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Results 1 - 10 of 558
Brown introduces bill to increase affordable housing via faith-based orgs
Posted Date: Monday, March 18, 2024
Sen. Sherrod Brown (D-Ohio) introduced a bill titled, “Yes, in God’s back yard,” which provides support to faith-based organizations and colleges that wish to build and preserve affordable housing on their land.
If passed, the bill would reduce barriers to developing this sort of housing, such as zoning restrictions and other policies.
Read on for more details.
This Week in Washington
FHFA announces update to new credit score rollout
Posted Date: Monday, March 11, 2024
The Federal Housing Finance Agency announced updates for the transition to a bi-merge credit requirement from the traditional tri-merge of reports from all credit reporting agencies.
The credit score requirement updates have been a source of contention since their announcement, with members of Congress concerned the change would result in Fannie Mae and Freddie Mac receiving incomplete borrower data, as well as increased risk.
Read on for more details.
This Week in Washington
Federal program funding extended to March 8
Posted Date: Monday, March 4, 2024
Congress passed an additional continuing resolution to extend funding for some federal programs in lieu of passing a final spending bill for 2024.
The continuing resolution extended the funding for some federal programs until March 8 and others were extended until March 22.
Read on for more details.
This Week in Washington
Agencies award $14M to house homeless veterans
Posted Date: Monday, February 26, 2024
The Department of Housing and Urban Development and the Department of Veterans Affairs have issued $14 million to assist homeless veterans in securing permanent housing.
Over 60 public housing agencies across the U.S. received funding for vouchers.
Read on for more details.
This Week in Washington
Representative calls for $500B affordable housing investment
Posted Date: Friday, February 16, 2024
Rep. Becca Balint (D-Vt.) called for a $500 billion investment in affordable housing, among other initiatives, to tackle the current challenges facing homeowners and renters.
Read on for more details.
This Week in Washington
Bill to boost housing opportunities passes in House
Posted Date: Monday, February 12, 2024
In a landslide vote of 357-70, the House of Representatives passed a bipartisan bill titled the Tax Relief for American Families and Workers Act of 2024.
The tax framework is expected to improve housing opportunities for Americans by enhancing programs like the low-income housing tax credit and child tax credit.
Read on for more details.
This Week in Washington
Warren, Brown write to Fed about mortgage interest rates
Posted Date: Monday, February 5, 2024
Sens. Elizabeth Warren (D-Mass.) and Sherrod Brown (D-Ohio), along with other members of Congress, sent letters to Jerome Powell, chair of the Board of Governors of the Federal Reserve System, in advance of the Federal Open Market Committee meeting.
The missives emphasized the importance of lower interest rates for the housing market.
Read on for more details.
This Week in Washington
HUD allocates $150M to fund affordable housing projects in tribal communities
Posted Date: Monday, January 29, 2024
The U.S. Department of Housing and Urban Development made available $150 million to promote affordable housing projects to benefit low-income families in American Indian and Alaska Native communities.
Read on for more details.
This Week in Washington
Lawmakers react to CFPB overdraft rule
Posted Date: Monday, January 22, 2024
Reps. Maxine Waters (D-Calif.), Patrick McHenry (R-N.C.), and Andy Barr (R-Ky.), as well as Sen. Sherrod Brown (D-Ohio), all gave their reactions to the Consumer Financial Protection Bureau’s proposed rule related to overdraft fees.
The rule is meant to rein in excessive overdraft fees charged by banks by closing a loophole in the Truth in Lending Act.
Read on for more details.
This Week in Washington
DOJ’s civil rights division, other agencies pledge to advance equity in AI
Posted Date: Monday, January 15, 2024
Multiple federal agencies, including the Department of Justice, Consumer Financial Protection Bureau, and the Department of Housing and Urban Development, met to discuss what efforts can be made to address discrimination or other adverse situations that may arise through the use of artificial intelligence (AI) and other advanced technologies.
The meeting highlighted efforts these entities have made since an April 2023 joint statement where these agencies pledged to uphold “America’s commitment to the core principles of fairness, equality and justice” as AI becomes more commonplace in consumer products.
Read on for more details.
This Week in Washington
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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.
In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.
In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.
A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.
A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration
Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
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