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.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
May 10