"As the mortgage market strengthens, the rule should provide appropriate safeguards without becoming a straightjacket," said Kelly Cochran, assistant director for regulations with Consumer Financial Protection Bureau.
They Said It
The national average contract mortgage rate for the purchase of previously occupied homes by combined lenders hit 3.44% for loans closed in October, down 0.12% from the previous month.
The regulatory rabbit hole goes even deeper: "We find it interesting that, in seeking disgorgement, the CFPB appears to have relied on the remedies available under Dodd-Frank Section 1055 rather than RESPA," writes Richard Andreano Jr.
Nonprofits — the Cuyahoga Land Bank, NeighborWorks America, Rebuilding Together, the National Association of Hispanic Real Estate Professionals, PCV|VRM Seeds of Hope and many more local organizations — are investing significant resources to improve America’s most vulnerable housing markets.