Peter Idziak recently spoke with national and trade media publications on several key mortgage industry topics. These include the U.S. Department of Housing and Urban Development’s final rule to expand 40-year mortgage eligibility, the Federal Housing Finance Agency’s debt-to-income loan-level pricing adjustment (DTI LLPA), and home equity loans.
Idziak spoke with the American City Business Journals to discuss HUD’s rule that would allow borrowers in default to modify existing 30-year Federal Housing Authority mortgages to a 40-year term to reduce payments and remain in their homes.
“HUD lacks statutory authority to offer 40-year mortgages at origination. Congress would need to step in and change the law before HUD can offer longer-term mortgages to potential borrowers,” Idziak said. “Home affordability has been a high priority for the Biden administration, and lowering the monthly payment is one of the most effective ways to accomplish this goal. So, I wouldn’t be surprised to see government-supported loan programs with 40-year terms being offered to low-income or first-time homebuyers within the next few years.”
Idziak also spoke with several outlets about FHFA’s plan to implement DTI LLPAs. Before the agency decided to rescind the upfront fees, Idziak noted that the price adjustment would be unworkable for lenders and confusing to borrowers. Upon the FHFA’s announcement that it was rescinding DTI LLPAs, Idziak joined other industry experts in a breathing a sigh of relief and held out hope that the agency would work more collaboratively with industry stakeholders moving forward.
On home equity loans, Idziak spoke with CBS News to discuss what borrowers should consider when choosing between a short-term or long-term home equity loan. He explained that short-term home equity loans are appropriate for those borrowing a relatively small sum or those who can afford higher monthly payments. Long-term home equity loans, on the other hand, are best for borrowers consolidating high-interest debt.
Please see below for all of Idziak’s recent media commentary.
- America City Business Journals – Feds expand 40-year mortgage eligibility. Experts say it could lead to more
- American City Business Journals – Feds roll out new mortgage fee structure. Here’s who will benefit — and who could face added costs.
- National Mortgage News – FHFA drops debt-to-income based pricing adjustment
- National Mortgage Professional – Mortgage Industry Cheers FHFA Decision To Rescind DTI-Based LLPAs
- Mortgage Professional America – Industry applauds FHFA’s move to rescind DTI-based LLPAs
- The Chrisman Commentary Podcast – National Versus Regional Markets; Polunsky Beitel Green’s Peter Idziak on FHFA’s LLPA Rescission; Listening to the Fed
- CBS News – How long are home equity loans?