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MSA or AfBA? Which one is right for your business
Posted Date: Monday, May 1, 2023
Florida Agency Network Chief Operating Officer Mike LaRosa spoke to RESPA News about marketing services agreements (MSAs) and other ways real estate professionals do business with each other while remaining RESPA compliant.
While MSAs have their place, LaRosa suggested the best solution for your business needs might be one of the alternatives.
Read on for more details.
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CFPB report finds ‘a la carte’ style fees lead to higher costs for consumers
Posted Date: Thursday, May 2, 2024
While the real estate industry adapts to the structural changes coming its way, the Consumer Financial Protection Bureau’s Office of Research conducted laboratory experiments to investigate the effects of price complexity on market outcomes.
Results indicated consumers paid more when costs were split into sub-prices, and the more complex the pricing structure, the worse the buyers fared.
Read on to learn more about the study.
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FHFA director testifies on pricing framework before House committee
Posted Date: Thursday, May 25, 2023
Federal Housing Finance Agency Director Sandra Thompson testified before the House Financial Services Committee about recent actions taken by the agency.
Thompson spoke on the updates made to the single-family pricing framework, which have had mixed reception by industry participants and congressional representatives.
Read on for more details.
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Experts to discuss what’s next on the data privacy horizon
Posted Date: Thursday, May 25, 2023
Data privacy experts Ryan Cabrita of The Gulotta Grabiner Law Group and Greg Szewczyk of national law firm Ballard Spahr will discuss some of the big up-and-coming topics in their field, as concerns about handling personal data are constantly evolving, especially when dealing with financial data.
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Forbearance mishandling leads to RESPA QWR suit
Posted Date: Thursday, May 25, 2023
The U.S. District Court, Eastern District of Missouri, Eastern Division analyzed a pro se amended complaint brought against Bank of America, Rushmore Loan Management, LLC, and others about a forbearance agreement.
Plaintiffs stated they were misled by Rushmore into entering the forbearance and experienced unreasonable delays when dealing with Bank of America. They brought suit under RESPA, along with other state and federal statutes.
Read on for more details.
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Serious delinquencies improve, early-stage delinquencies spike in April
Posted Date: Thursday, May 25, 2023
April’s month-end mortgage performance statistics from Black Knight showed a spike in the delinquency rates.
While serious delinquencies nationwide continued to improve, early-stage delinquencies rose.
To learn how the calendar may have been a factor, read on.
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PHAs in nine states receive funds to help youths aging out of foster care
Posted Date: Thursday, May 25, 2023
The U.S. Department of Housing and Urban Development will make available over $688,000 to designated public housing authorities in nine states.
The grant will fund vouchers to assist young adults who have aged out of the foster system and are homeless or at risk of homelessness.
Read on for more details.
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NAR, HPC support FHFA LLPA framework updates in House subcommittee hearing
Posted Date: Monday, May 22, 2023
The House Financial Services Subcommittee on Housing and Insurance held a hearing titled, “The Current Mortgage Market: Undermining Housing Affordability with Politics.”
Witnesses from the Housing Policy Council, the National Association of Realtors, and the Urban Institute, voiced their support for the Federal Housing Finance Agency’s recent pricing framework updates, and offered suggestions to increase homeownership.
Read on for more details.
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Former San Francisco mayor supports discrimination suit against Wells Fargo
Posted Date: Monday, May 22, 2023
Former San Francisco Mayor Willie Brown Jr. voiced his support for the class action filed against Wells Fargo alleging the lender approved more white borrowers for a mortgage loan compared with Black applicants during the COVID-19 pandemic, when historically low interest rates created opportunities for consumers to finance their homes on more favorable terms.
The complaint also asserted Black applicants were given higher interest rates than white borrowers on a consistent basis.
Read on for more details.
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Experts provide best practice tips for fair servicing
Posted Date: Monday, May 22, 2023
October Research attended CBA LIVE in Las Vegas to provide the latest word from industry experts on the current regulatory trends, best practices, and what to do when updating fair lending policies.
Suggestions included keeping compliance management systems well-documented and up-to-date, and internal analysis to address issues proactively.
Read on for more details.
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International expert shares insight into economic forecast
Posted Date: Monday, May 22, 2023
A new installment of October Research’s welcomes Dr. Ted Jones joined October Research for its newest installment in its Economic Forecast webinar series.
The international real estate expert delved into numerous topics affecting the title industry, housing, and the mortgage market.
Read on to learn more.
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HECM changes finalized
Posted Date: Monday, May 22, 2023
The Federal Housing Administration finalized changes to the claims process for home equity conversion mortgages (HECM). The change will allow for faster payment of funds to mortgagees when an HECM is assigned to the U.S. Department of Housing and Urban Development.
Read on for more details.
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Agencies host panel on ADUs as affordable housing solution
Posted Date: Thursday, May 18, 2023
The Federal Deposit Insurance Corp., the Federal Reserve Bank of San Francisco, and the Office of the Comptroller of the Currency hosted several real estate finance and policy experts to discuss how accessory dwelling units can be part of addressing the housing affordability challenge.
Read on for more details.
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Wells Fargo, Urban Institute partner on WORTH initiative
Posted Date: Thursday, May 18, 2023
The Wells Fargo Foundation and the Urban Institute (UI) are partnering on the former’s Wealth Opportunities Realized Through Homeownership (WORTH) initiative, created in 2022 to support local efforts to promote housing equity.
UI released a baseline report with key findings about the housing status of targeted areas as part of its evaluation study on WORTH’s impact.
Read on for more details.
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Congressional reps file amicus brief supporting CFPB in funding case
Posted Date: Thursday, May 18, 2023
Over 140 current and former members of Congress signed their names to an amicus brief filed in support of the Consumer Financial Protection Bureau in the case over the agency’s funding structure appearing before the U.S. Supreme Court.
The signees stated affirming the Fifth Circuit’s holding that the bureau was unconstitutionally funded would place the funding models of other financial agencies and regulatory programs at risk.
Read on for more details.
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Multi-offer environment endures: April existing home sales show modest slide
Posted Date: Thursday, May 18, 2023
The existing-home sales report for April generated by the National Association of Realtors’ (NAR) showed another drop in the sales of existing homes. There were 3.4 percent less sales in April than there were in March, down to a seasonally adjusted annual rate of 4.28 million. Compared with the year before, sales were down 23.2 percent.
NAR’s chief economist calls the current market status “an environment of push-pull housing demand.”
Read on for more details.
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RFI issued on Enterprises’ single-family pricing framework
Posted Date: Thursday, May 18, 2023
The Federal Housing Finance Agency requested input from industry stakeholders on its mortgage pricing framework for Fannie Mae and Freddie Mac, to be submitted by Aug. 14.
Read on for more details.
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Class certification considered in RESPA kickback suit against Eagle National
Posted Date: Monday, May 15, 2023
The named plaintiff in a RESPA lawsuit where Eagle National is accused of violating RESPA’s prohibition on kickback schemes and split fees requested class certification for individuals similarly situated to her.
She accused the bank of receiving payments for referrals to a specific title agency and for splitting respective payments.
Read on for more details.
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Experts to offer guidance on RESPA, digital marketing compliance
Posted Date: Monday, May 15, 2023
Even though the Consumer Financial Protection Bureau has not issued a RESPA-related enforcement action recently, that does not mean it is not on the bureau’s radar.
With its advisory opinion on digital comparison shopping platforms in February, servicers may be left with questions about how to comply with RESPA’s requirements while also maximizing consumer reach and drive production.
Franzén & Salzano President Loretta Salzano and Firstline Compliance, LLC Vice President Jerra Ryan are experts who can clarify some uncertainties.
Read on for more details.
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Low-income homebuyers miss out on COVID-19 relocation savings
Posted Date: Monday, May 15, 2023
The migration patterns seen during the COVID-19 pandemic, where consumers were eschewing large, more expensive areas for more affordable ones, differed depending on the income status of the homebuyers, a research brief from Freddie Mac showed.
The data revealed low-income homebuyers missed out on the same level of potential cost savings as other income levels.
Read on to find out why.
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Senators introduce bill to promote affordable housing in rural areas
Posted Date: Monday, May 15, 2023
The Senate Committee on Banking, Housing, and Urban Affairs’ Subcommittee on Housing, Transportation, and Community Development heard from housing experts on how the bill introduced by Sens. Jeanne Shaheen (D-NH) and Tina Smith (D-MN), titled the “Strategy and Investment in Rural Housing Preservation” Act, will address affordable housing challenges in rural areas.
Read on for more details.
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FHA new policy lengthens mortgage period to 40 years
Posted Date: Monday, May 15, 2023
The Federal Housing Administration’s new policy provides borrowers struggling with housing costs a potential reprieve by allowing modifications to extend mortgage periods up to 40 years (480 months).
The increase in the term limit will result in lower monthly payments and give homeowners an affordable solution to housing costs.
Read on for more details.
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HUD grants more funds to bolster affordable housing
Posted Date: Monday, May 15, 2023
Through its Self-Help Homeowners Opportunity Program and Rural Capacity Building Grants, the U.S. Department of Housing and Urban Development awarded more than $22 million to further affordable housing goals and homeownership.
Read on for more details.
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Petitioner’s brief filed with SCOTUS in CFPB funding structure case
Posted Date: Thursday, May 11, 2023
The Consumer Financial Protection Bureau (CFPB) filed its petitioner’s brief with the U.S. Supreme Court related to the Fifth Circuit’s finding that the agency’s funding structure is unconstitutional.
The bureau’s attorneys argued the text, history, and precedent of the Appropriations Clause establishes the constitutionality of the CFPB’s funding structure and, even if there was an issue, the proper remedy would be to sever the problematic language, not to vacate the bureau’s actions.
Read on for more details from the brief.
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Washington passes law to help consumers harmed by restrictive covenants
Posted Date: Thursday, May 11, 2023
Washington state passed the Covenants Homeownership Act, a law designed to address the harms caused by racially restrictive covenants prevalent in deeds during the early- and mid-20th century.
The statute compensates victims of housing exclusion and their descendants by providing mortgage assistance and the opportunity for homeownership long denied.
Read on for more details.
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Senator demands answers about FHFA pricing framework
Posted Date: Thursday, May 11, 2023
Sen. Tim Scott (R-S.C.), ranking member of the Senate Committee on Banking, Housing, and Urban Development, penned a letter to Federal Housing Finance Agency Director Sandra Thompson requesting evidence to support her statement that changes to mortgage financing will more accurately align pricing with expected performance and risk.
He requested her response by May 19.
Read on to learn the senator’s concern.
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South boasts largest share of Q1 single-family existing-home sales
Posted Date: Thursday, May 11, 2023
In its report for the first quarter of 2023, the National Association of Realtors found the southern region of the U.S. had the largest share of single-family existing-home sales, and almost seven out of 10 metro areas reported price gains.
Read on for more details.
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NSPIRE rule finalized
Posted Date: Thursday, May 11, 2023
The U.S. Department of Housing and Urban Development finalized its National Standards for the Physical Inspection of Real Estate in the Federal Register.
Inspections using the new standards will begin July 1 for public housing, and Oct. 1 for Housing Choice Voucher, project-based voucher, and multifamily properties.
Read on for more details.
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Servicer claims it never received QWR in RESPA case
Posted Date: Monday, May 8, 2023
In a case out of the Eastern District of Missouri, LoanCare attempted to argue it never received a qualified written request from a borrower who claims the servicer failed to apply a payment to her account.
The court was considering both parties’ motions for summary judgment on the RESPA claim.
Read on for more details.
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Redlining rumination: How to prepare for regulatory expectations
Posted Date: Monday, May 8, 2023
At the Consumer Bankers Association 13th annual CBA LIVE event in Las Vegas, experts discussed redlining enforcement and regulatory expectations.
The conversation highlighted regulatory trends and offered suggestions on how to manage redlining risk.
Read on for more details from the session.
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Senators listen to solutions to affordable housing challenge
Posted Date: Monday, May 8, 2023
The Senate’s Banking, Housing and Urban Affairs Committee heard testimony from three experts on ways to address the affordable housing challenge, an issue impacting neighborhoods across the country.
“A shortage of affordable housing isn’t just a housing problem,” Chairman Sherrod Brown (D-Ohio) said in his opening statement. “It’s an education problem. It’s a health care problem. It’s an economic growth problem.”
Read on for more details.
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Wells Fargo moves to dismiss claims in forbearance case
Posted Date: Monday, May 8, 2023
In a consolidated action against Wells Fargo, the U.S. District Court for the Northern District of California gave its decision on the bank’s motion to dismiss.
The case is related to Wells Fargo’s actions during the COVID-19 pandemic, when it put residential mortgage holders into forbearance without their knowledge or consent.
Read on for more details.
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Increase in pending home sales in South highlights NAR index
Posted Date: Monday, May 8, 2023
The National Association of Realtors’ (NAR) Pending Home Sales Index showed a drop in March, ending a three-month streak of month-over-month increases. While three of the four regions saw a decline in pending home sales, the South continued to see increases.
NAR’s chief economist said the lack of housing inventory was a primary factor in the lagging rise in sales.
Read on for more details.
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Waters reminds Fed to be cautious with new rate hike
Posted Date: Monday, May 8, 2023
As the Federal Reserve raised interest rates to a 16-year high, Rep. Maxine Waters (D-Calif.) issued a statement reminding the Fed of the risks of increasing interest rates unnecessarily.
Read on for more details.
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Grave concerns about zombie mortgages arise in CFPB field hearing
Posted Date: Thursday, May 4, 2023
Brooklyn Law School in New York hosted the Consumer Financial Protection Bureau’s field hearing on zombie mortgages, a phenomenon where debt collectors are starting to attempt collecting on second mortgages they purchased during the fallout of the Great Recession.
Many of these debts are surprising to homeowners, as they believed the loans had been satisfied through a loan modification of a first mortgage and they have not received statements or communications about the loan for the last decade.
Read on for more details.
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PNC’s NOE argument fails in RESPA case
Posted Date: Thursday, May 4, 2023
PNC Bank made an unpersuasive argument as the defendant in a suit out of the Northern District of California claiming the communication it received from a borrower did not constitute a notice of error.
The borrower alleged the bank violated RESPA, and other statutes, when it foreclosed on his home without proper notification.
Read on for more details.
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CFPB NPR would establish protections for PACE borrowers
Posted Date: Thursday, May 4, 2023
The Consumer Financial Protection Bureau issued a notice of proposed rulemaking that would establish protections for borrowers utilizing property assessed clean energy (PACE) loans.
These products are a way to finance clean energy improvements to a property, secured by a property tax lien on the borrower’s home.
To learn about the proposed PACE loan rule, read on.
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States receive $382M to promote affordable housing
Posted Date: Thursday, May 4, 2023
Through the nation’s Housing Trust Fund, the U.S. Department of Housing and Urban Development has given $382 million to all 50 states, the District of Columbia, and territories to address the affordable housing crisis.
Each state will receive a minimum of $3 million to support efforts to provide adequate housing for extremely low- and very low- income households.
To learn how these funds can be used, read on.
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NFHA, housing groups support FHFA mortgage pricing updates
Posted Date: Thursday, May 4, 2023
The National Fair Housing Alliance, along with 11 other housing interest groups, voiced their support for the Federal Housing Finance Agency’s updates to the mortgage pricing framework.
These changes were announced in January and took effect May 1.
Read on for more details.
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Home equity lending could be solution in tight mortgage market
Posted Date: Monday, May 1, 2023
STRATMOR Group, a mortgage industry advisory firm, and its principal Tom Finnegan suggest home equity lending as a potential solution for mortgage lenders currently feeling the squeeze of a tighter market.
Finnegan said in this current environment, where borrowers are “frozen in place,” and possibly looking for cash, home equity loans or lines of credit may be a more popular product than a standard cash-out refinance.
Read on for more details.
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NAR, housing interest groups support HUD AFFH rule
Posted Date: Monday, May 1, 2023
The National Association of Realtors was joined by several trade groups in voicing support for the U.S Department of Housing and Urban Development’s proposed Affirmatively Furthering Fair Housing rule.
The rule is stated to improve the agency’s 2015 rule and provide for more robust community engagement, streamlining processes for funding recipients, and providing greater transparency.
Read on for more details.
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LIBOR transition underway
Posted Date: Monday, May 1, 2023
On June 30, the London-Inter-Bank Offered Rate (LIBOR) will expire. At that time, banks and lenders will be transitioning consumer loans currently using the LIBOR index to other indices.
In preparation for the transition, the Consumer Financial Protection Bureau updated its 2021 LIBOR transition rule, and Freddie Mac disclosed more than 34,000 floating-rate securities that will be transitioning to replacement indices based on the Secured Overnight Financing Rate.
Read on for more details about the LIBOR transition.
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Mortgage delinquency rate hits near-record low
Posted Date: Monday, May 1, 2023
The mortgage delinquency rate fell to a near-record low in February, according to CoreLogic’s Loan Performance Insights for April.
CoreLogic’s principal economist said the historically low rate for early-stage delinquency was driven by the strength of the job market.
Read on for more details.
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Senators introduce bill to eliminate CFPB
Posted Date: Monday, May 1, 2023
Five Republican senators reintroduced a bill calling for the elimination of the Consumer Financial Protection Bureau.
Representatives also introduced a similar motion in the House.
Read on for more details.
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