Even though RESPA reform was (more or less) killed by HUD on Monday, the White House had raised concerns about how a new rule would be affected by state anti-tying and anti-affiliation laws.According to a letter from Office of Management and Budget Administrator John D. Graham, a host of state laws "could present significant obstacles to packaging, stifle competition, and diminish consumer savings." The OMB had not yet completed its analysis of the Department of Housing and Urban Development's effort to revise and simplify the settlement and closing process. The OMB had extended its review, but when HUD withdrew its new Real Estate Settlement Procedures Act rule from consideration on Monday, the OMB's role ended. Still, the letter from Mr. Graham to acting Secretary Alphonso Jackson raises several concerns, including worries that new loan forms under consideration might be confusing to the consumer.
-
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.
1h ago -
Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
2h ago -
Most indicators cited by Morningstar DBRS are favorable to a good securitization market the rest of the year, but inflation is one of several challenges.
3h ago -
While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
3h ago -
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.
5h ago -
New limits for forward commitments add to indications the secondary mortgage market is watching builder partnerships with home lenders closely.
10h ago