In a 4-3 decision, the California Supreme Court has held that California's anti-predatory-lending law pre-empts Oakland's predatory lending ordinance.The ruling, issued Jan. 31, is good news for California, according to the American Financial Services Association, which brought the case against the city of Oakland, because it means that legitimate subprime lenders can remain in business. "This decision means that lenders who serve higher-risk borrowers will be able to operate with parity throughout the state of California, avoiding the balkanization of the regulatory landscape, which would levy compliance costs too high to bear," the AFSA said. Bob Armbruster, president of the National Association of Mortgage Brokers, said the verdict is good news for the industry and consumers. "This is a win for consumers, because there is not another layer of laws put upon them," he said. For the past few years, a battle has been raging in the California courts over the extent of municipal authority to adopt predatory lending ordinances. The Los Angeles City Council passed a similar ordinance in 2002, but agreed to postpone enforcement pending the outcome of the Oakland case.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
April 17