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Opinion: Two legal issues relevant to FHFA’s review of FHLB system

Housing Wire

This article addresses two legal issues relevant to the review: FHFA’s statutory authority to reduce the number of Federal Home Loan Banks, and The application of the FHLBank statutory “super lien”. This provision may be challenged by the affected FHLBank under legal process.

Legal 287
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Proof welcomes Pennsylvania notaries into its Notarize Network

Housing Wire

It aims to allow any person or business to legally notarize a document online through a web portal or dedicated mobile application after users go through an identity verification process. Originally founded in 2015, Notarize is based in Boston and has raised more than $200 million in funding.

Legal 334
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HUD takes first step to restore fair housing rule

Housing Wire

The Department of Housing and Urban Development (HUD) has restored its 2015 definition of affirmatively further fair housing with an interim final rule, but it falls short of fully restoring the Obama-era policy. The rule will go into effect at the end of July, after a 30-day public comment period. It’s a pickle.”.

Legal 464
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The CFPB is going after ‘junk fees’ mortgage lenders charge at closing. This could get ugly

Housing Wire

Broeksmit added that the Bureau’s “TRID” rule in 2015 and other rules imposed in 2020 reformed mortgage disclosures and customers’ ability to read these documents. What’s the CFPB monitoring? The CFPB said it will closely examine three topics: discount points, lenders’ title insurance, and credit reports. as “extreme overregulation.”

Mortgage 427
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Homebot home education portal acquires mobile app firm Quo Finance 

Housing Wire

Homebot was co-founded by Ernie Graham and Ira McMahon in 2015 with a vision to help people make smart financial decisions with their homes. Sandfox Advisors served as financial advisor and Goodwin Procter LLP acted as legal counsel to Quo. Since launching their app in June 2021, Quo’s users have amassed over $1.5

Finance 302
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Wells Fargo pays $96M to settle LO comp lawsuit

Housing Wire

million to more than 5,300 home mortgage consultants to resolve a pair of class-action legal claims that allege wage-and-hour violations in California, according to the settlement agreement in federal court. Wells Fargo agreed to pay $95.7 The deal will provide $62.8

Legal 457
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The housing industry’s disparate impact hopes

Housing Wire

A homeowners insurer trade group, which has mounted successful legal challenges of the standard in the past, said it sees no reason the rule should apply to its industry. The argument for the higher threshold for claims arose following a 2015 Supreme Court decision which upheld the disparate impact regulation.

Legal 349