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Reverse purchase financing: The financing option no one is talking about

Housing Wire

That’s where reverse purchase financing comes into play, the funding option specifically designed for older Americans. What is reverse purchase financing? 1 With over 12,000 Americans turning 65 every day in 2024, this burgeoning market will undoubtedly continue to bring more buyers and sellers to the table over the next decade.

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Rocket settles fair lending case on tribal lands

Housing Wire

Department of Housing and Urban Development (HUD) to resolve allegations of discriminatory housing practices, the parties announced on Monday. Rocket will also provide fair lending training to its employees and improve outreach regarding the financing options available for properties within the boundaries of Native American reservations.

Lending 302
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HUD and FHA announce new appraisal bias protections

Housing Wire

Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced a new policy on Wednesday that will enable mortgage borrowers to “request a re-assessment of the appraised value of their property if they believe that the appraisal was inaccurate or biased,” according to an announcement from HUD.

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AI could improve racial equity in homeownership, but there’s work to be done

Housing Wire

Nearly 50 interviews from staff members in the federal government, financial technology companies, mortgage lenders and consumer advocates found that the ability of AI to improve racial equity can be undermined by the data used to train the algorithm, not just by the algorithm itself.

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OneMain Financial to pay $4.25 million to New York State over cybersecurity lapses

Housing Wire

million penalty due to lapses in its cybersecurity controls by “failing to effectively manage third-party service provider risk, manage access privileges, and maintain a formal application security development methodology.”

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Lower debuts white label mortgage platform

Housing Wire

Columbus, Ohio-headquartered lender Lower rolled out mortgage as a service platform that enables consumer finance, banking and real estate companies to offer its mortgage products. . Wagner will be responsible for helping Lower’s partners develop their business strategy in the home lending space, Synder said. population.

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HUD, GSEs to Allow Consumers to Seek Reconsideration of Appraisal Valuations

Appraisal Buzz

Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), and government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are now allowing home appraisals to get a second look when bias is suspected in the appraisal process.