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Change Lending keeps CDFI certification after agreement with US Treasury 

Housing Wire

Department of Treasury that would keep the firm certified as a Community Development Financial Institution (CDFI). The CDFI certification is a designation given by the Treasury Department CDFI Fund to specialized organizations that provide financial services to low-income communities and people who lack financing.

Lending 404
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Rhode Island historian uses a reverse mortgage as an estate planning tool

Housing Wire

A proprietary reverse mortgage from Finance of America Companies (FOA) now secures the home of Rhode Island ’s honorary historian laureate after the property was returned to the owner after attempts to bequeath it to a nonprofit historical society he founded. This is according to reporting from The Providence Journal.

Tools 424
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Going to Extremes

Appraisal Buzz

Add to this rising replacement costs and legal fees, increased government regulation, inflation, and fraud, and companies are bleeding about a billion dollars every three weeks. I recently attended the Going to Extremes conference in DC on April 18-19, which focused on how climate change is affecting the US housing and finance industries.

HOA 370
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CFPB spring agenda aims to tackle AVMs, overdraft fees, FCRA and more

Housing Wire

Department of Housing and Urban Development (HUD), the regulator’s agenda will address issues relevant to the housing industry. The Consumer Financial Protection Bureau (CFPB) has 11 different items in the pipeline in its section of the federal government’s 2023 spring regulatory agenda, released last week by the White House.

Valuation 370
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Zillow moves to have REX suit dismissed

Housing Wire

After nearly 10 days of trial proceedings, Zillow is ready for its years-long legal battle with REX Real Estate to be over. A judgement as a matter of the law is permissible if there is no legally sufficient basis for a reasonable jury to find for the nonmoving party (in this instance, REX) on that issue.

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CFPB wants lenders to disclose reason for denial of credit

Housing Wire

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.”.

Law 414
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Trade groups warn of “unintended consequences” from proposed AVM rules

Housing Wire

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. When announcing the proposed rule, Vice President Kamala Harris weighed in. ” Another trade group weighed in on the newly proposed rule.

Valuation 370