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MBA Advocacy Update Apr. 4, 2022
On Monday, the Biden administration released the top-line framework for the Fiscal Year 2023 budget proposal. On Tuesday, the House Financial Services Committee held a hearing on appraisal reform. And on Wednesday, the FDIC released a request for comment on draft principles for safe and sound management of exposures to climate-related financial risk for financial institutions with more than $100 billion in total assets.
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March Jobs Report Continues Strong Trend
U.S. employers added 431,000 jobs in March, the Bureau of Labor Statistics reported Friday, while the nation’s unemployment rate fell to 3.6 percent.
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FHA Proposes 40-Year Loan Modification Rule
The Federal Housing Administration on Friday published a proposed rule that would increase the maximum modification loan term limit from 360 months (30 years) to 480 months (40 years).
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MBA Chart of the Week Apr. 1 2022: MBA Purchase Applications Payment Index
On March 24, MBA released its inaugural, monthly Purchase Applications Payment Index (PAPI) – an affordability index that measures how new fixed-rate 30-year purchase mortgage payments vary across time relative to income.