The Department of Housing and Urban Development's effort to beef up enforcement of the Real Estate Settlement Procedures Act is misplaced, a leading regulatory attorney says.What the mortgage business needs is more "guidance," not police actions, Phillip Schulman of Kirkpatrick & Lockhart Nicholson Graham said at the Real Estate Service Providers Council's annual conference in Washington. "It is not fair to use enforcement as a way to teach you what HUD thinks the rules are," he said. HUD has increasingly been holding the collective feet of lenders, builders, real estate brokers, title companies, and other settlement service providers to the RESPA fire, adding 15 people to a staff that used to number just a handful and increasing funding. As a result, Mr. Schulman told the meeting, the agency is now on the offense. "I fear one settlement [agreement under RESPA] a week or every other week," he said.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
8h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11