Test triggering $2.3B in mortgage payments leads to $25M fine
ACI Worldwide admits no wrongdoing in settling CFPB's first-ever enforcement action over handling of consumer data in the processing of mortgage payments
by Matt Carter Jun 27
Loan servicers' pandemic-relief efforts 'a major success story'
Mortgage loan servicers collecting payments on loans guaranteed by Fannie Mae and Freddie Mac completed 2.36M 'home retention actions' during the COVID-19 pandemic
by Matt Carter Jun 26
Jumbo mortgage rates rise as lenders pull back
Rates for mortgages backed by Fannie and Freddie continue to ease despite tough talk on inflation from Fed Chair Jerome Powell, but liquidity issues put pressure on bigger loans
by Matt Carter Jun 21
Will chatbots make housing discrimination worse?
New artificial intelligence technology can recommend real estate listings based on neighborhoods' ethnic makeup. Experts are worried about the tech's potential for discrimination
by Jim Dalrymple II Jun 20
Veros says its AVM isn't tripped up by historical redlining boundaries
Study finds that homes located within historically redlined neighborhoods tend to have lower property values because they have less living space and smaller lot sizes
by Matt Carter Jun 16
Audits find fault with help provided to FHA borrowers during pandemic
Loan servicer Mr. Cooper is 'deeply disappointed' that the HUD OIG audit focused on problems it says were mostly technical, rather than on borrower outcomes
by Matt Carter Jun 15
This apartment complex wants to lock residents inside all night long
The Array Apartments in Austin, Texas, has announced a 'mandatory' curfew between 10 p.m. and 5 a.m. each night. But legal experts are skeptical such a rule can be enforced
by Jim Dalrymple II Jun 13
The Texas plan that could win even more new homeowners
High property taxes in Texas have in the past canceled out some of the state's affordability advantages. But political leaders are looking for ways to reduce homeowners' tax burden
by Jim Dalrymple II Jun 6
Quality control standards for AVMs may cover discrimination
Proposed standards would include random sample testing and reviews to protect against data manipulation and ensure a 'high level of confidence' in the estimates produced by AVMs
by Matt Carter Jun 2
Airbnb sues New York City over 'de facto ban' on short-term rentals
The company says only nine of its nearly 40,000 units in New York have been approved under the new law — which Airbnb claims is meant to drive out short-term rentals
by Jim Dalrymple II Jun 2
Private mortgage insurers have friends in high places
House lawmakers with differing views on Fannie and Freddie ask SEC not to hinder a system that private mortgage insurers have used to transfer nearly $68B in risk since 2015
by Matt Carter May 26
Mortgage rate gap among lenders wider than previously understood
A homebuyer taking out a $300K loan could end up overpaying by $1,200 a year — and even more if they're in the market for a jumbo, FHA or VA mortgage, according to a new CFPB analysis
by Matt Carter May 26
'I wouldn't want you to live here': 9 fair housing violations to avoid
Prevent being canceled, fined or jailed by understanding fair housing laws and regulations and avoiding violations
by Lee Davenport May 24
Housing counseling agency sues its founder for alleged fraud
The National Asian American Coalition says only a small percentage of the counseling sessions it billed California $12M for were actually provided
by Matt Carter May 18
Wells Fargo agrees to pay $1B to settle shareholder lawsuit
Investors claimed they were misled about bank's progress in fixing governance and oversight issues that came to light in wake of 2016 'fake accounts' scandal
by Matt Carter May 17
Regulator rescinds new Fannie, Freddie fee for riskier borrowers
Lending industry groups like the Mortgage Bankers Association called fee based on borrower's debt-to-income ratio 'unworkable'
by Matt Carter May 10