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FHA proposes updates to reverse mortgage debenture interest rates

Housing Wire

The draft Mortgagee Letter (ML) “proposes updates to HUD’s calculations for the payment of debenture interest for HECM claims and establishes a process for retroactively adjusting the calculation of debenture interest for claims filed on HECMs that became due and payable on or after September 19, 2017,” FHA said in an announcement of the proposal.

Mortgage 443
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New planning tool arrives as California prepares for more accessory dwelling units

Housing Wire

A private planning firm in California is launching a new tool to help local governments there prepare for a pending law designed to spur more construction of accessory dwelling units (ADUs). Permit applications for new units in California grew from less than 10,000 in 2017 to an estimated 30,000 in 2022.

Tools 475
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Wells Fargo pays $96M to settle LO comp lawsuit

Housing Wire

The lawsuit, which combined two legal actions that were designated a class action, was filed on behalf of 5,377 loan officers and other mortgage staffers employed by the bank in California from 2013 and 2019. Wells Fargo agreed to pay $95.7 The deal will provide $62.8 A settlement with the U.S.

Legal 488
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LoanSnap troubles continue as California revokes its lender license

Housing Wire

That policy, which is designed to protect consumers from lender fraud and financial risk, expired in early August. According to a filing from the California Department of Financial Protection and Innovation dated Oct. 18, LoanSnap had its license revoked after it failed to renew its surety bond.

Landlords 448
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CFPB sues TransUnion for duping consumers with “dark patterns”

Housing Wire

In a lawsuit, the CFPB claims that TransUnion and subsidiary TransUnion Interactive, as well as John Danaher, executive vice president for the division until February 2022, misled consumers and flouted a 2017 consent order with the CFPB for the same practices “the day it went into effect.”. Presented by: Black Knight.

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Mortgage tech firm TRAiNED hires two executives from Sales Boomerang

Housing Wire

In 2017, Cunningham, de Jong and three others founded Sales Boomerang, an automated borrower intelligence and retention system for the mortgage industry. It is designed to streamline the loan manufacturing process while eliminating the need for employee adoption.

Training 448
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Home prices increase in 75% of Opportunity Zones

Housing Wire

. “That shows continued interest among homebuyers in marginal areas and continues to bode well for the redevelopment that Opportunity Zone tax breaks are designed to promote.” territories. .