The Department of Housing and Urban Development has rolled out an automated lender monitoring system know as "Credit Watch" that will target problem Federal Housing Administration lenders."Credit Watch will identify lenders in the FHA program with problems and will allow us to remove the worst performers -- in the same way a school can expel a student who flunks out," HUD Secretary Andrew Cuomo said. Credit Watch focuses on FHA lender branch offices, which are originating loans with high default and claim rates during the first 24 months of the loan's life. Branch offices with default and claim rates three times the area average will be notified of their termination and right to appeal. Twenty to 30 lenders are expected to receive the first termination letters in June. Lenders with default and claims rates about two times the norm will be placed on Credit Watch and under probation for 18 months. These lenders can still originate loans, but they will be closely monitored. "HUD is doing what it needs to do in order to police the quality of loans that it insures," said Steve O'Connor, senior director for residential finance at the Mortgage Bankers Association of America. HUD's website address is http://www.hud.gov.
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The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
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Financial advisors and tax experts say HOA fees are usually not deductible, unless the home is used for a business or as a rental property.
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The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.
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