Mortgage lenders who routinely mark up the costs of appraisals and other settlement services provided by third parties may soon have HUD looking over their shoulder.The Department of Housing and Urban Development has been hamstrung in its enforcement of markups due to three U.S. appeals court decisions earlier in the decade. However, the three most recent decisions have affirmed HUD's position that markups can violate the fee-splitting prohibitions of the Real Estate Settlement Procedures Act, according to Peter Race, HUD's assistant general counsel. "HUD will continue to closely look at markups of third-party charges," Mr. Race told a RESPA conference sponsored by the National Real Estate Development Center. "And we will take action when there is no work done or little work done to justify a markup of charges."
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11