News By Edition

An Illinois federal judge denied a motion filed by the Consumer Financial Protection Bureau and Chicago mortgage broker Townstone Financial to vacate the settlement the two parties reached which resolved allegations of redlining against Townstone.

One of the attorneys representing Townstone spoke to RESPA News about the decision.

More than 40 speakers will take the stage over three days this week at the 21st National Settlement Services Summit (NS3) at The Westin Pittsburgh in Pittsburgh, Pa. Over 600 attendees will hear from them during 18 sessions.

President Donald Trump recommended a $33.6 billion cut in the U.S. Department of Housing and Urban Development’s funding. The National Fair Housing Alliance, the National Association of Home Builders and the National Low Income Housing Coalition have all expressed concerns about the long-lasting impact of these cuts.

The industry welcomed the passage of bipartisan legislation in the Senate prohibiting the use of “trigger leads.” The vote came shortly after nearly identical legislation passed out of the House Financial Services Committee with a minor amendment.

Federal Reserve Chair Jerome Powell appointed a new leader of the Fed Office of Inspector General, who will have oversight of the Consumer Financial Protection Bureau as well. Days later, the Fed announced its intent to investigate efforts to make massive staff cuts at the bureau.

Over 1,000 builders, remodelers and associates of the residential construction industry went to Capitol Hill for the National Association of Home Builders 2025 Legislative Conference to urge lawmakers to support policies that will help builders increase the production of quality, affordable housing.

An Illinois federal judge denied a motion filed by the Consumer Financial Protection Bureau and Chicago mortgage broker Townstone Financial to vacate the settlement the two parties reached to resolve allegations of redlining against Townstone.

Arizona Attorney General Kris Mayes announced a housing enforcement lawsuit against a property management company accused of violating the Arizona Fair Housing Act when it denied a “reasonable accommodation” to a tenant with a disability.

Legislation seeking to impose a prohibition on “trigger leads,” sold by credit agencies when consumers apply for residential mortgage loans, passed out of the House Financial Services Committee. Several trade groups expressed their support for the measure.

The American Land Title Association announced June 10 that Chris Morton has been named CEO, effective immediately. Morton succeeds Diane Tomb, who served as CEO for the past six years.

An attorney with more than 20 years’ experience in the mortgage industry announced he launched a national law firm in Ontario, Calif., focused on regulatory compliance.

The U.S. Senate confirmed a new deputy secretary of the U.S. Department of Housing and Urban Development (HUD) with a vote of 51-43. He previously served as HUD chief of staff under former HUD Secretary Ben Carson.

Two former Consumer Financial Protection Bureau senior counsels discuss the potential effects on the industry of the bureau asking the Office of Management and Budget to review — and possibly rescind — the bureau’s Loan Originator Compensation rule and mortgage servicing rules.

U.S. Department of Justice (DOJ) filed a motion to end a 2022 consent order with a Newark, N.J.-based bank accused of redlining. The order was scheduled to remain in effect for five years. A non-profit organization has asked the court to keep the order in place until it expires.

The National Association of Realtors (NAR) board of directors ratified changes to its code of ethics at the Realtors Legislative Meetings on June 5. The changes are meant to provide clarity, according to NAR President Kevin Sears.

October Research Chief Knowledge Officer and Keys to Real Estate podcast host Mary Schuster discussed why engagement between industry professionals and their regulators is so important while speaking with a pair of incredibly personable leaders of the National Association of Insurance Commissioners, which regulates the title insurance industry.

Department of Housing and Urban Development (HUD) Secretary Scott Turner declared June as National Homeownership Month, celebrating the power of homeownership to build stronger communities and spotlighting HUD’s role in restoring the “American Dream” of homeownership.

Sen. John Kennedy (R-La.) reintroduced the CFPB Pay Fairness Act, which would require the Consumer Financial Protection Bureau (CFPB) to pay its employees according to the same standards that apply to other federal employees.

At the request of the Consumer Financial Protection Bureau and the Department of Justice (DOJ), a U.S. district court agreed to the early termination of a 2022 consent order settling redlining allegations against a mortgage company owned by Berkshire Hathaway. The DOJ said at the time the consent order was the first redlining settlement the department reached with a non-bank lender and the second largest in its history.

District of Columbia Attorney General Brain Schwalb secured a consent order resolving allegations that William C. Smith & Co., Inc. conspired with 13 other landlords to inflate rents of apartment units by using software from RealPage, Inc.

The U.S. Department of Housing and Urban Development (HUD) needs to improve its fraud risk management strategies and safety requirements for public housing, according to a report from HUD’s Office of Inspector General.

The Federal Housing Administration published Mortgagee Letter 2025-14, “Updates to Modernization of Engagement with Borrowers in Default and Loss Mitigation,” which revised what constitutes “reasonable effort” to arrange an interview with borrowers in default.

National Association of Realtors (NAR) Chief Economist Lawrence Yun told attendees of the NAR 2025 Realtors Legislative Meetings that he expects existing home sales to increase by 6 percent in 2025 and by 11 percent in 2026.

In a letter to Department of Housing and Urban Development Secretary Scott Turner, the American Bankers Association recommended the agency rescind its current disparate impact rule and go back to a version introduced in 2020. Debate over the rule has been ongoing since the rule was first issued in 2013.

The volume of guidance withdrawn by the Consumer Financial Protection Bureau in May has raised many eyebrows among regulators, attorneys and financial professionals. One of the most notable examples is an interpretive rule concerning states’ ability to enforce federal consumer protection laws.

The U.S. Department of Justice obtained a default judgment against three California men who worked at or owned a rental property and were accused of sexually harassing a female tenant and of retaliation in violation of the Fair Housing Act.

Fannie Mae announced updated area median income limits for 2025, effective May 18, in a recent Selling Notice.

Pending home sales sank in April, according to the National Association of Realtors. All four regions experienced month-over-month losses, with the biggest hit occurring in the West.

Ranking Members of the Senate Banking, Housing, and Urban Affairs Committee asked the Department of Justice to investigate whether Department of Government Efficiency employees broke conflict of interest laws by cutting staffing at government agencies like the Consumer Financial Protection Bureau while holding hundreds of thousands of dollars in private companies that could benefit from the cuts.

The Consumer Financial Protection Bureau and the Department of Justice filed a motion in U.S. District Court to terminate a 2021 consent order with a Jacksonville, Miss., lender which was accused of redlining. The order was scheduled to expire in October 2026.

The Civil Rights Division of the Arizona Attorney General’s office secured a consent decree resolving a complaint against a Flagstaff, Ariz., property management company accused of housing discrimination and retaliation against a tenant who needed an assistance animal for a disability.

The U.S. House passed the VA Home Loan Program Reform Act, which would establish a permanent partial claim option to help distressed veteran homeowners. 

Could you spot a fake ID? Many seasoned real estate professionals know the skill is useful to more than club bouncers or police officers. Jaime Kosofsky, executive vice president of business development and compliance at Brady and Kosofsky, can attest to this fact, as he noted on a recent episode of the Keys to Real Estate podcast.

Homebuyer affordability declined slightly in April as the national median mortgage payment inched upward, according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index. Even so, indicators point to moderating home prices, according to the MBA.