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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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
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The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
April 23