The Department of Housing and Urban Development has issued its long-awaited RESPA reform proposal, and it is more ambitious than the industry expected or wants to implement during the current market turmoil. Most observers expected HUD to issue a Real Estate Settlement Procedures Act proposal narrowly focused on providing consumers with concise and understandable disclosures of loan terms and settlement costs. However, HUD has "cast a wider net," according to RESPA attorney Phillip Schulman, who says the RESPA proposal is "complicated," "confusing," and "controversial." The RESPA proposal mandates the use of a standardized four-page good faith estimate that discloses loan terms and settlement costs, including the mortgage broker's compensation. HUD also wants the closing agent to read a closing scripting that summarizes important loan terms and highlights differences between the GFE and the HUD-1 settlement sheet. HUD Assistant Secretary Brian Montgomery expects industry opposition, but he told reporters it is "no longer acceptable" for industry to stand in the way of giving consumers clear disclosures. HUD has issued the proposal for a 60-day comment period. Seven major financial services trade groups, including the American Bankers Association and the Mortgage Bankers Association, have asked HUD to extend the comment period to 120 days.
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The annualized new single-family home sales pace, an indicator of the U.S. Census Bureau's New Residential Sales report, declined in three of the last four months.
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Despite Treasury intervention to calm bond yields, persistent deficit pressure continues to trap mortgage rates, keeping application volume flat and squeezing origination revenue.
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Kastle lands another high-profile client, SWBC adds insurtech to its servicing platform, while other mortgage lenders also embark on new partnerships.
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Informative Research also updates its flagship verification product, and nCino enables streamlined workflows for users of open-source protocols.
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The fintech's chief executive, Michael Tannenbaum, explains why strategies it's been using primarily in the home equity market have broader implications.
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Attom's data adds to signs that the market's loan performance buffer is solid but thinning in some areas, and shows the trend affects both ends of the market.
August 20








