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Posted Date: Monday, March 18, 2024
The U.S. Department of Housing and Urban Development allocated almost $70 million to support housing for families living on Native American reservations and in other tribal communities.
More than 30 communities received the monies through the Indian Community Development Block Grant program.
Read on for more details.
Posted Date: Thursday, March 14, 2024
Coinciding with the Biden-Harris administration’s announcement that it would be looking into title insurance and the closing costs that come with purchasing a home, Federal Housing Finance Agency Director Sandra Thompson provided details about the agency’s title acceptance pilot.
“The title acceptance pilot will make it possible to test whether allowing lenders to sell these refinance loans is a responsible approach to reducing the closing costs incurred by existing homeowners,” Thompson said.
Read on for more details.
Posted Date: Thursday, March 14, 2024
The U.S. Department of Housing and Urban Development is offering $10 million in grant funding to prepare and equip prospective homebuyers with the tools they need to succeed in purchasing a home.
The purpose of the monies is to provide culturally sensitive and linguistically appropriate services for pre- and post-purchase housing counseling.
Posted Date: Monday, March 11, 2024
U.S. Department of Housing and Urban Development (HUD) Secretary Marcia Fudge gave her two weeks’ notice on March 11. After working in the public sector for almost 50 years, she will be retiring from public life.
Ken Trepeta, RESPRO president and executive director, told RESPA News his organization was sad to see her go, as her experience was “an asset” to HUD and the industry.
Read on for more details.
Posted Date: Monday, March 11, 2024
The Consumer Financial Protection Bureau opined about how junk fees are “driving up housing costs” after the Biden-Harris administration announced it would be working toward lowering housing costs, with an eye on title insurance reforms.
The bureau, which has been warning about cracking down on what it considers to be “junk fees,” issued a post on Feb. 27 about unlawful fees in the mortgage market that coincided with its joint amicus brief with the Federal Trade Commission in a case considering whether convenience fees charged by a mortgage servicing company are unfair to consumers.
Read on for more details.
Posted Date: Monday, March 11, 2024
To ensure servicers are treating all borrowers consistently and fairly throughout the loan process in compliance with fair lending and other consumer protection laws, Fannie Mae issued a Fair Servicing Best Practices guide.
The guide addressed training, risk/compliance, policies and procedures, and other topics based on conversations with mortgage servicers and consumer advocacy groups alike.
Read on for more details.
Posted Date: Wednesday, March 6, 2024
Former CFPB attorneys Mike G. Silver, partner at Husch Blackwell, and Richard Horn, managing partner at Garris Horn LLP gave insight into the Consumer Financial Protection Bureau and the Federal Trade Commission’s amicus brief submitted in a case relating to what the agencies consider illegal “junk fees.” The two financial regulators weighed in on whether “convenience fees” charged by a mortgage servicing company are unfair to consumers.
Posted Date: Wednesday, March 6, 2024
The U.S. Department of Housing and Urban Development Office of Housing Counseling issued a notice of funding opportunity meant to address the preservation and revitalization of manufactured housing.
This is one of the more recent actions taken by housing agencies and organizations to promote and improve manufactured housing, which has been designated multiple times as a viable solution to increasing affordable housing inventory.
Read on for more details.
Posted Date: Monday, March 4, 2024
At a field hearing at the Rockland County Legislature in New York City, New York, the House Committee on Financial Services’ Subcommittee on Housing and Insurance heard from witnesses on how market challenges have resulted in inaccessible and unaffordable housing options.
“Housing has already been too expensive, and now inventory is limited,” Subcommittee Chairman Warren Davidson (R-Ohio) said in his opening statement. “Lawmakers’ response is to force mandates, which sounds good on paper, but ends up hurting affordability and availability for residents most in need.”
Read on for more details.
Posted Date: Thursday, February 22, 2024
The Federal Housing Administration (FHA) is establishing a new loss mitigation home retention solution to help additional borrowers avoid foreclosure and retain their homes.
Mortgage Bankers Association President and CEO Bob Broeksmit said his organization supported this additional tool to help servicers better assist struggling borrowers avoid foreclosure in today’s environment, and he commended FHA for its transparency and engagement.
Read on for more details.