The Mortgage Bankers Association and fellow trade group the Black Homeownership Collaborative have joined the chorus of voices imploring HUD Secretary Marcia Fudge to reduce mortgage insurance premiums (MIPs) and suspend life-of-loan requirements for borrowers with FHA-insured loans.

The trade groups last week sent a letter to Fudge noting that since the start of the pandemic, the cost of buying a home has skyrocketed.

“Less than three years ago, a salary of $64,400 per year was sufficient to purchase the median-priced home of $329,000 with a 3.31% interest rate,” the letter said. “Today, details ⇒

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