The Office of the Comptroller of the Currency is warning national banks that they can face "substantial penalties" for participating in "sham" business arrangements with title companies, real estate brokers and other settlement service providers.An OCC bulletin advises national banks to "carefully review" the Department of Housing and Urban Development's policy statement on affiliated business arrangements so that they don't violate the Real Estate Settlement Procedures Act's prohibitions on referral fees. "The policy statement provides guidance for assessing whether payments to a third party are for services rendered and yield an acceptable return on ownership interest, or are for an illegal payment for the referral of settlement service business," the OCC bulletin says. HUD has become more aggressive in going after sham affiliations in the past few years.
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Elimination of the mundane and the elevation of specialized experts able to train AI are among the changes the mortgage industry may see, its leaders say.
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Make the right lending decisions by being informed and knowledgeable on the impact of flooring during appraisals, upgrades, and resale evaluations.
September 12 -
Roof damage can reduce a property's value and loan security. Lenders must know the warning signs that indicate major structural and financial risks.
September 12 -
The federal regulator terminated the wholesale lender's FHA approvals in six jurisdictions because of certain elevated default and claim rate data.
September 12 -
The Mortgage Bankers Association leader cited past objections on anti-competitive grounds as Trump administration officials showed signs of progress on reform.
September 12 -
Homes for sale inventory reached pre-COVID levels for the first time in years, while contract activity continued to soar last month, HouseCanary said.
September 12