of these regulations, the...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!