Should lenders be assessed a user fee on every subprime loan to fund tough enforcement against predatory lending and to support financial education efforts?"It's something people ought to consider," says Wright Andrews, a Washington lobbyist who has been pushing for a national anti-predatory-lending law. Mr. Andrews told a Women in Housing and Finance symposium that a self-funding mechanism could help state law enforcement efforts and educational campaigns that are designed to prevent consumers from becoming victims of predatory lenders. The partner at Butera & Andrews told MortgageWire that he has been kicking around the idea, which he said might convince state attorneys general and consumer groups to support a national lending standard that would pre-empt state predatory lending laws. Lenders are always calling for tougher enforcement of existing laws, and state AGs complain that they are forced to operate under very tight budgets, he said, adding that the money for consumer education campaigns has to come from somewhere. Mr. Andrews is the executive director of the Coalition for Fair and Affordable Lending, which represents subprime lenders. He stressed that CFAL has not taken a position on his user-fee proposal.
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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.
April 18 -
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