The Mortgage Bankers Association is actively seeking input from its members on three RESPA reform options as it prepares for the Department of Housing and Urban Development to issue a RESPA proposal later this year.The trade group has scheduled a July 20 town hall teleconference with members to discuss the options and gauge their members' appetite for reform of the Real Estate Settlement Procedures Act. The first option would revise the good-faith estimate disclosure that borrowers receive shortly after applying for a mortgage so that it is comparable to the HUD-1 settlement sheet at closing. The revised GFE would disclose that the lender is making a yield-spread premium payment to the mortgage broker "in a manner that would inform the borrower of such payment but not confuse the borrower and undermine competition," a summary of Option 1 says. The second and third options build on Option 1 and would permit lenders to do average cost pricing for lender fees (Option 2) and permit volume-based discounts on third-party fees (Option 3). Many large lenders want the second and third options, but settlement service providers, title companies, and real estate agents are opposed to giving lenders that kind of pricing power.
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The number of homes purchased by foreign buyers increased for the first time in 8 years, with many making all-cash purchases of vacation and rental homes.
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Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
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While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
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Mortgage professionals are more often subject to non-compete and non-solicitation agreements and aren't likely to be impacted by the new Sunshine State law.
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New limits for forward commitments add to indications the secondary mortgage market is watching builder partnerships with home lenders closely.
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