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RESPA Section 8 reforms and modernizations are sorely needed, MBA says

Housing Wire

The Mortgage Bankers Association (MBA) on Thursday released a new white paper , which argues that Section 8 of the Real Estate Settlement Procedures Act (RESPA) is in need of reform and modernization to better reflect “today’s highly-regulated mortgage market.” It was originally overseen by the U.S.

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Proposed VA appraisal law looks to even the playing field

Housing Wire

The legislation would modernize the Department of Veteran Affairs ‘ appraisal requirements by allowing desktop appraisals, and in some circumstances, waving appraisals all together. ” The post Proposed VA appraisal law looks to even the playing field appeared first on HousingWire. Sponsored Video.

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Ready or not, CRA modernization is at the door

Housing Wire

The Office of the Comptroller of the Currency , the Federal Deposit Insurance Corporation and the Federal Reserve , which together proposed the changes to the CRA, so far have not suggested that any changes be made to how the law is applied to merger and other applications related to acquisitions and expansions.

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Why the CFPB’s enforcement pause is not a free pass for lenders

Housing Wire

The recent developments surrounding the Consumer Financial Protection Bureau (CFPB) have left many in the mortgage industry wondering what comes next. Many of these laws provide for damages and attorney fees , making enforcement an attractive option for plaintiffs attorneys.

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No. 1 originator Shant Banosian named president of Rate

Housing Wire

I’m going to start by making Rate the absolutely best place for every single loan officer to work at figuring out ways in which we can develop them, give them all the skills, the coaching , the mentoring and the tools, so they can have an amazing business, but also better serve all their clients and all their partners.

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HUD Updates Manufactured Home Regulations

Appraisal Buzz

This update of the HUD Code is long overdue and will help increase production while also ensuring modern designs to suit the needs of families.” Effective as federal law on August 22, 1974, the Act authorized HUD to establish nationally preemptive federal standards for the design and construction of all manufactured homes built in the U.S.

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Consumer advocate says policy changes are needed to help FHA buyers compete

Housing Wire

These anti-discrimination statutes make it illegal to refuse to rent, sell or lease housing because of a lawful source of income being provided. Department of Housing and Urban Development ( HUD), state attorneys general and fair housing organizations to start applying this legal framework to homebuyers FHA loans accounted for 15.6%

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