Mortgage Acts and Practices
On Thursday, Jan. 10, 2013, NAR achieved a significant victory in obtaining a safe harbor in the QM rule for loans underwritten to the automated standards of the GSEs, FHA, VA, and RHS.
The Federal Trade Commission (FTC) has issued warning letters to 20 companies, including real estate agents, home builders and lead generators, about possible violations of the Mortgage Acts and Practices Advertising (MAP) Rule.
On Wednesday, Oct. 24, 2012, NAR submitted comments to the Consumer Financial Protection Bureau (CFPB) on the CFPB's strategic plan for the next five years.
Recent media reports have suggested that the FHFA, Fannie Mae, and Freddie Mac will start to take severe legal action against strategic defaulters. But are mortgage cops really going to chase down these individuals with the goal of locking them up?
On Oct. 15, 2012, NAR President submitted comments to the CFPB on its loan originator proposed rule.
Mortgage rates held steady for the most part this week, remaining near all-time record lows set last week.
On Oct. 20, Fannie Mae will tighten some of its underwriting standards for condo buyers and home owners wanting to refinance. The changes have some in the industry concerned.
Banks are requiring home buyers to come with higher credit scores and down payments to get approved for a loan, according to new national data.
Communities that have outgrown a 38-year-old definition of "rural" will continue to be eligible for mortgage assistance while the federal Rural Housing Service transitions to a new way of tracking population and income changes.