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FHFA: GSE servicers must keep fair lending data

Housing Wire

In a move the Federal Housing Finance Agency said will bolster sustainability and equity, servicers for federally backed loans will obtain and maintain fair lending data. Presented by: Selene Finance. That development prompted concern from legal experts that the information could be used as a basis for fair lending lawsuits.

Lending 340
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A Log Home Valuation

Appraisal Buzz

With all the construction of log homes, there needs to be legal and competent appraisals for these homes. Presently, there are several new rules and regulations that could result in major USPAP violations, but those rules vary upon the state, county and/or township. The question is how are these homes being appraised? Working Together.

Valuation 396
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Financing proves an obstacle for ADUs

Housing Wire

Accessory dwelling units are increasingly legal. Presented by: TenantCloud. “However, the rental income can account for no more than 30% of the borrower’s total stable income and the borrower must have either had landlord experience or taken a landlord training course,” the report reads.

Finance 364
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From Forms to Reports: A Look at the UAD Overhaul

Appraisal Buzz

Appraisers will be presented with the data elements needed to report the characteristics of the subject property, and analyze the market, comparables, and other necessary parts of the appraisal process. Only those data and report elements that are important for the scope of work will be presented to the appraiser.

Appraisal 397
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Former employees sue Rocket for unpaid overtime wages

Housing Wire

Defendants also said they had to attend mandatory training and tests without compensation. A spokesperson for Rocket said the company “will vigorously defend the reputation we have built by doing the right thing for our team members and we are confident we will be vindicated from the false allegations once the facts of the case are presented.”

Training 328
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Feds seek to enlist real estate agents in anti-corruption push

Housing Wire

In addition, the proposed rule also envisions potentially requiring mandated reporting for trusts — defined, by FinCEN, as a legal “relationship in which one person holds title to property subject to an obligation to keep or use the property for the benefit of another.”. and foreign trusts,” the agency’s proposed rule states. .

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CFPB makes it clear: fair servicing is back, for real this time

Housing Wire

After the 2008 financial crisis, regulators enhanced long-standing fair lending examination guidelines to incorporate the concept of fair servicing. To be sure, mortgage servicers did not get a pass after the last financial crisis; the hammer dropped, but through a different legal vehicle. Biden Means Business.

Law 399