Despite congressional efforts to "derail" his efforts to reform the mortgage application and settlement process, the secretary of Housing and Urban Development told the National Community Reinvestment Coalition March 12 that he still plans to issue a final rule in a few months."I am determined that we are going to see it through, and I think it is going to be a really good day for consumers," HUD Secretary Mel Martinez said. At a recent hearing, members of the House Small Business Committee complained loudly that HUD's proposal would allow large lenders to package settlement services and squeeze appraisers, title agents, closing attorneys, and others to work at the lowest price. The secretary said they did not seem to comprehend that the HUD proposal would help consumers understand the mortgage process and the costs involved so they don't become "victims" of junk fees and broker abuse. The HUD secretary told MortgageWire that the Small Business Committee hearing was "disappointing" and that the committee was "very antagonistic toward our story." He said he looks forward to testifying before the Senate Banking Committee on March 20 to explain how HUD's proposal will benefit consumers and increase homeownership.
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Cost of property coverage rose more than 55% over the last five years and it'll likely keep rising through 2024, a report from Guaranteed Rate found.
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The troubled Long Island-based lender laid out steps that it's taking to improve its loan review process. The remediation efforts follow a massive loan provision last quarter, which led to a management shakeup and a $1 billion rescue led by former Treasury Secretary Steven Mnuchin.
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A legal action accuses the department of not automatically refunding mortgage insurance premiums when a borrower terminates their FHA-insured mortgage early.
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The average 30-year fixed mortgage rate for conforming loans fell, according to Freddie Mac, even as the 10-year Treasury yield rose nearly 18 basis points from the start of this week.
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Gen Z and millennials are more willing to take a higher mortgage rate in order to buy a home than Gen X and baby boomers, the ServiceLink report found.
March 14 -
Larger banks are responsible for a special assessment to cover the costs of the failures of Silicon Valley Bank and Signature Bank. The price tag has ballooned by $4.1 billion, and trade groups are criticizing the FDIC's process, arguing that it lacks transparency.
March 13