Are you aware that FHA declared June as National Homeownership Month? They even have a theme: “Dare to Own the Dream.” Sounds a little ominous… Julian Castro, HUD Secretary, says it’s a good time to reflect on all that the Obama Administration has done to ensure that homeownership is well within the reach of the average American family. Really? Like…
Under the TRID rules, a lender may increase a fee once disclosed as being non-shoppable by the consumer when the result of an event or circumstance taking place after a disclosure is issued. These are known under the law as “allowable changes in circumstances.” In such justifiable situations, a fee which is directly related to the change may be increased.…
The good news (to some) is that DOJ’s lawsuit with a $1.27 billion penalty against Bank of America was tossed by the appeals court. The court also threw out the $1 million fine levied against former Countrywide employee Rebecca Mairone. Ironically, Rebecca is the only industry executive to have been named in a suit and penalized (almost) as a result…
Everyone knows that we need first time homebuyers in the market so we can continue the stream of move up homebuyers. This usually signifies how the economy and the housing markets are faring. The better the economy, the better jobs and wage growth, the more likely consumers will be in a better position to buy their first home or move…
With all the chatter lately about the bad and the ugly in the mortgage business, I wanted to concentrate on the good. We read and hear about predatory lending, subprime loans, fines, penalties and all the challenges faced by mortgage lenders resulting from regulatory changes and CFPB scrutiny. Let’s take a look at something, actually someone, who represents all that’s…
HUD/FHA announced several substantial proposed changes in its Home Equity Conversion Mortgage (HECM) policy & procedures on May 18th. These changes are primarily designed to assure the viability of the HECM program going forward which has become a popular way for seniors to tap the equity in their homes and remain in their property & neighborhood as they grow…
