Standard & Poor's Ratings Services has announced that it will rate structured finance transactions that include New Mexico loans governed by the state's predatory lending law (the Home Loan Protection Act), which takes effect Jan. 1.S&P said the law bars certain practices in connection with what it defines as Home Loans, High-Cost Home Loans, Home Improvement Loans, and Manufactured Housing Loans. "Violations of the act can result in monetary liability for the originator and for purchasers and assignees," S&P said. "Although the liability of purchasers and assignees for a loan that violates the act may exceed the unpaid principal balance of the loan, this liability is capped." For deals that include New Mexico loans, S&P will require the issuer to warrant that the loans comply with all applicable laws, and that its compliance procedures can effectively identify Home Loans, High-Cost Home Loans, Home Improvement Loans, and Manufactured Housing Loans and determine that they don't violate the aforementioned act. S&P can be found online at http://www.standardandpoors.com.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28