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NAR to vote on Clear Cooperation Policy as legal threat looms

Housing Wire

And the decision comes under the shadow of a potential legal challenge. Its my expectation that after this meeting, when this comes to a NAR vote overall, that theyll do the right thing and remove that policy and let the free market continue to work, Ketchmark said. What’s next?

Legal 362
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Fairway, accused of redlining in Alabama, agrees to settle for $1.9M

Housing Wire

Similar to other lending discrimination cases, the CFPB and the DOJ accuse Fairway of redlining as the company allegedly discouraged people from majority-Black neighborhoods from applying for mortgages, including through its marketing and sales actions. The regulators added that in the Birmingham area — which has six counties and about 1.1

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‘Not Saying We’re the Best’: Homes.com airs two Super Bowl ads

Housing Wire

Homes.com is back at it with another round of Super Bowl advertisements. The two advertisements are titled Not Saying Were the Best, which will air during the first quarter, and Still Not Saying Were the Best, which will air during the third quarter. When Morgan Freeman says so, who can say it is not so?

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Mutual of Omaha amends counterclaim against Longbridge Financial

Housing Wire

A lawsuit over allegedly deceptive and misleading advertising practices between two of the reverse mortgage industrys leading players saw a new development this week. Mutual of Omaha Mortgage amended its counterclaim that alleges deceptive advertising practices against Longbridge Financial.

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CFPB warns consumers about home equity contracts, comparing their features to reverse mortgages

Housing Wire

One key finding from the bureaus Office of Mortgage Markets is that HEI companies often market themselves against reverse mortgage products, touting the products as not being debt-based instruments that do not require monthly payments. The providers position is that its product is not a residential mortgage.

Contracts 370
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CFPB Finalizes Personal Financial Data Rights Rule

Appraisal Buzz

By fueling competition and consumer choice, the rule is expected to help lower prices on loans and improve customer service across payments, credit, and banking markets. “Too It’s part of the CFPB’s efforts to finally activate Section 1033 of the Consumer Financial Protection Act, a dormant legal authority enacted by Congress in 2010.

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Reverse mortgage lender Longbridge Financial sues competitor over deceptive marketing accusations

Housing Wire

Two of the top five lenders in the reverse mortgage industry are now engaged in a legal skirmish over marketing practices that one lender calls deceptive. Longbridge also states that certain informational blog posts on the Review Counsel website are written by Mutual of Omaha’s director of marketing communications.

Mortgage 459