Senate Banking Chair, Richard Shelby, introduced regulatory relief legislation known as the “Financial Regulatory Improvement Act of 2015”. Among other things, this Act calls for a safe harbor protection from a consumer Ability To Repay (ATR) claim for any loans held in portfolio by a bank, with a few restrictions. Some key provisions of the bill may be found here,…
The Consumer Financial Protection Bureau issued Bulletin 2015-02 (Section 8 HCV) advising lenders of the pitfalls of excluding a consumer’s income derived from assistance received under the “Section 8 Housing Choice Voucher Homeownership Program” (now there’s a mouthful). They also highlighted information on their website for consumers that it is illegal for lenders not to use this voucher income (CFPB…
As an alumni of Villanova University, the phrase “The HAWK is Dead! The “HAWK is Dead! I heard countless times during the annual basketball game between Villanova University (the Wildcats) and their Big Five rival St. Joseph’s University (the Hawks). This game typically proved to be a great match-up no matter what the rankings of the two teams and this…
Could redlining in mortgage lending still exist? According to CFPB and the Department of Justice, it sure does, and they are out to do something about it (Redlining). The CFPB and DOJ are putting out the word to all mortgage lenders that they believe redlining definitely still exists and that they are working closely together to identify and correct any…
A recent National Association of Realtors (NAR) study found that areas with declining homeownership have a higher rate of wealth inequality (Inequality). It indicates that in the markets where fewer people are buying homes, people have less money than in areas with a higher home-ownership rate. Makes sense, people with better incomes and more savings are buying homes in markets…
Your options are limited! Lenders beware – the financing of Bed & Breakfast facilities can result in a Repurchase or Indemnification Agreement Request. Recently, a client asked our Firm about financing opportunities for a Bed and Breakfast establishment. Usually located in resort areas, Bed & Breakfasts are private homes offering overnight accommodations that include private bedrooms and either a private…
