Earlier this year, the Federal Reserve Board referred three banks to the Department of Justice for further legal action after concluding that they engaged in a pattern of discrimination in mortgage lending."The Fed has conducted target reviews of institutions for pricing discrimination" based on Home Mortgage Disclosure Act data, Fed staffer Sandra Braunstein told a House Financial Services subcommittee. "As result of these reviews, we referred two nationwide lenders to the DOJ for mortgage pricing discrimination," she testified. Ms. Braunstein is the director of the Fed's Consumer and Community Affairs Division. The third referral involved an institution with loan policies that prohibited lending on Native American lands and on row houses in African-American neighborhoods.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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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.
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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