Housing Wire

OCTOBER 13, 2022

Prior to the advent and widespread use of title insurance, before taking title to a property, the buyer required that the title be free of any rights, interests, liens or encumbrances of others for which the buyer would be responsible for. We haven’t seen any real data based on the conversation that it is going to save money.

Insurance 316

Insurance Legal Legal Fees HOA 316

Housing Wire

NOVEMBER 18, 2022

This article addresses two legal issues relevant to the review: FHFA’s statutory authority to reduce the number of Federal Home Loan Banks, and The application of the FHLBank statutory “super lien”. This provision may be challenged by the affected FHLBank under legal process. Short-term advances are not so restricted.

Legal 287

Legal Law Insurance Finance 287

Housing Wire

SEPTEMBER 13, 2024

At the end of August, the District of Columbia Housing Finance Agency (DCHFA) announced that it had relaunched its Reverse Mortgage Insurance & Tax Payment Program (ReMIT), which originally began in 2019 and expanded in 2020 before being halted at the end of 2021. They were very vocal that there was still a need,” she said.

Mortgage 418

Mortgage HOA Legal Property Taxes 418

Housing Wire

OCTOBER 27, 2023

One of the most important roles we play at ALTA is strongly encouraging buyers to shop around for their title insurance company. The Real Estate Settlement Procedures Act (RESPA) ensures that homebuyers always have the legal right to consider alternative title insurance providers and can never be forced into using a particular provider.

Insurance 507

Insurance Real Estate Buyers Real Estate Agent 507

Housing Wire

OCTOBER 23, 2020

Just before its stock debuted at a disappointing $15 a share, Guild Mortgage settled a federal lawsuit that claimed the lender knowingly breached legal requirements when it originated and underwrote FHA loans. Those loans, originated between 2007 and 2011, defaulted and led to claims to the FHA for mortgage insurance.

Mortgage 502

Mortgage Government Retail Lending 502

Housing Wire

NOVEMBER 19, 2024

The passage of the mortgage trigger lead bill as proposed in the U.S. The amendment addresses mortgage trigger leads , which occur when a potential borrower’s credit score is pulled for a new home loan application and credit bureaus sell the data to other companies interested in reaching the customer. included U.S.

Mortgage 381

Mortgage Legal Law Insurance 381

Housing Wire

JANUARY 31, 2024

This is according to experts who spoke to personal finance website Bankrate about the concept of taking on a new mortgage in retirement. Age information is collected at the time of origination, but only for Home Mortgage Disclosure Act (HMDA) purposes. 30-year mortgages were never meant to be for them. So she was approved.”

Property Taxes 379

Property Taxes Mortgage Design Finance 379

Housing Wire

SEPTEMBER 4, 2024

The Federal Housing Administration (FHA) on Wednesday published Mortgagee Letter (ML) 2024-18 , which implements updates to debenture interest rates and reimbursements for Home Equity Conversion Mortgage ( HECM ) program claims proposed in July. The ML goes into effect on Sept. 19, 2017,” FHA said in its announcement.

Mortgage 404

Mortgage Legal Development Insurance 404

Housing Wire

JANUARY 19, 2023

When industry veteran Michael Strauss abruptly shut down Long Island-based Sprout Mortgage in early July, there was uproar. There were no severance packages, and even health insurance was canceled retroactive to May 2022, leaving some on the hook for huge medical bills. Shocked employees didn’t receive their last paychecks.

Mortgage 417

Mortgage Investors Legal Loan Officers 417

Appraisal Buzz

JANUARY 9, 2025

Fortunately, there are ways to detect deed fraud attempts early, but mortgage professionals need to be well-informed to protect themselves and their clients. In some cases, AI and other digital tools have also been used to create convincing forgeries of documents or to automate the process of generating fake deeds and other legal documents.

Legal 383

Legal Insurance Tools Real Estate 383

Housing Wire

MARCH 21, 2024

Equifax’s Work Number product is too expensive for consumers and the Federal Housing Administration ( FHA ) and Federal Housing Finance Agency ( FHFA ) should potentially do something about it, an influential mortgage trade group argued this week. The trade group urged the regulators to examine Equifax’s pricing practices.

Insurance 435

Insurance Legal Finance Mortgage 435

Housing Wire

APRIL 17, 2024

According to the report, “this increase highlights the ability for bad actors to successfully gain knowledge of mortgage and real estate closings and then attempt to use spear phishing, Business Email Compromise attacks or other means to divert funds going to and out of escrows / settlement accounts.” In total, CPL issues were found on 44.6%

Insurance 459

Insurance Agents Tools Legal 459

Housing Wire

OCTOBER 18, 2023

“I do anticipate that in 2024 we will propose some amendments to the mortgage servicing rules that are reflective of what we learned through the pandemic,” Chopra said on Monday morning to an audience of mortgage professionals. ” Chopra spoke during the Mortgage Bankers Association (MBA) Annual Conference held Oct.

Mortgage 349

Mortgage Legal Insurance Finance 349

Housing Wire

FEBRUARY 1, 2021

Clinton’s long-standing career in public service, in-depth legal expertise in housing policy and executive leadership skills will help bolster FHFA’s work as a world-class prudential regulator.”. When Calabria first took over as head of the agency, he focused on mortgage giants Fannie Mae and Freddie Mac and their future in conservatorship.

Legal 473

Legal Law Brokerage Finance 473

Housing Wire

MARCH 7, 2024

The mortgage relief credit would provide “middle-class first-time homebuyers with an annual tax credit of $5,000 a year for two years,” according to the announcement. This would act as an equivalent to reducing the mortgage rate by more than 1.5% on a median-priced home for two years, and it is estimated to “help more than 3.5

Construction 531

Construction Renovations Insurance Landlords 531

Housing Wire

SEPTEMBER 19, 2024

The overall critical defect rate for mortgages increased in the first quarter of 2024, ending five consecutive quarters of decline. The company’s Mortgage QC Industry Trends Report analyzes post-closing quality control data taken from its Quality Management & Control software platform.

Mortgage 323

Mortgage Insurance Legal Marketing 323

Housing Wire

AUGUST 30, 2024

The Merriam-Webster dictionary defines fraud as the “intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right,” and from identity theft to sweepstakes and investment scams, it can take countless forms at a high cost to consumers.

Real Estate 396

Real Estate Insurance Sellers Legal 396

Housing Wire

APRIL 10, 2024

Mortgage brokers ’ compensation is in the spotlight after a recent Federal Deposit Insurance Corporation (FDIC) test concluded that some financial institutions failed to prove that payments were “reasonably related” to the value of services provided. Violations identified vary across different stages of the loan process.

Brokerage 371

Brokerage Mortgage Development Insurance 371

Housing Wire

JANUARY 10, 2023

Amid a rapidly shrinking mortgage market, the company reported a loss of $133.98 It resulted from a big decline in mortgage banking, title insurance revenues and an impairment related to the Title365 segment. . million in the third quarter of 2022. He’ll also receive a $1 million signing bonus.

Legal 422

Legal Finance Insurance Mortgage 422

Housing Wire

MAY 3, 2024

4, 2024, for FHA-insured forward mortgages and Home Equity Conversion Mortgages (HECMs). As was previously the case , the relief applies to both single-family forward mortgage borrowers as well as reverse borrowers through the HECM program under specific criteria. “[M]ortgagees

Insurance 350

Insurance Legal Mortgage 350

Appraisal Buzz

JANUARY 3, 2025

When someone loses a spouse or goes through a divorce, the last thing they need is their mortgage servicer giving them the runaround or pushing them into an unaffordable loan, said CFPB Director Rohit Chopra. Mortgage servicers have clear obligations under federal law to help these homeowners.

Legal 387

Legal Tenants Investors Mortgage 387

Housing Wire

JULY 18, 2024

real estate with a fast, digital mortgage process. ” Waltz aims to support international buyers with a “comprehensive” solution that covers the compliance, legal, banking and regulatory processes to close the purchase process within 30 days. .” Miami -based startup Waltz Inc. residential real estate is low.

Finance 371

Finance Real Estate Investors Legal 371

Housing Wire

JULY 19, 2022

Fannie Mae and Freddie Mac ’s regulator imagines a future where, perhaps through artificial intelligence and machine learning, errors in mortgages are identified in real time before a loan is closed. billion five years ago, per the Federal Housing Finance Agency — closing a mortgage loan has since gotten more expensive, not less.

Mortgage 357

Mortgage Finance Technology Legal 357

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 384

Tools Mortgage Finance Lending 384

Housing Wire

SEPTEMBER 19, 2023

Grid151 , a technology products provider for the mortgage and real estate industries, has acquired Simply Secure Sign , an eClosing technology platform, the company announced Tuesday. Up until today, Simply Secure Sign’s largest user was Mortgage Connect, L.P , a prominent national provider of mortgage services.

Technology 392

Technology Real Estate Legal Insurance 392

Housing Wire

SEPTEMBER 27, 2023

As an organization dedicated to protecting property rights, the American Land Title Association (ALTA) wants to help ensure laws do not discriminate against or prevent people from legally purchasing real estate. Laws should also be clear on the role title insurance professionals play in facilitating transactions with foreign owners.

Law 363

Law Real Estate Insurance Legal 363

Housing Wire

JULY 8, 2024

An historic home in Chicago ’s Austin neighborhood designed by architect Frank Lloyd Wright in 1903 is in serious need of repairs and renovations, but an existing reverse mortgage loan is complicating the process of initiating the work. A couple purchased the home in 1969, but took out a $189,000 reverse mortgage on the property in 1997.

Mortgage 320

Mortgage Design Architecture Market Value 320

Housing Wire

NOVEMBER 9, 2020

One area in the mortgage and real estate industry that has been evolving for nearly two decades is digital closings. E-mortgage volume spikes. During the first six months of 2020, the Federal Housing Finance Agency reported that the volume of e-mortgages purchased by Fannie Mae and Freddie Mac spiked significantly.

Law 467

Law Legal Technology Real Estate 467

Housing Wire

AUGUST 25, 2021

Mortgage industry groups on Tuesday made their voices heard in response to the Department of Housing and Urban Development ’s proposed reinstatement of its 2013 disparate impact rule. But the mortgage industry and HUD don’t see eye-to-eye on how that decision should be taken into account. This content is exclusively for HW+ members.

Legal 374

Legal Insurance Development Mortgage 374

Appraisal Buzz

NOVEMBER 13, 2024

The mortgage servicing landscape has long been a crucible of change, where today’s decisions lay the groundwork for the industry’s future. Formed in 2023, the MSEA is a platform for nurturing the next generation of mortgage leaders. Here’s what our panel of mortgage servicing executives had to share.

Mortgage 410

Mortgage Technology Clients Tools 410

Housing Wire

JANUARY 15, 2025

All but 11 states allow for at least the medical consumption of marijuana, and it is also legal for both medical and recreational use in the District of Columbia , itself a federal district. Payments from the program being made on his mortgage will end on Jan. I was born with scoliosis, Kemp told station WNDU. [My] 31, he said.

Law 356

Law Legal Insurance Government 356

Housing Wire

DECEMBER 14, 2023

The fees paid to the mortgage-backed security (MBS) investor and lender are next with the accumulated cost of the annual interest payments made to the investor(s) that purchased the MBS bond containing the mortgage, and the lender’s net origination charges at closing plus the accumulated value of the excess interest the lender charges for profit.

Insurance 423

Insurance Property Taxes Buyers Investors 423

Housing Wire

MAY 27, 2022

The requirement also applies to mortgage lenders, legal experts say. According to Kris Kully, an attorney at Mayer Brown , the notice will affect mortgage lenders because many of the underwriting systems lenders use to measure default risk contain proprietary algorithms, or “black-box models.”

Law 445

Law Valuation Legal Government 445

Housing Wire

JUNE 30, 2023

Indian Land, South Carolina-based lender Movement Mortgage has agreed to pay $23.75 million to settle allegations that it improperly originated and underwrote mortgages insured by the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) programs. Attorney Carla Freedman said in a statement.

Government 382

Government Insurance Mortgage Legal 382

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 371

Lending Advertising Mortgage Government 371

Housing Wire

SEPTEMBER 6, 2024

For more than two years, a storm has been brewing in the title insurance industry. As part of the settlement, the firms agreed to end the practice of giving real estate agents consideration for the referral of title insurance business, and they will cease their title insurance operations in Washington, D.C.,

Insurance 405

Insurance Real Estate Agent Law Real Estate 405

Housing Wire

MAY 20, 2021

The founder of Oklahoma City-based lender and servicer First Mortgage Company , who was also the president of the Mortgage Bankers Association in the late 1990s, pleaded guilty to five counts of bank fraud, money laundering and false statements to a financial institution. His company serviced about 12,000 loans worth $1.8

Mortgage 364

Mortgage Government Lending Insurance 364