News By Edition

Social media platforms like Facebook, LinkedIn, Twitter and Instagram are a great way to promote title insurance, real estate and mortgage companies. But it’s important to remember all social media communications are subject to regulatory oversight.

The Consumer Financial Protection Bureau has published its fall agenda of planned rulemaking activities. The semi-annual agenda, coordinated by the Office of Management and Budget, lists the regulatory matters the bureau anticipates considering from Nov. 1, 2021, to Oct. 31, 2022.

After a multi-quarter trend of improvement, the critical defect rate is once again on the rise. The transition from a refinance market to a purchase market is one reason why, according to the latest Mortgage QC Industry Trends Report from ACES Quality Management.

An Elizabeth, N.J., landlord has agreed to pay $4.5 million to settle a Fair Housing Act lawsuit alleging he sexually harassed tenants and housing applicants for more than 15 years. The Department of Justice  called the agreement the largest monetary settlement it has ever obtained in a case alleging sexual harassment in housing.

Expect slower housing price appreciation, easing inflation and rising interest rates in 2022, according to a survey of more than 20 top U.S. economic and housing experts.

The Department of Housing and Urban Development (HUD) announced more American Rescue Plan funding available to help HUD Fair Housing Initiatives Program agencies combat housing discrimination related to the COVID-19 pandemic.

The Consumer Financial Protection Bureau has published a preliminary strategic plan on where the agency is headed over the next five years. Meanwhile, the bureau is seeking industry input to finalize its goals for fiscal years 2022 to 2026.

Twenty-three mission-driven non-profit organizations successfully won bids on 814 mortgage notes in the Department of Housing and Urban Development’s (HUD) Vacant Loan Sale. The Biden administration previously asked HUD to return more of the agency’s properties to future owner-occupancy.

A husband and wife who owned and managed rental properties in the Russellville, Ky., area have agreed to pay $230,000 to resolve a lawsuit alleging they violated the Fair Housing Act.

A Washington man claimed his servicer failed to take timely action in response to his request to avoid foreclosure. The servicer argued the borrower’s inquires do not meet the definition of qualified written requests because they were mailed to the wrong address.

The COVID-19 pandemic continues to attract single-family home buyers to the suburbs. However, higher-density markets are making a comeback as well, according to new research from the National Association of Home Builders.

The Department of Housing and Urban Development has awarded more than $52 million in Indian Community Block Grant-American Rescue Plan grants to 49 tribal communities to prevent, prepare for and respond to the COVID-19 pandemic.

National Association of Realtors President Leslie Rouda Smith recently testified before the House Committee on Veterans’ Affairs Subcommittee on Economic Opportunity during its hearing, “Removing Barriers to Veteran Home Ownership.”

A California woman claimed a series of mortgage loan servicing errors caused her to become in arrears through no fault of her own. The servicer asked a judge to dismiss the TRID lawsuit, claiming the borrower failed to prove she suffered any damages.

Loan limits for Single Family Title II forward and reverse mortgage insurance programs will rise in 2022, the Federal Housing Administration announced in a new mortgagee letter. Loan limits for most of the country will increase next year due to robust house price appreciation.

Banks continue to rely heavily on overdraft and non-sufficient funds revenue, according to new research by the Consumer Financial Protection Bureau. The bureau announced it will be enhancing its supervisory and enforcement scrutiny of banks that are heavily dependent on overdraft fees.

The Department of Justice has resolved allegations against a Massachusetts landlord accused of violating the Fair Housing Act by sexually harassing female tenants. The settlement also resolves claims against the property owners.

Pending home sales increased in October, rebounding after a decline the previous month. The notable gain assures total existing-home sales in 2021 will be the highest in 15 years, according to the National Association of Realtors.

The Department of Housing and Urban Development has awarded $10 million in Self-Help Homeownership Opportunity Program grants. The money will help three national and regional organizations facilitate innovative homeownership opportunities in low-income communities.

A Rhode Island man alleged a mortgage servicer violated its duty to respond to notices of error as required by RESPA. The servicer argued the man failed to allege concrete injury or cognizable damages.

The House of Representatives has passed President Joe Biden’s Build Back Better bill, which includes unprecedented housing spending priorities. H.R. 5376, which was approved on a 220-213 vote, now goes to the Senate.

The National Association of Realtors has installed a new president and other leaders.

Department of Housing and Urban Development Secretary Marcia Fudge recently joined world and business leaders to announce plans to reduce the agency’s energy and carbon footprint to help build a more equitable housing infrastructure.

Realtors have a tremendous opportunity to capitalize on the use of emerging technologies in the real estate industry, according to experts at the 2021 Realtors Conference and Expo in San Diego. Multiple educational sessions centered around the role of new technologies in the real estate landscape.

The Department of Housing and Urban Development has launched the Tribal Intergovernmental Advisory Committee. The announcement came shortly after President Joe Biden hosted the first White House Tribal Nations Summit since 2016.

The Department of Housing and Urban Development has released its fiscal year 2021 report to Congress on the financial health of the Federal Housing Administration Mutual Mortgage Insurance Fund.

The outlook for the residential real estate market, which performed exceptionally well during the height of the pandemic, continues to be promising, according to National Association of Realtors’ Chief Economist Lawrence Yun. However, how remote work opportunities play out in the future is a key concern.