The Mortgage Bankers Association has warned the Bush administration that its RESPA reform changes could easily be overturned in court and has suggested that it might be better to re-propose the rule for public comment.The MBA commissioned a legal opinion from its outside counsel, who found that HUD is proposing some Real Estate Settlement Procedures Act changes -- such as penalties for inaccurate good-faith estimates -- that Congress rejected in 1976. The legal opinion by attorney John ReVeal of Powell, Goldstein, Fraser & Murphy also questions whether HUD can allow dual packaging in its final RESPA rule without reissuing the rule for another round of comments. The original RESPA proposal, issued in July 2002, did not contain the dual-packaging concept, which would allow title companies and other vendors to compete with lenders in offering settlement services packages. The MBA opposes dual packaging. The association is not threatening a lawsuit, according to MBA vice president Stephen O'Connor. But the legal opinion represents "one more reason" why HUD should re-propose the rule, he said, instead of pushing ahead with a final rule.
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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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