On January 10, the Consumer Financial Protection Bureau issued the Ability-to-Repay rule. It creates a new loan category called “qualified mortgages” with no interest-only loans, limited up-front fees, and debt burdens [...]
On June 30, the U.S. Department of Housing and Urban Development published a final rule setting the minimum standards that states must meet to comply with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) in licensing mortgage loan originators. IACED will begin working with the state Department of Financial Institutions immediately to codify these standards into Indiana’s SAFE Act regulatory environment.
Watch a video from Pathfinder Community Connections, an IACED member in Northeast Indiana, to learn the story of how the USDA 502 Direct Loan program builds individual wealth through home equity one household at a time, supports the local economy, and transforms lives.
IACED’s national partner, The National Community Reinvestment Coalition (NCRC), is offering free HUD-funded housing counseling training around the nation. Participants will learn how to identify fair lending abuses & mortgage [...]
The top five mortgage servicers in the United States remain locked in tense debates with the Department of Justice, federal bank regulators and the attorneys general of each state surrounding foreclosure practices that took place in the height of the housing crisis. These negotiations yielded a revised agreement in May that includes a relief fund to adjust mortgages and provide for mediation of future cases. While no figure has been agreed upon, the banks have so far offered figures below the $20 billion amount floated by regulators.
New rules issued by the Federal Reserve banning mortgage broker kickbacks or yield spread premiums (YSP) tied to interest rates are being applauded being consumer groups and denounced by mortgage [...]
According to the National Association of Realtors, fewer Americans signed contracts to buy homes in January. In fact, their index of sales agreements for previously occupied homes fell nearly 3 [...]