Department of Housing and Urban Development general counsel Keith Gottfried has resigned, and he left the department Nov. 3 after serving one year as HUD's chief legal officer.It is a "loss" for lenders and real estate settlement providers who supported his efforts to provide guidance on Real Estate Settlement Procedures Act issues, according to RESPA attorney Phillip Schulman. "The fact that he won't be there to carry out that mission is a loss for participants," he said. Mr. Schulman is a partner with Kirkpatrick & Lockhart Nicholson Graham LLP in Washington. Mr. Gottfried's departure is also expected to delay HUD's RESPA reform effort to revise and improve the good-faith estimate that lenders disclose to mortgage applicants. In a letter to his HUD colleagues, Mr. Gottfried said he is "proud" to have laid the "framework for enhancing regulatory transparency and compliance assistance at HUD." Prior to joining HUD, Mr. Gottfried was general counsel at Borland Software, Scotts Valley, Calif. In the 1990s, he was an attorney with Skadden Arps in New York.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
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Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
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The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
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Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
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The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
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Underserved markets advocates also want to keep the 30-year mortgage and do more to expand rural and manufactured housing while preserving low cost homes.
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