Mortgage lenders can continue to fax "rate" sheets without getting prior permission from mortgage brokers under a bill just passed by Congress.The bill (S. 714) restores an exemption for sending unsolicited faxes to individuals and entities where there is an existing business relationship, according to Michael Briggs, chief legal officer of America's Community Bankers. It "will ensure that the Federal Communications Commission's flawed regulations do not impede the flow of important information," he said. Under legislation passed in 2003, the FCC adopted a rule that would have required lenders to get express written permission from brokers to send a fax. ACB and other industry groups successfully petitioned the FCC to postpone the effective date, which has maintained the status quo for the past two years. Now Congress has responded by passing S. 714, which restores the "established business relationship" exemption from the general ban on sending junk faxes and also provides an "opt-out" mechanism for recipients of unsolicited faxes. President Bush is expected to sign the bill soon.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28