The Consumer Financial Protection Bureau launched a public inquiry into mortgage “junk fees,” which it says hide in closing costs. The Bureau said closing costs have “risen steeply” and cause undue financial stress on both borrowers, who bear the burden of higher prices, and lenders, who have to pass costs along to borrowers in order to…
By ERIN FLYNN JAY As the Biden administration’s war on “junk fees” continues, mortgage industry leaders are saying closing costs are not the source of home affordability challenges. In March, leaders at the Consumer Financial Protection Bureau asked for input in a blog post aimed at challenging these costs. “Families who manage to save up…
The Consumer Financial Protection Bureau is taking aim at mortgage “junk fees” yet again, this time in the servicing sector. The bureau released supervisory highlights addressing what it classifies as illegal junk fees, such as prohibited fees, deceptive notices sent to homeowners, and violations of loss mitigation rules. “Homeowners cannot just simply switch providers if…
The Biden administration’s move to cap rent increases for affordable housing units has split support in the industry. Officials announced last week that the administration will impose a 10% cap on YOY rent increases for property owners who are part of the Low-Income Housing Tax Credit program. Currently, LIHTC allows increases of 5% or double…
Marcia L. Fudge, secretary of the U.S. Department of Housing and Urban Development, is unexpectedly resigning due to personal circumstances. Her exit comes after three years at HUD’s helm, having served for almost all of the Biden presidency. Fudge attributed her decision to her 92-year-old mother, with whom she wants to spend more time, and…
The Mortgage Bankers Association responded to comments by U.S. Treasury Secretary Janet Yellen who said that independent mortgage banks require regulatory oversight as they navigate commercial real estate debt. In a hearing for the Senate Banking Committee, Yellen said the Financial Stability Oversight Council is focusing on nonbank mortgage companies because they “lack access to…
By KIMBERLEY HAAS Federal officials and members of the mortgage industry are mourning the loss of David Stevens, who helped the country navigate the aftermath of the 2008 housing crisis before serving as president and CEO of the Mortgage Bankers Association for seven years. Stevens worked as the Federal Housing Administration Commissioner at the U.S….
By KIMBERLEY HAAS The director of the Consumer Financial Protection Bureau says it’s time to take big bank bailouts off the table. Rohit Chopra shared his candid opinions on the subject during the Mortgage Bankers Association’s annual convention and expo last week during an on-stage conversation with MBA President and CEO Bob Broeksmit. Chopra said…
By KIMBERLEY HAAS The president and CEO of the Mortgage Bankers Association said they are pushing for clarity and common sense as he criticized policymakers this week during his remarks at the Secondary and Capital Markets Conference and Expo in New York City. Bob Broeksmit said policymakers plan to pile on more enforcement and red…
By DARIA BACHMANN United Wholesale Mortgage is facing more public scrutiny as court battles — and backlash from brokers — mount. The second-largest mortgage lender in the nation, UWM has come under criticism over how it treats both its employees and its customers. UWM announced in April it would force brokers to sign an agreement that they will…
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