Six homebuilders have entered into settlements totaling $1.4 million for alleged violations of the Real Estate Settlement Procedures Act and agreed to stop participating in captive title reinsurance arrangements, according to the Department of Housing and Urban Development.HUD Assistant Secretary Brian Montgomery said there is "no legitimate purpose" for single-family captive title reinsurance. "It is increasingly clear to us that these complicated business arrangements serve no other purpose than to hide referral fees and kickbacks, which are expressly forbidden by law," he said. As part of the settlements with HUD, Pulte Homes Inc. agreed to pay $466,000; KB Home, $456,000; Beazer Homes USA Inc., $261,000; Ryan Group Inc., $84,000; Meritage Homes Corp., $66,000; and Technical Olympic USA Inc., $52,000.
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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.
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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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
10h ago