Design Insurance Legal Lending 
Housing Wire
FEBRUARY 27, 2023
RMK Financial Corporation , which does business as Majestic Home Loans , has been permanently banned by the Consumer Financial Protection Bureau (CFPB) from the mortgage lending industry following a series of repeat offenses — which occurred despite the CFPB’s law enforcement order issued in 2015. government.
Housing Wire
JANUARY 12, 2024
The company later told RMD, however, that the loan was within current product lending limits. The 2023 reverse mortgage limit for Federal Housing Administration (FHA)-insured Home Equity Conversion Mortgages (HECMs) stood at $1,089,300, but proprietary reverse mortgages are not subject to FHA limits.
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Housing Wire
MAY 27, 2022
The requirement also applies to mortgage lenders, legal experts say. The designers historically have been unwilling to tell lenders all the factors used and how they are weighted,” Kully said. In his own statement Thursday, Chopra said companies have “legal responsibilities when they let a black-box model make lending decisions.”.
Appraisal Buzz
JUNE 7, 2024
As Director, Chopra is also a member of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) and the Financial Stability Oversight Council (FSOC). In 2011, the Secretary of the Treasury designated him as the agency’s student loan ombudsman, where he led the Bureau’s efforts on student lending issues.
Housing Wire
JUNE 21, 2023
Earlier this month, that coalition of six federal agencies requested comment from the public on a newly-proposed rule that is designed to “ensure the credibility and integrity of models used in real estate valuations.” The Agencies expect to issue a proposed rule to implement the Dodd-Frank Act’s AVM amendments to FIRREA in June 2023.”
Housing Wire
SEPTEMBER 30, 2021
Most digital solutions in the lending industry are designed to solve one problem and built for one audience in mind. This fragmentation makes it difficult for everyone involved in the lending process to communicate with each other effectively. Stavvy has the power to bring these disparate components together.
Housing Wire
AUGUST 22, 2023
On June 1 , six federal agencies requested comments from the public on a rule designed to ensure the credibility and integrity of models used in real estate valuations. the trade groups state. Department of the Treasury ; and the Federal Reserve System.
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