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20 INSPECTIONS DEBRIS REMOVAL | EVICTIONS HUD CONVEYANCE PREP | ROOF REPAIR | INITIAL SECURES LOCK CHANGES | WINDOW BOARDING/REPLACING LAWN MAINTENANCE | EXTERMINATION | UTILITIES WINTERIZATIONS | SNOW REMOVAL | POOL SECURING REPAIRS AND REHAB | DEMOLITIONS | QUALITY ASSURANCE INSPECTIONS APPRAISALS | PROPERTY REGISTRATIONS WOLVERINE REAL ESTATE SERVICES, INC. We'll put you on the road to better fi eld services in 2014 WWW.FIELDINSPECTION.COM (800) 875-7170 MORTGAGE MARKETS TODAY Real Talk. Real Experts. All on your schedule. Subscribe today on itunes radio.thefi vestar.com MORTGAGE MORTGAGE MORTGAGE MORTGAGE MORTGAGE MORTGAGE MORTGAGE MORTGAGE MORTGAGE MORTGAGE MORTGAGE MORTGAGE All on your schedule. All on your schedule. REALTORS SUPPORT HAWK, SAY IT COULD GO FURTHER e National Association of Realtors (NAR) lent its support last month to the Homeown- ers Armed with Knowledge (HAWK) pilot program, but has concerns that it will not do enough to lower insurance premiums for homebuyers. In a letter sent to HUD, the organiza- tion reiterated its appreciation for the Federal Housing Administration's (FHA) efforts to provide reduced mortgage insurance premiums to first-time homebuyers but complained about the high mortgage insurance premiums and counseling fees that come along. e HAWK Pilot Program for new homebuyers provides FHA insurance pricing incentives to first-time homebuyers who par- ticipate in housing counseling that covers how to evaluate housing affordability and mortgage alternatives, financial advice, and the rights and responsibilities of homeownership. e FHA announced the program in May as part of its "Blueprint for Access," outlining additional steps that the agency is taking to ex- pand access to credit for underserved potential borrowers. Under the program, first-time homebuyers who participate in the four-year pilot program will benefit at closing from a 50-basis-point reduction in the upfront mortgage insurance premium and a 10-basis-point reduction in the annual premium. If buyers complete post- closing housing counseling and do not have delinquencies greater than 90 days in the first 18 months after closing, they will receive an ad- ditional 15-basis-point reduction on the annual premium starting in the loan's 25th month. e NAR contends that, despite the coun- seling incentive, FHA insurance rates are too high. "As the leading advocate for homeown- ers, Realtors are concerned about FHA's high annual mortgage insurance premiums and the insurance requirement for the life of the loan," NAR President Steve Brown said. "FHA fees make up nearly 20 percent of a monthly mort- gage payment today and are making it more difficult for qualified buyers to purchase a home. Since FHA is on target to meet and exceed its capital reserve requirements in the next fiscal year, we encourage FHA to support premium reductions across the board." e letter also voiced concern that the cost of the counseling envisioned under the program, a combined total of $500 if all counseling sessions are attended, is too high and would prevent many qualified first-time homebuyers from accessing the market. e NAR recommended that lenders be allowed to mitigate some of the counseling costs. Otherwise, it could take buyers two years to offset the cost of counseling with the premium reductions offered under the HAWK program and even longer if buyers have to satisfy other financial programs separately. e FHA contends that HAWK will save the average buyer approximately $325 a year—or almost $9,800 over the life of their loan. More than 6.5 million properties are at risk of storm surge in the United States. Source: CoreLogic MarketPulse Report KNOW THIS