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Congress should adopt mortgage interest tax credit: CHLA

Housing Wire

The Community Home Lenders of America (CHLA) is calling on both houses of Congress to adopt a mortgage interest credit as the 2017 Tax Cuts and Jobs Act (TCJA) is currently set to expire in 2025. The 2017 law also made interest from home equity loans non-deductible except for when the money is applied to home improvements or renovations.

Mortgage 497
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Mr. Cooper agreed to a $5.8 million settlement. Who is eligible for relief?

Housing Wire

Service transfer borrowers moved their loans to Mr. Cooper for servicing between February 2011 and December 2017. Property preservation borrowers were subject to Mr. Cooper’s property inspections between June 2011 and December 2017.

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FHA finalizes updates to reverse mortgage debenture interest rates

Housing Wire

19, 2017, which went into effect later that year. 19, 2017,” FHA said in its announcement. The rule also reaffirms the interest rate used for the payment of debenture interest for HECM claims to align with the January 2017 rule. The updated rule builds upon several changes that FHA made to the HECM program on Jan.

Mortgage 459
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CFPB orders Fay Servicing to pay $2M over illegal foreclosure practices

Housing Wire

A CFPB order issued on Wednesday mentions violations of mortgage servicing laws and of a previous 2017 order that addresses the same issue. Fay Servicing “failed to implement the 2017 measures and continued to break the law,” the CFPB claims.

Law 434
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Share of Active Homes For Sale Hits Post-Pandemic High

Appraisal Buzz

Although inventories remains below pre-pandemic levels, the difference between the levels in 2017–2019 and the current levels is decreasing. Nevertheless, it’s still more than a week (8 days) shorter than the average house spent in July from 2017 to 2019, even if it was listed for five extra days in July 2023. and 47.6%, respectively.

Inventory 418
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FHA proposes updates to reverse mortgage debenture interest rates

Housing Wire

The draft Mortgagee Letter (ML) “proposes updates to HUD’s calculations for the payment of debenture interest for HECM claims and establishes a process for retroactively adjusting the calculation of debenture interest for claims filed on HECMs that became due and payable on or after September 19, 2017,” FHA said in an announcement of the proposal.

Mortgage 441
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U.S. Bank appoints new retail lending leader

Housing Wire

Bank in 2017, Hummel served as senior executive vice president at Pacific Union and as senior vice president at CMG Financial , where he managed a team of several hundred mortgage loan originators. John Hummel Prior to joining U.S.

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