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Movement to pay $24M to settle underwriting government loans fraud case

Housing Wire

Like its peers, Movement has the authority to originate and underwrite loans without first having the government review them. If the borrowers default, they may submit a claim to the government for certain losses. The company also confirmed that it failed to adhere to the government’s self-reporting requirements.

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CHLA: Here’s how to modernize ‘short-changed’ Ginnie Mae

Housing Wire

The Community Home Lenders of America (CHLA) on Wednesday released a plan that it says would “modernize” Ginnie Mae , the government-owned company that manages the securitization of government-sponsored loans. CHLA added in a statement that the release of these recommendations is designed to coincide with relevant news.

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Treasury’s new housing plan includes redirected COVID-19 funds to boost affordable supply

Housing Wire

Department of the Treasury on Tuesday announced a series of new initiatives designed to increase the supply of affordable housing across the country. Department of Housing and Urban Development (HUD) and state and local housing finance agencies,” according to the announcement. There are three core provisions of the plan.

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AI could improve racial equity in homeownership, but there’s work to be done

Housing Wire

Nearly 50 interviews from staff members in the federal government, financial technology companies, mortgage lenders and consumer advocates found that the ability of AI to improve racial equity can be undermined by the data used to train the algorithm, not just by the algorithm itself.

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California’s ‘Master Plan for Aging’ is well received in its early days

Housing Wire

These shifting dynamics are causing the California state government to work to ensure that certain issues that can stem from such a demographic development — particularly for health care, housing and social services — are addressed in a comprehensive statewide initiative called the “Master Plan for Aging.”

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HUD seeks public comment on updates to reverse mortgage documents

Housing Wire

Department of Housing and Urban Development (HUD)’s Office of Policy Development and Research is seeking public comment related to application and origination documents for the Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) program, according to a notice published this week in the Federal Register.

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GAO highlights reverse mortgage counseling in new report

Housing Wire

Older adults and people with disabilities are often prone to financial distress, and they may require more resources to better understand their circumstances and options, according to a new report from the Government Accountability Office (GAO). Among a series of 24 examples of federal financial literacy programs for these groups, the U.S.

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