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Wednesday
Oct152014

Adjustment to Subprime Threshold

DateWednesday, October 15, 2014 at 1:32PM by AuthorBanking Spectrum

The New York State Department of Financial Services recently determined that a new Federal Housing Administration (FHA) rule will decrease the threshold on certain loans and concluded that the existing subprime threshold was having an "unduly negative effect on the availablitiy of mortgage financing in New York State." As a result, the Superintendent adjusted the subprime threshold by 75 basis points for FHA-insured loans, with certain exclusions. 

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