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HUD sued over alleged failure to refund mortgage insurance premiums

Housing Wire

Department of Housing and Urban Development (HUD) is being sued in federal court over accusations that it failed to refund nearly $385 million in mortgage insurance premiums (MIP) to borrowers over a period of more than two decades. The lawsuit was previously reported by National Mortgage News and Law360.

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The CFPB is going after ‘junk fees’ mortgage lenders charge at closing. This could get ugly

Housing Wire

Biden’s plan also included a $10,000 tax credit for first-time homebuyers and people who sell their “starter home,” and a pilot program that waives the requirement for lender’s title insurance on certain refinance transactions. These costs increased by 21.8% from 2021 to 2022, reaching nearly $6,000, per the CFPB post.

Mortgage 428
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Opinion: Title and settlement fees aren’t a barrier to homeownership

Housing Wire

The figures are shown for a borrower with an average purchase price of $318,000 in 2020 and assumes that the borrowing household will keep the loan for seven years. Homeowner’s insurance, the servicer, and even the GSE (the actual holder of the default risk on the mortgage), represent small overall costs by comparison.

Insurance 391
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FHA extends foreclosure and forbearance policies to 2021

Housing Wire

The moratorium directs mortgage servicers to halt all new foreclosure actions and suspend all foreclosure actions currently in progress, excluding legally vacant or abandoned properties. Low mortgage rates fuel the demand for valuation and settlement services.

Insurance 545
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Citywide Home Loans settles a $1.2M data breach lawsuit

Housing Wire

million class action lawsuit to resolve claims surrounding a 2020 data breach. The news was first reported by legal website Top Class Action. The company, which has more than 800 employees and operates in 35 states, is accused of negligence for failing to protect its internal systems, leading to a data breach in November 2020.

Legal 323
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DataDigest: 25 years of NAR lobbying visualized

Housing Wire

The trade group also faces two massive class-action lawsuits that could forever upend the agent commission structure , and is fighting a separate legal battle with the Department of Justice. The organization outspent every organization in the country in 2020 and 2022 and came in second behind the U.S.

Realtors 364
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First American names Ken DeGiorgio as president

Housing Wire

In his new position, DeGiorgio will have oversight responsibility for the corporation’s operating groups, including its title insurance, specialty insurance and data and analytics businesses, the company said in a press release. One of the “Big Four” title insurers, First American reported $7.1 Net income was $696.4

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