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…
By ROB ZIMMER Americans are experiencing an affordable housing epidemic. A shortage in housing supply combined with rising interest rates has impacted millions of communities across state and party lines – making it increasingly difficult for families to realize their dream of homeownership. Unbeknownst to many, there’s another factor significantly contributing to the housing affordability…
The Department of Housing and Urban Development, through the Federal Housing Administration, updated policies for its 203(k) Rehabilitation Mortgage Insurance Program. Officials say the updates modernize and enhance the program for homeowners looking to affordably finance home renovations and rehabilitations when purchasing or refinancing. Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon and…
By SCOTT OLSON June is National Homeownership Month. So the Community Home Lenders of America (CHLA) has called on Congress to begin debate and ultimately enact a Mortgage Interest Credit (MIC) when it considers tax legislation next year to extend expiring provisions from the 2017 Tax Cut and Jobs Act (TCJA). The 2017 TCJA raised the…
By KIMBERLEY HAAS Home affordability continues to be problematic for American families. High prices, elevated mortgage rates, and a low supply of inventory have kept adults in their 20s and 30s off the housing ladder. At the same time, homeowners with growing families are unable to move up that ladder into properties that would better…
By SCOTT OLSON This week, the Consumer Financial Protection Bureau fined Bank of America $12 million for reporting false mortgage data. CFPB’s Press Release on the action stated that BofA “Loan officers routinely falsified forms about mortgage applicants.” In response to this action, the Community Home Lenders of America issued a statement renewing its longstanding…
By ROB ZIMMER As consumers and industry professionals weather a historically difficult housing market, it is more important than ever to foster a mortgage lending environment that supports the continued existence and growth of small lenders. The success of small lenders is not only in the best interest of consumers, but aligns with the goals…
By KIMBERLEY HAAS As officials at the Federal Trade Commission continue to review the proposed acquisition of Black Knight by Intercontinental Exchange, the top Democrat on the House Financial Services Committee is reiterating her concerns about the merger. U.S. Rep. Maxine Waters (D-CA) has said the two companies play a dominant role in the technology…
By Taylor Stork, President CHLA and EVP, COO Developer’s Mortgage Company and Kelly Welch, Executive Vice President, Equity Resources, Inc. When a consumer goes into the market to obtain a mortgage loan, they enjoy consumer protections that are arguably more extensive and specific than any other financial product. A few examples: TRID requirements for disclosures…
By KIMBERLEY HAAS The Biden administration has announced a reduction on mortgage insurance premiums in a move they say could benefit an estimated 850,000 borrowers over the coming year. New borrowers who take out loans insured by the Federal Housing Administration will see the effects of the reduced premiums, according to a press release. The…
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