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

Housing Wire

The Consumer Financial Protection Bureau (CFPB) this month published an issue spotlight that takes a closer look at home equity contracts, or what the industry refers to as home equity investments (HEIs) that offer a lump sum payment to clients in exchange for a stake in their home equity. Unlock Partnership Solutions case in the U.S.

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Climate risk could take $1.5 trillion out of U.S. real estate

Housing Wire

Recent natural disasters such as the LA wildfires show that climate change risks can shift the real estate and mortgage industries on a dime. According to a new study, climate-induced shifts could significantly lower property values over time. And these changes could be extremely costly. real estate market.

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NRMLA opposes New York reverse mortgage disclosures bill

Housing Wire

A bill that would seek to bolster the disclosures that reverse mortgage lenders make to potential clients in an effort to broaden their understanding of the product inside New York state is getting pushback from industry advocates. Leroy Comrie (D-Queens), who introduced the bill on Jan. Again, it’s very concerning, Irwin said.

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With lower costs and other value, rural areas are enticing for older homebuyers

Housing Wire

In an environment of high home prices and elevated mortgage rates , older homeowners taking a closer look at less expensive areas to make their money go further is not an isolated phenomenon. Costs are also generally lower for everything from property taxes to groceries or car insurance, he said. This is Mayberry.

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54% of baby boomers say they’ll never sell their homes

Housing Wire

In a traditional sense, the term “silver tsunami” refers to pent-up housing stock that older homeowners will eventually choose to sell, which would have the effect of flooding the market with new inventory. The low housing expenses that come with a fully paid-off mortgage are also keeping 40% of boomer homeowners in place.

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Biden to propose national rent hike cap of 5%

Housing Wire

At the first presidential debate three weeks ago, Biden included a reference to capping rent hikes at 5% but didn’t provide any details. In his March State of the Union address , Biden called on lawmakers to enact a $10,000 tax credit for first-time homebuyers and people who sell their starter homes.

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Hurricane Helene has exposed $96B in RMBS loans to delinquency

Housing Wire

Similar to past experiences, Hurricane Helene may lead to 5% of mortgage borrowers in affected areas becoming delinquent but eventually self-curing over the next 12 months, according to a Bank of America (BofA) analysis. Researchers used Harvey, Irma and Ida as references for prior hurricanes and their impacts on the RMBS market.

Insurance 375