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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. At the top of the list of housing issues the Bureau will aim to address is a rule related to automated valuation models (AVMs). While only a fraction of the total items on the agenda for the U.S.

Valuation 370
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Trade groups warn of “unintended consequences” from proposed AVM rules

Housing Wire

The Mortgage Bankers Association (MBA) and the Consumer Bankers Association (CBA) sent a letter to regulators on Monday warning of the “unintended consequences” of new quality control standards for automated valuation models (AVMs). the trade groups state. When announcing the proposed rule, Vice President Kamala Harris weighed in.

Valuation 370
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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. In his own statement Thursday, Chopra said companies have “legal responsibilities when they let a black-box model make lending decisions.”. The CFPB said it is concerned automated valuation models may reflect bias in design and function.

Law 414
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Biden tax credit to rehab homes is finally unveiled

Housing Wire

Housing and Urban Development Secretary Marcia Fudge joined Biden to mark the 100th year since a white mob killed hundreds of Black residents of the Greenwood District. HUD has also taken steps to craft a rule on the legal duty to Affirmatively Further Fair Housing. How hybrid title and valuations help increase lending efficiency.

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With landmark GSE equity plans, FHFA confronts legacy of redlining

Housing Wire

The Federal Housing Finance Agency (FHFA), under the leadership of Director Sandra Thompson, on Wednesday unveiled landmark equitable housing finance plans for Fannie Mae and Freddie Mac. A September 2021 request for input ahead of the equitable housing finance plans indicated the FHFA would implement the plans by January 1, 2022.

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NEXA’s Grella sues Kortas over “secret, unauthorized” aircraft-related purchases

Housing Wire

However, during the company’s valuation process, when financial professionals reviewed its books, discoveries of aviation purchases led him to confront Kortas, resulting in his termination as president of NEXA, Grella added. As a result, Grella started conversations related to a buyout in November, he told HousingWire.

Brokerage 414