Lender groups are making a last-ditch effort to stop the Department of Housing and Urban Development from issuing a final rule that would make lenders accountable for inaccurate appraisals on Federal Housing Administration loans.In a letter to the Office of Management and Budget, six trade groups contend that the FHA does not have the legal authority to hold lenders responsible for the property value estimates made by independent appraisers. The letter includes a legal opinion commissioned by the Mortgage Bankers Association. "The legal opinion indicates that the FHA has no specific authority to create a rule of 'no-fault' liability for appraisals and that HUD may not challenge the validity of FHA insurance on a loan or impose penalties absent lender knowledge of any loan deficiencies," the joint letter says. "We believe the rule, as proposed, violates both of these standards." The American Bankers Association, the American Financial Services Association, America's Community Bankers, the Consumer Bankers Association, and the MBA signed the Feb. 4 letter.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
6h ago -
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.
7h ago -
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.
7h ago -
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.
8h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
8h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
9h ago