10:00 - 11:30 a.m. Thursday, January 24, 2013 Monterey, CA
Mission Statement The Home Ownership Housing Committee is a Policy Committee. Its mission is to develop C.A.R.'s housing policy in the home ownership segment of California's housing opportunities. It has original jurisdiction to evaluate housing legislation and regulation in the following issue areas: Common Interest Developments; Housing Policy; and Manufactured Housing.
Presiding: Sandy Darling, Chair Karl Lee, Vice Chair
Issue Chairs (ICs): Nick Lymberis, Common Interest Development Ronna Brand, Housing Policy Diane Conaway, Manufactured Housing
Executive Committee Liaison: Ted Loring, Jr.
Staff Coordinator: Dave Milton
Federal Issues Coordinator: Matt Roberts
I. Welcome and Opening Remarks - Sandy Darling, Chair
II. Action Items
A. State (Dave)
B. Federal (Matt)
C. Questions or Motions from Committee Members
III. Direction Requested
A. "Squatters" 1. Public Policy Forum Discussion Results and "Next Step". 2. C.A.R. Legal has indicated it has received "a few calls" on this issue, but not a significant number. Does law enforcement need more "tools" to assist property owners in their efforts to remove unlawful residents from their properties? 3. Discussion
B. Civil Code Section 1368 CID Transaction Documents 1. Is C.A.R.'s AB 771 of 2011 working? 2. Is further evaluation of Section 1368 needed regarding fees imposed for documents required in the sale of a CID unit? 3. Discussion
C. Delinquent HOA Dues 1. Is a statutory change needed to help HOAs collect delinquent dues? 2. Should a 2013 Working Group be created to further pursue this issue beyond the deliberations and recommendations of the 2012 Working Group? 3. Discussion
D. FHA Guidelines on Manufactured Housing Loans 1. FHA guidelines prohibit lending on a manufactured home once it has been moved. 2. Is this a problem? Since a "site-built" home can be moved and still be eligible for financing, why cannot the same rule be applied to manufactured homes? Are there other sources for such loans? Should a background paper be prepared for our next meeting that outlines potential activity in this area? 3. Discussion
IV. Report Items
A. CID - Nick Lymberis - Issues Chair (IC)
B. Housing Policy - Ronna Brand, IC 1. State 2. Federal a. FHA Premium for Life of Loan Starting sometime in 2013, FHA will announce the requirement that new FHA endorsed loans will have mortgage insurance premium (MIP) payments for the life of the loan regardless of LTV. b. FHA Changes FHA has been working with Congress since the release of the audit on what changes will be made to sure up FHA’s financial position. In a letter to Senator Corker FHA outlined significant changes that will have an immediate impact on consumers:
• Raising DTI for borrowers with low credit scores. • Moratorium on full cash out HECM (reverse mortgages) • Raising the down payment for loans above $625,500 to 5% • Greater oversight on borrowers who are trying to obtain a new FHA loan 3 years following a foreclosure.
c. Loan Limits The FHA and FHFA have announced that the 2013 loan limits for FHA, Fannie Mae and Freddie Mac will remain unchanged. FHA's will remain at $729,750 through 2013; Fannie Mae's and Freddie Mac’s permanent loan limit cap is $625,500.