News By Edition

Strong homebuyer demand and limited housing supply led to median sales prices rising for existing single-family homes in all but one of 183 measured markets in the third quarter of 2021, according to the latest quarterly report from the National Association of Realtors.

The National Association of Realtors hosted Federal Emergency Management Agency’s Senior Executive of the National Flood Insurance Program (NFIP) David Maurstad at the 2021 REALTORS Conference & Expo in San Diego for an update on the NFIP’s new Risk Rating 2.0: Equity in Action system.

Democratic senators have asked the Consumer Financial Protection Bureau (CFPB) to take concrete steps to reform the credit reporting industry. The senators urged CFPB Director Rohit Chopra to use the CFPB’s existing supervisory, rulemaking, and enforcement authority over the largest nationwide consumer reporting agencies.

The California Department of Financial Protection and Innovation (DFPI) could be exceeding its authority with its new escrow proposals, according to RESPRO President and Executive Director Ken Trepeta.

The Consumer Financial Protection Bureau has issued an advisory opinion providing guidance on consumer reporting agencies’ obligations under the Fair Credit Reporting Act, such as “name-only matching.” This occurs when a consumer reporting agency uses only first and last name to determine whether a particular item of information relates to a particular consumer, without using other personally identifying information such as address, date of birth or Social Security number.

The Federal Housing Administration has published revised and enhanced policies under its Single-Family Title I Manufactured Home Loan Program for lenders to provide loans for the financing of manufactured homes, including those titled as personal property, and the lots on which these homes will reside.

The Government Accountability Office (GAO) has recommended ways the Department of Housing and Urban Development (HUD) and Health and Human Services (HHS) can help youth who are homeless. Although HUD and HHS provide grants to local organizations to operate programs like shelters or transitional living programs, many youth who are homeless may not be receiving services they may be eligible for, a new GAO study found.

The Department of Housing and Urban Development (HUD) will provide $13.6 million in American Rescue Plan funding to conduct fair housing enforcement and education and outreach activities related to the COVID-19 pandemic. Among the activities that will be conducted by the organizations is addressing discriminatory practices in underserved communities.

Rohit Chopra made his first public appearances since being sworn in as the Consumer Financial Protection Bureau’s new director. In testimony before the Senate Banking Committee, Chopra discussed current economic conditions, market monitoring and the path forward.

Zillow and the National Association of Realtors have asked that an Austin, Texas, real estate technology company’s federal antitrust complaint against them be dismissed based on new information. REX sued the defendants in March, claiming its competitive mode is threatened by the concerted action of NAR and Seattle-based Zillow, along with their multiple listing services affiliates.

Pending home sales declined in September, following a previous month of growth, according to the National Association of Realtors.^. Each of the four major U.S. regions saw contract activity decline month-over-month and year-over-year.

The Department of Housing and Urban Development recently held a virtual event with tribal leaders, housing practitioners and members of Congress to recognize the 25th anniversary of the passage of the Native American Housing Assistance and Self-Determination Act.

A Texas woman asked a judge to set aside a foreclosure sale and cancel the trustee’s deed, claiming the servicer violated RESPA by engaging in dual tracking. The servicer argued it had every right to conduct the sale because the borrower defaulted on her mortgage and failed to comply with a trial payment plan.

The Department of Housing and Urban Development (HUD) has reached a voluntary compliance agreement with the owner and property manager of a Phoenix housing provider accused of failing to provide adequate language services for a resident with limited English proficiency.

The Department of Justice has obtained a consent decree with several defendants accused of subjecting 23 women to severe and repeated sexual harassment and retaliation at Minneapolis rental properties. Read on for details from the consent order.

The Department of Justice has launched a Combatting Redlining Initiative to prevent the illegal practice in which lenders avoid providing services to individuals living in communities of color.  The new initiative represents the department’s most aggressive and coordinated enforcement effort yet to address redlining.

The Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ), in cooperation with the Office of the Comptroller of the Currency, have sued a Jackson, Miss.-based lender for alleged redlining. The CFPB and DOJ accused Trustmark National Bank of discriminating by deliberately not marketing, offering or originating home loans to consumers in majority-Black and Hispanic neighborhoods in the Memphis metropolitan area.

The Consumer Bankers Association (CBA) has released a new white paper urging the Consumer Financial Protection Bureau (CFPB) to use rulemaking and informal written guidance rather than enforcement to create new guidelines or interpret existing regulatory standards. CBA released “The Case For Regulation Through Rulemaking & Guidance” following the official swearing-in of Rohit Chopra as the  director of the CFPB last month.

The Financial Crimes Enforcement Network (FinCEN) has issued a financial trend analysis on ransomware trends in Bank Secrecy Act (BSA) reporting filed between January 2021 and June 2021. FinCEN’s report was in response to the increase in number and severity of ransomware attacks against U.S. critical infrastructure since late 2020.

Existing-home sales rebounded in September after waning the previous month, according to the National Association of Realtors. Each of the four major U.S. regions experienced  increases on a month-over-month basis.

The Consumer Financial Protection Bureau, Federal Trade Commission and North Carolina Department of Justice have banned together to file an amicus brief in support of the consumer plaintiffs in a case filed against a public records website.

The Federal Deposit of Insurance Corp. announced a series of steps intended to provide regulatory relief to financial institutions and speed up recovery in areas of Pennsylvania affected by Hurricane Ida. The agency told bankers prudent efforts to adjust terms on existing loans in affected areas should not be subject to examiner criticism.

The Department of Housing and Urban Development has signed a voluntary compliance agreement with the owners of a community in Fairhope, Ala. The agreement resolves allegations into whether the owners’ policy prohibiting visitors under the age of 12 due to COVID-19 was discriminatory.

The Department of Housing and Urban Development has awarded $15.7 million to 18 universities, public health and housing organizations to conduct housing-related hazard and energy efficiency research studies. The research grants will aim to identify and improve methods for detecting and controlling lead and other housing-related health and safety hazards.