Appraisal Buzz

JUNE 4, 2024

Federal and state laws ban a host of coercive contract clauses that censor and restrict individual freedoms and rights,” said CFPB Director Rohit Chopra. A common example is the general liability waiver, which purports to fully insulate companies from suits even though most states have laws that create hosts of exemptions to these waivers.

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Contracts Law Mortgage Legal 383

Housing Wire

JULY 12, 2023

In early 2022, seven agencies, including the Consumer Finance Protection Bureau , gave lenders the green light to develop SPCPs and increase credit access to historically disadvantaged individuals without worrying that they’d violate fair lending laws.

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Finance Law Lending Development 360

Housing Wire

APRIL 26, 2024

FHA will move forward with its proposal that permits contributions by the property seller, real estate agent, builder, or developer to HECM for Purchase borrowers’ closing costs,” the update said. These credits can lead to fair lending violations. Still, I’ll take what we got.”

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Real Estate Agent Development Real Estate Law 418

Housing Wire

FEBRUARY 6, 2024

Lending discrimination violates the law and harms communities and entire families for generations,” Attorney General Merrick Garland said in a statement. The complaint adds that the bank did not track how its mortgage loan officers developed loan referrals or how they distributed the marketing materials.

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Housing Wire

DECEMBER 23, 2022

Department of Housing and Urban Development (HUD), but did not take further action. “The Associate Director of FHFA’s Office of Fair Lending Oversight informed us that the Agency does not file complaints with the state licensing authorities and has no policy in place on the subject,” the report said.

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Appraisal Lending Law Finance 360

Housing Wire

JULY 18, 2023

As our financial system evolves, it is critical that we adapt our application of the Fair Housing Act and ECOA to deal with technological change and other developments,” Barr said in his speech. However, there is also the potential for these technologies to exacerbate existing issues related to lending equality, Barr explained.

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Technology Lending Advertising Training 331

Housing Wire

AUGUST 30, 2021

million to create a loan subsidy fund for residents of predominantly Black and Hispanic neighborhoods in the Houston area, $750,000 for development of community partnerships to provide services that increase access to residential mortgage credit in those neighborhoods. Specifically, Cadence will provide $4.17

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Lending Loan Officers Advertising Development 382

Housing Wire

FEBRUARY 26, 2024

OneTrust Home Loans , a direct competitor of Newrez’s retail mortgage business, conspired with James Hecht, former Newrez executive vice president for national retail lending, to orchestrate the termination of several Newrez executives and have them join OneTrust, according to the suit filed Feb. 21 in the U.S.

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Retail Legal Lending Business 381

Housing Wire

JANUARY 24, 2023

Mortgage compliance attorneys interviewed by HousingWire said the program, dubbed “Control Your Price,” raises potential areas of concern across three subjects: rules that govern loan officers’ compensation; fair lending; and unfair, deceptive and abusive acts and practices. But nothing is risk-free.”

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Lending Law Legal Training 341

Housing Wire

APRIL 20, 2022

A Department of Veterans Affairs lending program for Native American veterans has been severely underutilized, a government watchdog found. The GAO said that the VA lacked the staff to run the lending program and failed to inform communities that it exists. from 2012 to 2021.

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Government Lending Development Legal 526

Housing Wire

MAY 27, 2022

All lenders must explain their rationale when denying credit to loan applicants, the Consumer Financial Protection Bureau affirmed Thursday, after looking into whether companies claiming exemption because they rely on “complex algorithms” were in violation of federal anti-discrimination law.

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Housing Wire

AUGUST 19, 2021

A new agreement between the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) could heighten scrutiny of whether the government sponsored entities’ underwriting engines do enough to further fair housing.

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Law Government Lending Finance 404

Housing Wire

JANUARY 12, 2024

The company later told RMD, however, that the loan was within current product lending limits. When asked about the reportedly higher lending limit for this loan, a FOA spokesperson told RMD that the reporting on the loan amount is simply incorrect and that it is “within current HomeSafe lending limits.”

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Tools Mortgage Finance Lending 356

Housing Wire

MAY 5, 2022

That’s partly because, according to a joint notice of proposed rulemaking from bank regulators on Thursday, banks’ performance would be judged by where they lend, not just where they have branches. Honestly we don’t know if that is coming or not,” said Ricard Pochkanawala, senior policy council at the Center for Responsible Lending.

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Housing Wire

AUGUST 5, 2022

Numerous organizations criticized the agencies for not proposing to grade banks based on data about their minority lending. The National Community Reinvestment Coalition has argued that putting race in the implementation of the law would not violate the constitution. Louis Equal Housing and Community Reinvestment Alliance.

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Lending Development Mortgage Retail 389

Housing Wire

DECEMBER 7, 2023

It’s now been 15 years since the Housing and Economic Recovery Act (HERA) was signed into law and the Federal Housing Finance Agency (FHFA) took over Fannie Mae and Freddie Mac. Congress can hold hearings, calling experts to testify and develop a consensus on the best path forward on the best way to develop a utility model.

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Tools Development Mortgage Law 523

Housing Wire

AUGUST 7, 2020

Suazo has over 15 years of leadership experience in the mortgage lending space with firms including Stearns Lending , Bank of America , Carrington Holding Company and CloudVirga. Financial services law firm Garris Horn announced that mortgage attorney Melanie Feliciano has joined as a partner.

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Technology Law Lending Legal 250

Housing Wire

JUNE 9, 2021

Bank CRA obligations cover far more than their mortgage lending. It extends to their checking and savings accounts, small business and community development debt and equity financing, bank branch locations, financial literacy, grantmaking and more. We recognize that a duty to serve applied to IMBs may require a flexible approach.

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Lending Development Government Finance 429

Housing Wire

JUNE 21, 2023

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.

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Valuation Finance Legal Development 300

Housing Wire

JUNE 2, 2022

The agreement resolves a complaint the NCRC filed in October 2021 with the Department of Housing and Urban Development. Demetria McCain, HUD’s principal deputy assistant secretary for fair housing and equal opportunity, said it is “imperative” that lenders comply with fair housing laws.

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Mortgage Training Loan Officers Lending 367

Housing Wire

AUGUST 5, 2020

NAMB also developed a code of ethics, which was introduced to other states. The association broke down barriers with Freddie Mac, Fannie Mae and the Department of Housing and Urban Development and began testifying before Congress. They decided it was better to be part of the solution than to have one imposed on them.

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Development Government Mortgage Lending 369

Housing Wire

JANUARY 6, 2022

A federal law mandates that Fannie Mae and Freddie Mac help households on moderate, low, or very low income. The government-sponsored enterprises must do this by setting a plan every three years, dubbed Duty to Serve, that provides lending liquidity and preservation goals for manufactured, rural, and affordable housing.

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Housing Wire

DECEMBER 28, 2020

In this discussion, John Heck, Senior Advisor of Lending Solutions for Capacity, sits down with Jim Albertelli, CEO of Albertelli Law, to discuss the unique ways AI can be leveraged in the mortgage industry. Part of our call center was really about developing a knowledge base and layering in AI to make better real-time decisions.

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Mortgage Lending Technology Development 470

Housing Wire

JUNE 27, 2023

Bush and a vice president at Goldman Sachs before starting at the lender in 2021, listed several alleged violations related to lending practices. “Steven Sugarman refused to do so and retaliated against Plaintiff by stating that Plaintiff’s business dealings should be investigated.”

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Investors Law Insurance Lending 312

Housing Wire

APRIL 7, 2022

In addition to complying with state laws, you must make a plan on how to train and certify staff and comply with the rules and expectations set by your underwriting and lending partners. Ensuring that your RON vendor complies with your state’s laws is imperative when preparing to offer RON. How should you prepare for RON?

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Law Technology Insurance Agents 353

Housing Wire

AUGUST 22, 2023

Regarding third-party providers, the associations suggest that the CFPB expand its Compliance Bulletin 2016-02, Service Providers to outline expectations and potential recourse “for quality control and fair lending oversight” of third-parties providing AVMs services.

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Valuation Appraisal Government Real Estate 359

Housing Wire

JUNE 8, 2022

“We look forward to working with the enterprises, lenders, and other housing industry participants to further develop the ideas described in these plans.”. Both plans rely heavily on special purpose credit programs , which allow lenders to target lending to protected classes without violating the Equal Credit Opportunity Act. . “A

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Development Finance Government Lending 315

Housing Wire

DECEMBER 14, 2021

In a blog post, Fannie Mae and Freddie Mac ’s regulator and conservator said it found examples of “overt references to race, ethnicity, and other prohibited bases under federal fair lending laws,” which FHFA said indicate the “continued presence of valuation bias.”.

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Appraisal Valuation Finance Training 424

Housing Wire

APRIL 27, 2022

These actions include developing lender and vendor partnerships through the Brokers Are Better Network, team development training, and new advocacy initiatives to help impact the success of the broker channel. Unlike banks, brokers can work with many different lenders to provide a variety of personalized lending options.

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Marketing Tools Development Training 368

Housing Wire

MARCH 31, 2021

The CFPB also rolled back leniency on reporting of certain information related to credit card and prepaid accounts under the Truth in Lending Act, Regulation Z, and Regulation E. The CFPB also now intends to take enforcement action against land developers subject to the Interstate Land Sales Full Disclosure Act under Regulation J.

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Insurance Appraisal Development Lending 404

Housing Wire

SEPTEMBER 7, 2023

For most real estate agents, working with a reliable lending partner is essential to a smooth and successful transaction. Finding reliable lending partners takes time and some trial and error, but once established is often the lifeblood of LOs. Bank Home Mortgage and Planet Home Lending declined to comment.

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Buyers Agents Loan Officers Real Estate 377

Housing Wire

NOVEMBER 12, 2021

Within SEFL, the office of supervision examinations (OSE) directly oversees financial institutions’ compliance with federal laws. The initiative, dubbed the Supervision Technology Initiative, will focus on developing data automation, robotic processing, and machine learning.

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Law Technology Lending Development 299

Housing Wire

FEBRUARY 23, 2024

Ginnie Mae accordingly implored TCB to lend money to RMF. But TCB was hesitant to lend money to a bankrupt company. By law, the mortgages were the ‘absolute property’ of GNMA.” Department of Housing and Urban Development (HUD) may not be in office should the suit progress to trial sometime next year.

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Government Contracts Finance Lending 315

Housing Wire

NOVEMBER 16, 2020

“In terms of longer-term opportunities, President-elect Biden ran on a bold housing platform, including expanding rental assistance, investing $20 billion in the national Housing Trust Fund, and enforcing fair housing laws, among other measures. These choices are an excellent indication of the kind of leadership we can look forward to.

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Construction Law Investing Development 518

Housing Wire

JULY 6, 2023

Clearly, not all these homes can be returned to the market in a cost-effective way, or face other obstacles, such as their location in higher-crime or deteriorating neighborhoods, according to Keith Lind, CEO of Acra Lending. Just because there’s vacant homes in the U.S. through the first quarter of 2024.”

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Inventory Renovations Real Estate Government 450

Housing Wire

JULY 1, 2021

” Earlier this month, groups including the Department of Housing and Urban Development (HUD), the Mortgage Bankers Association, the National Association of Realtors, the National Association of Real Estate Brokers unveiled a plan to increase Black homeownership significantly by 2030.

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Loan Officers Realtors Open Houses Law 476

Housing Wire

APRIL 6, 2021

An eNote is a digital version of the promissory note which must meet the requirements of electronic transaction laws. Officials said 11 federal home loan banks set servicing system requirements relating to eSignatures and eNote documentation in early 2020 – the culmination of three years of development.

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Mortgage Legal Fees Law Legal 239