Housing Wire

MAY 10, 2024

The Consumer Financial Protection Bureau (CFPB) and Freedom Mortgage were handed minor setbacks by the presiding and magistrate judges, respectively, in a case that the regulator brought in widespread violations in its 2020 submission of Home Mortgage Disclosure Act (HMDA) data. The original case was filed in the U.S.

Mortgage 350

Mortgage Law Clients Development 350

Housing Wire

APRIL 8, 2024

The Mortgage Bankers Association (MBA)’s policy advocacy group, the Mortgage Action Alliance (MAA), is urging its members in the state of Massachusetts to support the continued use of remote telephone and video counseling for reverse mortgages in the state following the lapse of an exemption allowing for remote counseling.

Mortgage 331

Mortgage Law Business 331

Housing Wire

APRIL 24, 2024

The Consumer Financial Protection Bureau (CFPB) on Wednesday released a new edition of its Supervisory Highlights publication, which includes the agency’s actions to combat what it calls “ junk fees charged by mortgage servicers , as well as other illegal practices.”

Mortgage 430

Mortgage Property Taxes Insurance Inspection 430

Housing Wire

MARCH 19, 2024

Florida-based brokerage Atlantic Trust Mortgage has asked a Michigan federal court to dismiss a lawsuit filed by United Wholesale Mortgage (UWM) that alleges a violation of an amended agreement. Atlantic Trust entered into a wholesale broker agreement with UWM in 2018. district court in Michigan. district court in Michigan.

Mortgage 350

Mortgage Law Brokerage Legal 350

Housing Wire

APRIL 25, 2023

In a joint statement , the Civil Rights Division of the DOJ, CFPB, FTC, and EEOC outlined a commitment to enforcement of existing laws and regulations despite a lack of regulatory oversight currently in place regarding emerging AI technologies. systems as it pertains to the mortgage space.

Law 305

Law Tenants Technology Advertising 305

Appraisal Buzz

AUGUST 11, 2021

PERSON OF THE WEEK: Mortgage lenders would be wise to keep a close eye on the passage of the SECURE Notarization Act of 2021, which would in essence establish a national standard for the use of Remote Online Notarization (RON). The post Fred Gooch: A Nationwide RON Law Would Help Reduce Confusion appeared first on Appraisal Buzz.

Law 368

Law Appraisal Mortgage 368

Housing Wire

MAY 23, 2022

The Mortgage Bankers Association supports the legislation. Last week, Mark Jones, CEO of Amerifirst Home Mortgage and a member of the MBA, testified before the House subcommittee on Economic Opportunity, and encouraged the subcommittee to align VA’s appraisal processes with other housing entities. Sponsored Video.

Law 397

Law Appraisal Modernization Appraisal Process 397

Housing Wire

DECEMBER 11, 2023

Wells Fargo , once the largest mortgage lender in America, was accused of discrimination through the common industry practice of offering mortgage loan discounts to select borrowers, CNBC reported. fair lending laws has been on regulators’ radar in recent years. Its findings showed that mortgage lenders violated U.S.

Mortgage 436

Mortgage Lending Law Loan Officers 436

Miller Samuel

APRIL 27, 2019

Back on April 19th , I wrote about the New York AMC law in my Housing Notes newsletter. After years of AMCs chipping away at the public trust, the New York AMC law was designed to protect the consumer. Here is the NYS "AMC Law" as a PDF or in plain text on the landing page of the law. No, it isn't.

Law 367

Law Modernization Appraisal Real Estate 367

Housing Wire

APRIL 25, 2024

Department of Housing and Urban Development (HUD)’s Home Equity Conversion Mortgage (HECM) counseling program was cited as an example. This program provides counseling to all applicants of the federally insured reverse mortgage program, the Home Equity Conversion Mortgage program,” the report stated.

Mortgage 340

Mortgage Government Law Design 340

Housing Wire

FEBRUARY 16, 2024

A bill introduced in the New Jersey Senate would require face-to-face counseling for the state’s reverse mortgage transactions and would nullify any loans originated without proof of such counseling having taken place. 13 by the National Reverse Mortgage Lenders Association (NRMLA). New Jersey State Sen.

Mortgage 426

Mortgage Law Logistics Transportation 426

Housing Wire

APRIL 10, 2024

loans from mortgage services and place them in its portfolio at a fixed 2.5% Mortgage servicers will identify qualified borrowers and submit requests to the program on behalf of veterans, so veterans will not apply directly for VASP. The program ended in October 2022, when mortgage rates were higher. interest rate.

Mortgage 369

Mortgage Government Lending Law 369

Housing Wire

FEBRUARY 27, 2023

RMK Financial Corporation , which does business as Majestic Home Loans , has been permanently banned by the Consumer Financial Protection Bureau (CFPB) from the mortgage lending industry following a series of repeat offenses — which occurred despite the CFPB’s law enforcement order issued in 2015. government.

Lending 379

Lending Advertising Mortgage Law 379

Housing Wire

APRIL 5, 2024

Reverse mortgage professionals in Massachusetts will be reliant on their borrowers’ ability to complete their required counseling sessions under the state’s face-to-face mandate following the expiration of a provision temporarily relaxing the standard that expired on April 1. So, I feel a measure of confidence in that regard.

Mortgage 391

Mortgage Law Business Development 391

Housing Wire

APRIL 27, 2023

The Consumer Financial Protection Bureau (CFPB) issued guidance this week for debt collectors seeking to foreclose on homes with mortgages past the statute of limitations, also known as “zombie mortgages.” The CFPB is issuing this guidance due to an uptick in reports of debt collectors attempting to act on these mortgages.

Mortgage 347

Mortgage Law Valuation Design 347

Housing Wire

SEPTEMBER 13, 2023

New York-based mortgage platform Roam has secured a $1.25 Roam focuses on a distinctive niche within the mortgage industry: assumable mortgages. Assumable mortgages, the company’s primary bet, were relatively commonplace a few decades ago. in March, is also listed as a senior advisor.

Mortgage 422

Mortgage Government Advertising Buyers 422

Housing Wire

DECEMBER 21, 2023

Unfortunately, too many misconceptions persist among real estate and even mortgage industry professionals about the VA home loan, and those misconceptions have big (and negative) impacts. VA mortgage loans generally provide veterans and active-duty service members with more favorable terms than other loans on the market.

Mortgage 441

Mortgage Renovations Appraisal Process Finance 441

Housing Wire

JULY 14, 2023

Bordick , under the federal Truth in Lending Act (TILA) on behalf of a couple that took out a mortgage in 2008 in order to purchase land for the construction of a new home. The bank has argued that because the loan documents stated that the loan had a commercial purpose, the law does not apply.” The CFPB goes on to cite U.S.

Law 317

Law Mortgage Construction Lending 317

Housing Wire

JULY 27, 2022

The Department of Justice and the Consumer Financial Protection Bureau are taking the fight to non-bank mortgage lenders for redlining. The two agencies revealed their new strategy to rein in mortgage discrimination on Wednesday, with a $24.4 The complaint alleged Trident Mortgage Co. ,

Loan Officers 397

Loan Officers Mortgage Law Contracts 397

Appraiserblogs

MAY 18, 2023

The latter had been engaged by one of six companies authorized by mortgage giant Fannie Mae to dispatch so-called “data collectors” to borrowers’ homes. New, progressive laws designed to conceal felony convictions. An astute real estate broker recognized the name of a Michigan man awaiting sentencing in an armored-car robbery.

Law 131

Law Realtors Design Appraisal 131

Housing Wire

MARCH 8, 2023

The Consumer Financial Protection Bureau (CFPB) on Wednesday released a special edition of its Supervisory Highlights report that profiles “unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets,” including among mortgage servicers.

Mortgage 340

Mortgage Inspection Law Contracts 340

Housing Wire

MARCH 5, 2024

Mortgage assumption is a niche option that gained momentum in 2023. An assumable mortgage enables a qualified buyer to take over a seller’s mortgage terms, including the existing balance and interest rate. trillion in mortgages were originated in 2020 and 2021, the Mortgage Bankers Association (MBA) reported.

Mortgage 428

Mortgage Buyers Agents Real Estate Agent 428

Housing Wire

OCTOBER 25, 2021

The excited and at times nervous first-time homebuyers that James Dunn often represents ask him how that whole process of taking out a mortgage works, and Dunn, a Los Angeles-based real estate agent with eXp , replies with a few trusted names. Two hours south in San Diego, clients ask eXp agent Alanna Strei for a mortgage reference.

Brokerage 478

Brokerage Mortgage Lending Real Estate Agent 478

Housing Wire

FEBRUARY 15, 2024

Opportunity in the current mortgage market may be challenging to find — and that could arguably be truer for those who offer reverse mortgage products for clients. Still, reverse mortgage professionals are always keeping their eyes peeled, and a group of them shared what they’re looking out for in 2024 for their businesses.

Mortgage 380

Mortgage Clients Business Law 380

Housing Wire

APRIL 5, 2024

mortgage industry recently had to remind itself of this fact when a CNN analysis found that the nation’s largest credit union, Navy Federal, has the widest disparity in mortgage approval rates between white and black borrowers of any major lender. Is the mortgage industry offering fair access to loans?

Mortgage 371

Mortgage Lending Buyers Property Management 371

Housing Wire

JANUARY 12, 2024

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 396

Tools Mortgage Finance Lending 396

Housing Wire

MAY 8, 2024

After 2010, qualified mortgage laws were in place, meaning everyone getting a mortgage has to be able to repay the loan. You can see the drastic change this made in the Mortgage Bankers Association Credit Availability index , below, which skyrocketed in 2005 and 2006 before an epic collapse in 2008.

Inventory 458

Inventory Law New Listings Sellers 458

Housing Wire

SEPTEMBER 20, 2022

District Court for the Central District of California last week said there was strong evidence that the companies illegally charged thousands of dollars with false promises that they would negotiate with consumers’ mortgage lenders to alter their loans. .

Mortgage 335

Mortgage Law Government 335

Housing Wire

AUGUST 17, 2023

The Consumer Finance Protection Bureau (CFPB) issued orders against Freedom Mortgage Corporation and Realty Connect USA Long Island for illegal kickbacks on Thursday, the first enforcement action associated with the 1974 Real Estate Settlement Procedures Act in six years. million for a purported scheme involving mortgage and title kickbacks.

Realty 370

Realty Mortgage Brokerage Real Estate 370

Housing Wire

FEBRUARY 28, 2024

Court of Appeals for the Eleventh Circuit to help ensure people can hold covered mortgage servicers and other debt collectors responsible when they charge prohibited fees.” It was signed into law by President Jimmy Carter that September.

Law 376

Law Legal Mortgage 376

Housing Wire

JULY 7, 2022

With a rapid spike in interest rates, inventory at historic lows, home prices rising at unprecedented levels above income, and a purchase market that is both highly anxious and digitally reliant, mortgage and real estate professionals must be strategic to capture the market opportunity today. Slow construction and restrictive zoning laws.

Inventory 397

Inventory Marketing Mortgage Supply Chain 397

Housing Wire

DECEMBER 20, 2021

Two federal regulators said on Monday that they will double down on scrutiny of mortgage servicers, following complaints of housing rights violations made by military families and veterans. The CFPB will be closely watching mortgage servicers and will hold them accountable for illegal tactics perpetrated against military families.”.

Landlords 402

Landlords Mortgage Law Legal 402

Housing Wire

NOVEMBER 30, 2021

The federal government will now back mortgage loans of nearly $1 million, with the new ceiling loan limit for one-unit properties in most high-cost areas now $970,800 — or 150% of $647,200. A 2008 law determines the conforming loan limits for Fannie Mae and Freddie Mac.

Government 535

Government Mortgage Home Value Finance 535

Housing Wire

SEPTEMBER 22, 2022

Mortgage rates, now around 6.5%, are cooling down the housing market and triggering mass layoffs in the mortgage and real estate industries. Mortgage rates have nearly doubled to around 6.5% Will Savage, an LO at PMC Mortgage. Before the Federal Reserve raised the federal funds rate by 0.75

Mortgage 420

Mortgage Loan Officers Buyers Inventory 420

Housing Wire

NOVEMBER 29, 2022

The federal government, through government sponsored enterprises Fannie Mae and Freddie Mac , for the first time ever will also back mortgage loans north of $1 million, with the new ceiling loan limit for one-unit properties in most high-cost areas at $1,089,300 — or 150% of $726,200.

Government 370

Government Mortgage Finance Law 370

Housing Wire

JULY 30, 2021

As reverse mortgage loan officers aim to expand their repertoire of advertising methodologies, the use of an advertorial can be powerful but also comes with some caveats that any reverse mortgage loan officer should keep in mind prior to engaging in such advertising campaigns. Now, that simply isn’t the case, Giordano says.

Mortgage 401

Mortgage Loan Officers Advertising Clients 401

Housing Wire

OCTOBER 22, 2020

mortgage rate for a 30-year fixed loan fell to 2.8% The average fixed rate for a 15-year mortgage was 2.33%, falling from last week’s 2.35%. After this week’s dip, there have now been 13 consecutive weeks when average mortgage rates have been below 3%, and rates have broken records 11 times this year. The average U.S.

Mortgage 537

Mortgage Law Housing Market Marketing 537