Home Mortgage Disclosure Act Archives

FDIC settles with Arkansas bank over alleged violations, including for reverse mortgages

May 29, 2024 mpsingh No Comments Real estate alleged, Arkansas, bank, Bank of England, FDIC, Federal Deposit Insurance Corporation, Home Mortgage Disclosure Act, including, mortgages, Real Estate Settlement Procedures Act, Reverse, Settles, Violations

The Federal Deposit Insurance Corp. (FDIC) this month announced a settlement with Arkansas-based Bank of England over alleged violations of the Federal Trade Commission Act, the Real Estate Settlement Procedures Act (RESPA), the Fair Credit Reporting Act (FCRA) and the Home Mortgage Disclosure Act (HMDA). The bank has been issued an order to pay a [...]read moreFDIC settles with Arkansas bank over alleged violations, including for reverse mortgages

Second-home mortgage market slumped in 2023: Redfin

May 14, 2024 mpsingh No Comments Real estate Home Mortgage Disclosure Act, Housing Market Data, Market, Mortgage, Redfin, Secondhome, slumped

In 2023, home purchases slowed across the board due to low levels of inventory, high mortgage rates and soaring home prices. Simultaneously, the appetite for second homes also diminished substantially. Nationwide, 90,772 mortgages for second homes were originated in 2023, down 40% from a year earlier and down 65% from the height of the post-pandemic [...]read moreSecond-home mortgage market slumped in 2023: Redfin

Ahead of trial date in HMDA case, Freedom Mortgage and CFPB face hurdles

May 11, 2024 mpsingh No Comments Real estate ahead, case, CFPB, Consumer Financial Protection Bureau, date, face, freedom, Freedom Mortgage, HMDA, Home Mortgage Disclosure Act, hurdles, Mortgage, trial

The Consumer Financial Protection Bureau (CFPB) and Freedom Mortgage were handed minor setbacks by the presiding and magistrate judges, respectively, in a case that the regulator brought in widespread violations in its 2020 submission of Home Mortgage Disclosure Act (HMDA) data. The development was first reported by National Mortgage News. The original case was filed [...]read moreAhead of trial date in HMDA case, Freedom Mortgage and CFPB face hurdles

New mortgage data shows lean times for originators, tight wallets for buyers

April 10, 2024 mpsingh No Comments Real estate Buyers, Data, DataDigest, Home Mortgage Disclosure Act, Housing, Lean, Mortgage, Mortgage Servicing, originators, Real Estate, Shows, tight, Times, Wallets

Perhaps the most striking detail gleaned from a HousingWire analysis of millions of single-family purchase mortgages is how much more homebuyers had to pay in 2023 compared to 2022. The median borrower on a 30-year mortgage in 2023 received an interest rate of 6.625%, which is 1.635 percentage points higher than the same borrower a [...]read moreNew mortgage data shows lean times for originators, tight wallets for buyers

UWM sued over ‘corrupt’ scheme with brokers to steer loans

April 4, 2024 mpsingh No Comments Real estate brokers, corrupt, Featured Homepage, Home Mortgage Disclosure Act, Loans, Michigan, scheme, steer, sued, United Wholesale Mortgage, UWM

Top U.S. mortgage lender United Wholesale Mortgage (UWM) is the target of a class-action-seeking lawsuit alleging it orchestrated a scheme with mortgage brokers to apply excess fees and costs to borrowers. The wholesale lender called the accusations a “sham.” The lawsuit was filed on Tuesday in a Michigan district court by Therisa D. Escue, Billy [...]read moreUWM sued over ‘corrupt’ scheme with brokers to steer loans