Department of Housing and Urban Development Secretary Alphonso Jackson has a timetable for reforming the Real Estate Settlement Procedures Act, and he wants to issue a final rule by next spring.Secretary Jackson told the Exchequer Club on Wednesday that he wants to finalize a RESPA rule that provides "clear, concise" disclosures of closing costs early next year. The housing secretary is planning to meet with Senate Banking Committee Chairman Richard Shelby, R-Ala., and House Financial Services Committee Chairman Michael Oxley, R-Ohio, this summer to get their input on RESPA reform. HUD senior counsel Kim Kendrick has already initiated meetings with banking committee staff members to outline HUD's RESPA strategy, according to a HUD spokesman. Then the secretary plans to consult with industry and consumer groups before HUD issues a RESPA proposal for public comment in late fall or early winter. Mr. Jackson has pledged to work with Congress, the housing industry, and consumer groups to reach a consensus on RESPA reform. "I intend to finish the job and produce strong RESPA reform, but not without your support," he told a Mortgage Bankers Association conference on Tuesday.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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