Taking yet another crack at RESPA reform, the Department of Housing and Urban Development on Monday announced six somewhat public meetings on the issue, while stressing that it has no timetable whatsoever on accomplishing the task.During a conference call with reporters where he left questions to an agency spokesman, HUD Secretary Alphonso Jackson declared, "I am more concerned about doing this right than doing it fast." A HUD spokesman said "everything's on the table" in regard to reforming the Real Estate Settlement Procedures Act, adding that one of the agency's priorities will be to save the consumer money. HUD estimates that consumers spend $55 billion each year on closing costs they do not fully understand. In attempting to once again reform RESPA (the agency halted a major reform effort in early 2004), HUD said it will focus on issues such as changes to the good-faith estimate, loan originator compensation, interest rate guarantees, and fixed settlement costs. Three meetings (by invitation only) involving consumer and industry groups will be held in Washington July 14, July 28, and Aug. 18. Three other meetings co-sponsored with the Small Business Administration will be held July 21, Aug. 4, and Aug. 11 in Los Angeles, Chicago, and Fort Worth, respectively.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18