|
HUD extends homeowner relief measures
Posted Date: Thursday, February 18, 2021
The Department of Housing and Urban Development (HUD) has extended the Federal Housing Administration’s foreclosure and eviction moratoriums, as well as the initial start date of a COVID-19 Forbearance.
“As President Biden has made clear, it is urgent that we help homeowners throughout the nation who are struggling financially from this unprecedented national emergency,” acting HUD Secretary Matthew Ammon said.
Read on for more from HUD and Senate Banking Committee Chairman Sherrod Brown.
|
|
|
NAR releases study on minority homeownership
Posted Date: Thursday, February 18, 2021
Minority homeownership continues to lag behind the national rate, according to a new study by the National Association of Realtors (NAR).
The homeownership rate for Black Americans – 42 percent – is nearly 30 percent less than the rate for white Americans – 69.8 percent. The U.S. homeownership rate stands at 64.2 percent, with the rates for Asian and Hispanic Americans at 60.7 percent and 48.1 percent, respectively.
Read on for more details from NAR.
|
|
|
FHFA releases 2021 strategic plan
Posted Date: Thursday, February 18, 2021
The Federal Housing Finance Agency (FHFA) has released its latest strategic plan to hold the government-sponsored enterprises accountable. The 2021 Scorecard for Fannie Mae and Freddie Mac aligns the 2019 Strategic Plan with the enterprises’ tactical priorities and operations.
“The 2021 Scorecard will ensure that Fannie Mae, Freddie Mac and Common Securitization Solutions properly serve borrowers and renters, protect taxpayers, and support the secondary mortgage market,” FHFA Director Mark Calabria said.
Read on for details.
|
|
|
MBA: Delinquency rates continue to improve
Posted Date: Thursday, February 18, 2021
Homeowners’ ability to make their mortgage payments improved for the second straight quarter, according to the Mortgage Bankers Association’s (MBA) latest National Delinquency Survey.
The 92-basis-point drop in the delinquency rate in the fourth quarter of 2020 was the biggest quarterly decline in the history of MBA’s survey dating back to 1979.
However, MBA said the decline in mortgage delinquencies tells only part of the story. Read on for more details.
|
|
|
Supreme Court grants House’s request to join argument
Posted Date: Thursday, February 20, 2020
The Supreme Court has granted the House of Representatives’ request to join oral argument in a case to decide the constitutionality of the Consumer Financial Protection Bureau (CFPB).
The House has said it will argue it has a vital interest in rebutting Seila Law’s contention that a constitutional flaw in the CFPB’s removal protection would require the court to abolish the bureau altogether.
Read on for the latest details in the case.
|
|
|
CFPB report: Natural disasters led to RESPA violations
Posted Date: Thursday, February 20, 2020
The Consumer Financial Protection Bureau (CFPB) said in its most recent Supervisory Highlights that examiners found problems with mortgage servicers violating RESPA in the loss mitigation process.
However, these violations were caused, in part, by an unexpected surge in applications because of natural disasters.
Read on for more from the report, which covers bureau supervision activities generally completed between April and August 2019, and includes examination findings in mortgage servicing, debt collection, payday lending and student loan servicing.
|
|
|
DOJ settles False Claims Act case against housing agency
Posted Date: Thursday, February 20, 2020
A housing agency has agreed to pay $3.1 million to resolve allegations that its predecessor violated the False Claims Act.
The allegations charged that the agency knowingly failed to comply with federal accessibility laws when it financed and assisted in the development of affordable housing in the city of Los Angeles supported by federal funds.
Read on for reaction from the Department of Housing and Urban Development, and details from the lawsuit.
|
|
|
NAR examines homeownership racial disparity
Posted Date: Thursday, February 20, 2020
A significant gap still remains in homeownership rates between white Americans and minorities. The National Association of Realtors (NAR) recently hosted discussions examining the issue at a National Press Club even in Washington, D.C.
During a session at NAR’s second-annual policy forum, panelists highlighted proposals that would tackle housing supply constraints, improve access to credit for mortgage-ready Americans and increase post-purchase support and counseling programs.
Read on for insight from NAR.
|
|
|
New HUD report explores ‘credit invisibility’ problem
Posted Date: Thursday, February 20, 2020
A new study explores the problem of “credit invisibility” among households assisted by the Department of Housing and Urban Development (HUD).
The joint, first-of-its-kind study by HUD and the Policy and Economic Research Council (PERC) found that if the rent payments of HUD-assisted families are reported to credit reporting agencies, many of these households would cease being “credit invisible.”
Read on for details from the report.
|
|
|
Miami dismisses BOA racial discrimination suit, but case not over yet
Posted Date: Friday, February 14, 2020
A district court has granted the city of Miami’s unopposed motion to dismiss its lawsuit alleging Bank of America and Wells Fargo engaged in discriminatory practices by issuing riskier but more costly mortgages to minority customers than they had offered to white borrowers. However, the U.S. Supreme Court's prior holding in the case still stands. Read on for details from recent court briefs.
|
|
|
NAR: Housing demand up in states with legalized marijuana
Posted Date: Friday, February 14, 2020
A new definition for “leafy suburb” has emerged within the real estate market.
The demand for housing and residential properties has intensified as more states relax marijuana laws, according to a new National Association of Realtors (NAR) study. The study also found that commercial practitioners are facing an increased demand for land, warehouses and storefronts intended for cannabis. Read on for details from NAR’s report, “Marijuana and Real Estate: A Budding Issue.”
|
|
|
CBA: Change CFPB to bipartisan commission
Posted Date: Friday, February 14, 2020
The Consumer Bankers Association (CBA) made several legislative and regulatory recommendations to the House Financial Services Committee in advance of the Consumer Financial Protection Bureau’s (CFPB) semi-annual report to Congress.
CBA President and CEO Richard Hunt suggested Congress quickly pass a law changing the bureau’s structure to a bipartisan commission, citing concerns with the upcoming Seila Law v. CFPB case, which will be argued before the U.S. Supreme Court March 3.
Read on to learn about additional recommendations.
|
|
|
Metro home prices continue to climb in most metro areas
Posted Date: Friday, February 14, 2020
The vast majority of metro areas experienced price gains with very limited inventory growth in the third quarter of 2019, according to the latest quarterly report by the National Association of Realtors (NAR). The study showed single-family median home prices increased year-over-year in 94 percent of measured markets in the third quarter. Read on to see more details from NAR’s report, which also released the latest housing inventory numbers.
|
|
|
CFPB provides update on inaugural joint office hours in Utah
Posted Date: Friday, February 14, 2020
The Consumer Financial Protection Bureau (CFPB), the Office of the Utah Attorney General and the Utah Department of Financial Institutions recently held its first joint office hours in Salt Lake City as part of the American Consumer Financial Innovation Network.
Read on to find out what was discussed.
|
|
|
HUD awards millions to build low-income senior housing
Posted Date: Friday, February 14, 2020
The Department of Housing and Urban Development (HUD) has awarded more than $51 million in housing assistance to non-profit organizations across the country to finance more affordable housing construction, provide rental assistance and facilitate supportive services delivery for very low-income seniors. Read on for more details from HUD.
|
|
|
Kraninger on TRID: ‘There’s gotta be a better way’
Posted Date: Thursday, February 13, 2020
Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger recently addressed TRID when she appeared before the House Financial Services Committee to give the CFPB’s semi-annual report to Congress.
The CFPB’s report of its five-year assessment of the rule is expected to be released no later than Oct. 3.
Read on for Kraninger’s responses to questions from reps. Blaine Luetkemeyer (R-Mo.) and Barry Loudermilk (R-Ga.).
|
|
|
CFPB settles lawsuit against online lender
Posted Date: Thursday, February 13, 2020
The Consumer Financial Protection Bureau (CFPB) has reached a settlement with a lender and six subsidiaries accused of working together in an online payday loan scheme to defraud borrowers.
The case, the last lawsuit filed under former CFPB Director Richard Cordray’s direction, alleged the companies illegally collected for loans that were void in 17 states. Read on to learn how much in civil penalties the CFPB ordered the companies to pay.
|
|
|
CFPB argues its funding structure is constitutional
Posted Date: Thursday, February 13, 2020
The Consumer Financial Protection Bureau (CFPB) is arguing that its funding structure outside of the appropriations process is not unconstitutional in a case against a New York debt collection company it sued to enforce a civil investigative demand (CID).
The law firm is also arguing that the removal restriction in 12 U.S.C. § 5491(c)(3) renders the CID unenforceable. Read on for details from the CFPB’s recent opposition to the motion for preliminary injunction.
|
|
|
FTC: ‘Objective’ financial product website sold positive reviews
Posted Date: Thursday, February 13, 2020
The operators of a website that compares student loans and other financial products misled consumers to believe their website provided objective product information, but instead it offered higher rankings and ratings to companies that paid for placement, according to an administrative complaint filed by the Federal Trade Commission (FTC).
The FTC also alleged the company’s operators published fake positive reviews on the website. Read on for details from the proposed settlement agreement.
|
|
|
Trump administration proposes 2021 HUD budget
Posted Date: Thursday, February 13, 2020
The Department of Housing and Urban Development (HUD) will receive $47.9 billion in funding to help fight homelessness, boost the promotion of healthy homes and assist low-income families with rent if President Donald Trump’s Fiscal Year (FY) 2021 budget is approved.
Read on for specifics of the budget and reaction from HUD Secretary Ben Carson.
|
|
|
Kraninger: Replacing MSA bulletin ‘complicated’
Posted Date: Monday, February 10, 2020
Consumer Financial Protection Bureau Director Kathy Kraninger directly addressed the status of the bureau’s 2015 bulletin on RESPA compliance with marketing services agreements.
Speaking before the House Financial Services Committee, Kraninger was asked by Rep. Ted Budd (R-N.C.) about the “confusing” bulletin.
Read on for details of Kraninger’s answer concerning the “complicated” question of how the bureau should handle the bulletin today.
|
|
|
Congress, states, citizen groups argue CFPB constitutional
Posted Date: Monday, February 10, 2020
Legislators, state attorneys general, law professors and citizens groups who recently filed amicus briefs in Seila Law’s legal fight against the Consumer Financial Protection Bureau (CFPB) all agree that the bureau director’s removal protection is constitutional.
However, the entities had different theories as to why they believe the Ninth Circuit Court of Appeals’ ruling finding the CFPB’s structure to be constitutional should stand.
Read on for highlights of the entities’ amicus briefs.
|
|
|
CFPB, DOE sign memorandum
Posted Date: Monday, February 10, 2020
The Consumer Financial Protection Bureau (CFPB) and the Department of Education (DOE) have signed a joint Memorandum of Understanding (MOU) to better serve student loan borrowers who file complaints.
The MOU spells out how the agencies should handle complaints, permissible uses of exchanged information and share data analytics.
Read on for reaction from CFPB Director Kathy Kraninger and Secretary of Education Betsy DeVos.
|
|
|
NAR’s policy forum explores affordable housing barriers
Posted Date: Monday, February 10, 2020
Housing affordability was the focus of the National Association of Realtors’ (NAR) second annual policy forum.
The forum was held Thursday at the National Press Club in Washington, D.C.
Read on for reaction from NAR President Vince Malta, who called housing affordability one of the defining policy issues of this decade, and NAR Chief Economist Lawrence Yun.
|
|
|
NAR seeks federal policy reforms to housing affordability crisis
Posted Date: Monday, February 10, 2020
The National Association of Realtors (NAR) wants the Department of Housing and Urban Development (HUD) to address housing affordability constraints.
In response to HUD’s Request for Information (RFI) on policies that “raise the costs of affordable housing and contribute to the current low housing inventory,” NAR suggested ways to increase affordable housing supplies, preserve the mortgage interest deduction and stabilize the government sponsored enterprises (GSEs).
Read on for NAR President Vince Malta’s proposal.
|
|
|
HUD launches nationwide affordable housing bus tour
Posted Date: Monday, February 10, 2020
The Department of Housing and Urban Development (HUD) has launched a nationwide bus tour focused on removing barriers to affordable housing stock.
The “Driving Affordable Housing Across America Bus Tour” kicked off in Louisville, Ky., and will make stops in various communities for events and discussions on affordable housing needs.
Read on for details from HUD Secretary Ben Carson.
|
|
|
Industry suggests TRID fixes for title, waiting rule
Posted Date: Monday, February 3, 2020
Combining TILA and RESPA was meant to improve consumer understanding of complicated mortgage disclosures.
However, industry experts said further changes to the TRID rule are necessary to improve consumers’ satisfaction with the disclosures and closing processes.
Read on for consumer-friendly suggestions made by RESPRO, the National Association of Mortgage Brokers (NAMB) and the National Association of Realtors (NAR) to the Consumer Financial Protection Bureau (CFPB) on TRID.
|
|
|
CFPB files TILA suit against self-reporting bank
Posted Date: Monday, February 3, 2020
The Consumer Financial Protection Bureau (CFPB) has filed suit against Citizens Bank, N.A. for allegedly violating TILA by failing to properly respond to credit card disputes.
The complaint also alleged the bank failed to fully refund finance charges and fees when consumers asserted disputes or fraud claims.
The Providence, R.I.-based bank said it will “vigorously challenge” the CFPB’s action. Read on to learn why the bank plans to fight the case.
|
|
|
CFPB adds to executive team
Posted Date: Monday, February 3, 2020
The Consumer Financial Protection Bureau (CFPB) has added five new leaders to its executive team – including a new assistant director of enforcement in the Supervision, Enforcement & Fair Lending Division.
The new enforcement chief comes to the CFPB from the Justice Department and replaces Kristen Donoghue, who resigned from the post in May 2019.
Read on for details from the CFPB about the five executives.
|
|
|
CSBS sets 2020 legislative priorities
Posted Date: Monday, February 3, 2020
Conference of State Bank Supervisors President and CEO John Ryan has announced this year’s legislative priorities for state regulators.
The priorities include strengthening Bank Secrecy Act/Anti-Money Laundering (BSA/AML) reform proposals.
Read on to learn more about Ryan’s legislative priorities.
|
|
|
NAR supports HUD’s new guidance
Posted Date: Monday, February 3, 2020
The National Association of Realtors (NAR) has come out in support of the Department of Housing and Urban Development’s (HUD) new assistance animal guidance.
The new Assistance Animal Notice clarifies how housing providers can comply with the Fair Housing Act when assessing a person’s request to have an animal in housing to provide assistance because of a disability.
Read on for NAR President Vince Malta’s statement on the notice.
|
|
|
TRID’s impact on liability, competition
Posted Date: Thursday, January 30, 2020
Finding ways to cure liability issues and a lack of competition created by the TRID rule were among the issues cited by lenders and other industry members who responded to the bureau’s request for information seeking feedback on potential changes to the rule.
The CFPB received more than 150 public comments on recommendations for modifying, expanding or eliminating the rule.
Read on for suggestions on how TRID can be improved from RESPRO, the Mortgage Bankers Association (MBA), the National Association of Mortgage Brokers (NAMB) and ComplianceEase.
|
|
|
CFPB issues abusive acts policy
Posted Date: Thursday, January 30, 2020
The Consumer Financial Protection Bureau (CFPB) has issued a policy statement providing a common-sense framework on how it intends to apply the “abusiveness” standard in supervision and enforcement matters.
Through this policy statement, the bureau is providing clarification on how it intends to apply abusiveness in order to promote compliance and certainty.
Read on for reaction from CFPB Director Kathy Kraninger and House Financial Services Committee Chairwoman Maxine Waters.
|
|
|
Judge awards actual damages for ‘deficient’ response letter
Posted Date: Thursday, January 30, 2020
An Ohio woman who claimed her servicer failed to timely respond to a notice of error (NOE) regarding complications over who was listed as a borrower on the marital home after a divorce is entitled to actual damages, a federal judge recently ruled. The servicer argued it was entitled to summary judgment because the NOE was duplicative. Read on for highlights of the judge’s opinion, which also addressed statutory damages.
|
|
|
HUD issues guidance on assistance animals
Posted Date: Thursday, January 30, 2020
The Department of Housing and Urban Development (HUD) has published guidance clarifying how housing providers can comply with the Fair Housing Act when assessing a person’s request to have an animal in housing to provide assistance because of a disability.
The guidance also provides information that an individual may need to provide to a housing provider about his or her disability-related need for the requested accommodation.
Read on for more from HUD’s new Assistance Animal Notice.
|
|
|
AML bank fines soaring
Posted Date: Thursday, January 30, 2020
A new study by client lifestyle management provider Fenergo shows that fines against financial institutions for non-compliance with anti-money laundering (AML), Know Your Customer (KYC) and sanctions regulations increased by 160 percent over the last 15 months.
Twelve of the world’s top 50 banks were fined for non-compliance with AML, KYC and sanctions violations in 2019.
Read on for reaction from Fenergo leaders and more details from the study.
|
|
|
Industry cites need for LE timing changes in TRID rule
Posted Date: Monday, January 27, 2020
The CFPB received more than 150 public comments on recommendations for modifying, expanding or eliminating the TRID rule.
The Dodd-Frank Act requires the CFPB to conduct an assessment addressing the effectiveness of the rule within five years of its effective date.
Some commenters, including the Mortgage Bankers Association (MBA) and ComplianceEase, took issue with Loan Estimate timing, delivery and content requirements. Read on for more details from some of the comments on the rule.
|
|
|
Seila Law, House ask Supreme Court to change argument time
Posted Date: Monday, January 27, 2020
A California law firm that petitioned the U.S. Supreme Court to decide the constitutionality of the Consumer Financial Protection Bureau (CFPB) is asking for more oral argument time to allow for amicus curiae input.
The Department of Justice (DOJ) is not opposing the request, while the House of Representatives is petitioning for its own chance to be heard.
Read on for details from motions filed by Seila Law and the House of Representatives.
|
|
|
Montgomery gets new chief of staff
Posted Date: Monday, January 27, 2020
Joseph Gormley, who most recently served as chief of staff to Assistant Secretary for Housing and Federal Housing Commissioner Brian Montgomery, has taken a new position with the Federal Housing Administration (FHA).
|
|
|
NAR: White House regulation will spur housing construction
Posted Date: Monday, January 27, 2020
The administration of President Donald Trump recently unveiled its replacement of the regulation known as “Waters of the U.S.”
The regulation was promulgated during the administration of President Barack Obama.
The National Association of Realtors (NAR) predicts the regulatory changes will help with low inventory and a lack of affordable housing options. Read on for more from NAR.
|
|
|
NAR to CFPB: Replace QM definition
Posted Date: Monday, January 27, 2020
The National Association of Realtors (NAR) was one of multiple industry trade associations to write Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger with concerns on her recent announcement concerning the Ability-To-Repay/Qualified Mortgage (ATR/QM) rule.
The CFPB is working to replace the current QM GSE patch and update the QM definition.
Read on to see what the organizations are recommending the bureau do.
|
|
|
NAR asks agents to help with Census
Posted Date: Monday, January 27, 2020
The U.S. Census Bureau has designated the National Association of Realtors as a national partner for the upcoming 2020 Census.
NAR is asking real estate agents nationwide to help drive Census participation in their respective communities.
Read on for more details from NAR.
|
|