The Federal Housing Administration has issued a "policy alert" to stop lenders from paying large fees to nonapproved FHA mortgage brokers for simply referring borrowers to their loan officers.The policy alert reminds FHA lenders that nonapproved brokers cannot perform loan origination services and that any fees paid by the lender or financed through the loan would be considered "duplicative" or "unearned" fees that violate the Real Estate Settlement Procedures Act. Department of Housing and Urban Development officials discovered in early September that some lenders were charging points and paying nonapproved brokers $3,000 to $5,000 in fees. HUD officials considered this to be excessive and began calling lenders about the practice. (FHA lenders can pay yield-spread premiums to brokers if they are approved by the FHA.)
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
4h ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
6h ago -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
11h ago -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
April 23 -
Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
April 23 -
Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
April 23