Consumer groups are reminding the Department of Housing and Urban Development that RESPA reform also means regulating mortgage broker compensation so that consumers know up front how much they are paying the broker in a loan transaction.The yield-spread premiums that brokers receive from wholesale lenders are simply "kickbacks," which Congress "sought to forbid" when it enacted the Real Estate Settlement Procedures Act 30 years ago, according to a letter by seven consumer groups. To curb "abusive" YSPs, HUD should require brokers to enter into a written agreement with the borrower that discloses the broker's total compensation. In addition, the April 6 letter to HUD Secretary Alphonso Jackson says borrowers should be given choices regarding how they will pay that fee at closing. HUD officials are working on a RESPA reform proposal, which might be issued for public comment this summer. The National Association of Mortgage Brokers opposes YSP disclosures unless lenders are required to disclose the back-end fees (gain-on-sale margins or servicing-release premiums) they receive in loan sales.
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Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
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The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
7h ago