The president-elect of the National Association of Mortgage Brokers says the Department of Housing and Urban Development does "not care about true simplification" of the Real Estate Settlement Procedures Act, and he vowed to vehemently oppose HUD's latest RESPA proposal.The proposal, which had not yet been released officially, includes a four-page good-faith estimate instead of a one-page GFE favored by the NAMB, Marc Savitt told attendees at the Southeast Mortgage Brokers Conference (sponsored by the Georgia Association of Mortgage Brokers) in Savannah, Ga. Mr. Savitt charged that HUD had bowed to pressure from other industry participants, contending that the RESPA proposal is about market share, not simplification. He said the new rule is similar to one HUD proposed back in 2004 but with the packaging provisions removed. Mr. Savitt vowed that the NAMB would "hit them with everything we have." In response to the 2004 rule, a grassroots campaign resulted in 45,000 letters of protest. "That is nothing compared with this time," he predicted. He called on mortgage brokers to contact their customers and have them write letters to HUD. Mr. Savitt told the conferees that the NAMB has attorneys in place ready to file a lawsuit against HUD as soon as the rule is formally published. The association can be found on the Web at http://www.namb.org.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11