HUD General Counsel Keith Gottfried is working on a compliance assistance process that would allow lenders and settlement service providers to seek legal guidance on Real Estate Settlement Procedures Act issues."We want the industry to be innovative, and they can't be innovative if they have to worry about an enforcement action," Mr. Gottfried said in an interview. The general counsel is drafting a proposed rule that will allow the Department of Housing and Urban Development to issue no-action letters -- signaling that the department will not take enforcement actions against a company that is trying to make the homebuying process more transparent and less burdensome. "I have already drafted about 24 pages of this regulation," he said, and it is being circulated within the department. HUD has to start acting more like a regulatory agency, he said, by putting out guidance, staff bulletins, and interpretations on a timely basis. Besides RESPA, compliance assistance would be provided on fair housing, public housing, and other issues under HUD's jurisdiction.
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The San Diego company was back in the black with a net income of $28.5 million in the first quarter of 2024, up from a net loss of $93 million the previous quarter.
10h ago -
The agreements at the heart of the hearing did not cover the one reached with the National Association of Realtors or those people that only bought homes.
10h ago -
Feds say Chicago businessman Mark Steven Diamond defrauded at least 80 victims and caused at least $6 million in losses.
11h ago -
Fannie Mae's tool, used by originators to determine income levels for self-employed borrowers, aims to help them avoid potential underwriting errors, the government-sponsored enterprise said.
May 9 -
The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.
May 9 -
The home purchase market right now is healthier than it was last year, said CEO Mat Ishbia, noting a 24% increase in volume over the recent period compared to Q1 2023.
May 9