The Community Home Lenders of America (CHLA) sent a letter to the Consumer Financial Protection Bureau (CFPB) pressing for action on trigger leads. A trigger lead provision was dropped from the National Defense Authorization Act (NDAA). The provision, Senate Amendment 2358, would prevent the national credit agencies from selling credit reports of consumers to mortgage…
The Department of Housing and Urban Development’s Federal Housing Administration is extending its foreclosure moratoriums on FHA-insured homes damaged by Hurricanes Helene and Milton. Impacted homes must be FHA-insured Single Family Title II forward and Home Equity Conversion Mortgages in Presidentially Declared Major Disaster Areas resulting from these hurricanes. The moratoriums will be in effect…
By KIMBERLEY HAAS Conflicts between regulations requiring appraiser independence and recent enforcement actions are the basis of a lawsuit filed in federal district court. Lawyers for Rocket Mortgage are asking for declaratory and injunctive relief after officials at the U.S. Department of Housing and Urban Development charged the company with housing discrimination. HUD claims a…
By KIMBERLEY HAAS Industry leaders are discussing what a potential release from conservatorship might look like for Fannie Mae and Freddie Mac under Trump’s second term. At the AEI Housing Center conference held in Washington, DC, the topic came up during a panel discussion on housing priorities for the new administration. Michael Calhoun, president of…
The Justice Department has filed a lawsuit against Pennsylvania to challenge discriminatory code requirements that make communal living for people with intellectual disabilities and autism difficult. The lawsuit addresses the Commonwealth of Pennsylvania, Pennsylvania Department of Labor and Industry, and Pennsylvania Department of Human Services. Under the state’s Uniform Construction Code, every “community home” for…
By CHUCK GREEN and KIMBERLEY HAAS Mirror, mirror on the high-ceilinged, lavishly patterned wall, with Donald Trump’s recent reelection, what direction will the U.S. real estate market take? When it comes to the fate of the market, the personal history of top nominees might offer a hint, explained Kateryna Odarchenko, managing director of SIC Group…
By JARED WHITLEY Where’s the line between sound business strategy and ethical violations? What’s the difference between vertical integration and breaking the law? Those are the questions being raised about a United Wholesale Mortgage (UWM) website called MortgageMatchup.com. The Consumer Financial Protection Board (CFPB) is in the process of determining how the Real Estate Settlement…
By PATRICK LAVERY Donald Trump’s victorious performance on Election Night that will return him to the presidency in 2025 portends to cast a long shadow over housing affordability, but for now, the Federal Reserve Board is continuing a resumption of rate cuts that began in mid-September by slashing its key interest rate another quarter of…
Donald Trump defeated Kamala Harris to claim the presidency. “We’re going to make you very happy, we’re going to make you very proud of your vote. America has given us an unprecedented and powerful mandate,” Trump said in a victory speech. For mortgage professionals, this could translate to higher interest rates and more expensive housing,…
Mortgage broker Townstone Financial is set to pay a $105,000 penalty to resolve redlining allegations in Chicago. The Consumer Financial Protection Bureau filed a proposed order to resolve its case against Townstone for discriminatory lending practices and redlining in predominantly Black Chicago neighborhoods. The order would stop Townstone from “taking any actions that violate the…
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