A federal judge in Sacramento, Calif., has ruled in favor of the parties suing to overturn California's Junk Fax Law.The state passed its own law last year in a direct challenge to the federal Junk Fax Prevention Act. The California law did not carve out an "established business relationship" safe harbor, as did the federal law. "Because of this victory, businesses nationwide will be spared the unnecessary cost and bureaucracy of navigating what would have been grossly conflicting federal and state laws," said Stephen A. Bokat, executive vice president of the National Chamber Litigation Center, an arm of the U.S. Chamber of Commerce, one of those suing the state over the law. Among those benefiting from the ruling are mortgage wholesalers who send out rate sheets to brokers and mortgage brokers who fax marketing materials to real estate brokers.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
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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.
April 23 -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
April 23 -
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.
April 23