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Federal Reserve fines Regions Bank $2.95 million for ‘unsafe’ flood insurance program

Housing Wire

million for “unsafe and unsound practices in its flood insurance compliance program and for flood insurance regulatory violations,” according to the Fed. We took corrective action and remediated the issue by 2017. -based Regions Bank $2.95

Insurance 325
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FHA backed $4.5B in mortgages without required flood insurance

Housing Wire

The Federal Housing Administration insured thousands of mortgages in 2020 without the mandatory flood insurance coverage. billion, an audit released this week by the Department of Housing and Urban Development Office of Inspector General found. FHA does not permit borrowers to opt for private flood insurance.

Insurance 372
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Mortgage tech firm TRAiNED hires two executives from Sales Boomerang

Housing Wire

hired two executives as it looks to take the company to its next phase of development. Department of Homeland Security and title insurance company Charter Title. In 2017, Cunningham, de Jong and three others founded Sales Boomerang, an automated borrower intelligence and retention system for the mortgage industry.

Training 404
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Department of Housing and Urban Development Announces FHA Insurance Premium Reduction

Lamacchia Realty

The Department of Housing and Urban Development announced the reduction of the FHA Mortgage Insurance Premium (MIP) today. The down payment hasn’t changed but the cost of the monthly mortgage insurance has decreased putting more money back in the homeowners’ pockets, making homeownership more affordable. to $176.92.

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Mortgage reserves can help Black borrowers sustain homeownership: report

Housing Wire

The continuous development of loss mitigation tools and practices in the mortgage industry will play an essential part in preventing future foreclosures, but additional safety nets — particularly for those mortgage customers who belong to historically disadvantaged populations — will play a critical role in thinning the racial wealth gap.

Mortgage 349
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FAR parent updates investors on AAG integration, business performance

Housing Wire

The company also said it “continues to evaluate new products to reach additional segments of the population facing a retirement gap,” and describes recent reverse mortgage industry consolidation following influential industry changes in 2017 and the 2022 bankruptcy of Reverse Mortgage Funding (RMF). “As

Business 387
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HECM program study assesses policy impacts of recent years

Housing Wire

Department of Housing and Urban Development (HUD) Office of Policy Development and Research (PD&R) in 2022 aimed to assess the state of the Home Equity Conversion Mortgage (HECM) program over a 20-year period. An analysis of the fourth reduction in October 2017 found that it had its intended effect.