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CFPB Cracks Down on Deceptive Contract Terms

Appraisal Buzz

The Consumer Financial Protection Bureau (CFPB) has issued “ CFPB Circular 2024-03: Unlawful and Unenforceable Contract Terms and Conditions ,” warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services.

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Pending home sales fell 7.1% in August

Housing Wire

An index of 100 is equal to the level of contract activity in 2001. Pending home sales, like new home sales, are based on contract signings. It will disrupt some home sales in the short run due to the lack of flood insurance or delays in government-backed mortgage issuance,” he said. below the August 2022 level.

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Mortgage rates continue to climb beyond 7%

Housing Wire

At today’s rate, the monthly cost to purchase a home totals about $2,400, not including property taxes and insurance, a 17% increase from a year ago. Higher mortgage rates probably signal “a further contraction in home sales activity,” she added. “We

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The Week Ahead: Senate Turns Spotlight on CFPB

Appraisal Buzz

As Director, Chopra is also a member of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) and the Financial Stability Oversight Council (FSOC). Chopra previously served at the CFPB from 2010-2015. In 2018, Chopra was unanimously confirmed by the U.S.

Contracts 195
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Agent strategies for getting first-time homebuyers across the finish line

Housing Wire

Up from 45% last year and a notable increase from 37% in 2021, the report also mentioned that this share of first-time homebuyers likely hasn’t been this high since 2010, when there was a first-time homebuyer tax credit. This approach is negotiated in the contract; it’s a seller concession to the buyer for a set amount.

Agents 435
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Help for troubled borrowers is on the way. But will it come soon enough?

Housing Wire

The recent experience with state distribution of rental assistance and unemployment insurance is perhaps a preview of the challenges ahead. States, overwhelmed with claims and understaffed, also had problems paying unemployment insurance. In 2010, the Treasury launched the Hardest Hit Fund (HHF) program. Up to the task?

Mortgage 418
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The Apple Peeled - Ask the Experts: Market Dynamics with Jonathan Miller

Miller Samuel

Miller measures listing discount by the percent difference between the contract price and the price that the property was listed for sale at the time of contract – not when it was first listed). The push for fewer mandatory appraisals isn’t the only thing that has hurt the appraisal industry since the Dodd Frank Act was passed in 2010.

Marketing 221