TRID is a real obstacle to mortgage process

Fed adopts new rule limiting 'too big to fail' bailouts

New emergency lending policy targets 'broad-based' issues, not specific firms

FHFA announces 2016 conforming loan limits

Much of U.S. left unchanged; limits increase in 39 ‘high-cost’ counties

Items Tagged with 'Department of Housing and Urban Development'


HUD watchdog issues warning on fraudulent, inflated reverse mortgage appraisals

Turns out the housing industry isn’t done with these yet
In the run-up to the financial crisis, fraudulent appraisal schemes ran rampant in the housing industry, eventually leading to the complete overhaul of the property appraisal system and the rise of appraisal management companies. As it turns out, schemes like that have not been completely forced out of the industry.
Read More

HUD settles with Mortgage One for requiring borrower to provide proof of disability

Michigan lender accused of asking for doctor's note
The Department of Housing and Urban Development announced Tuesday that it reached a settlement with a Michigan-based lender over discriminating against a borrower with disabilities. The man alleged that before closing on the loan, Mortgage One requested that he provide verification from his doctor that his disability was permanent.
Read More

A day in the life of HUD Secretary Julián Castro

Photo essay shows what it’s like to lead HUD
In a fascinating look behind the scenes into the life of one of housing’s biggest players, New York Magazine published a photo essay recapping one day with Julián Castro, the secretary of the Department of Housing and Urban Development. Here's a taste of it.
Read More

Senators demand answers on New Jersey zombie foreclosure crisis

Booker, Menendez seek resolution to abandoned property outbreak
According to a recent report from RealtyTrac, the state of New Jersey has more zombie foreclosures than any other, and now, the state’s two senators are asking why the problem is so bad and what federal regulators are going to do about it.
Read More

HUD proposes new rule to further protect victims of harassment

Would formalize standards for bringing harassment claims under Fair Housing Act
Victims of harassment in housing may soon have more protection thanks to a new rule proposed Wednesday by the Department of Housing and Urban Development. The proposed rule would formalize the standards for victims of harassment in housing to bring claims under the Fair Housing Act.
Read More

Fifth Third to pay $85 million for faulty FHA mortgages

Bank admits to failing to self-report defective mortgages
Fifth Third Bancorp will pay $85 million as a part of settlement with the federal government over allegations that the bank failed to self-report mortgages it knew to be defective, causing millions of dollars in losses to the Department of Housing and Urban Development.
Read More

Walter Investment CEO stepping down

Mark O’Brien announces retirement; Denmar Dixon named CEO
Coming just one month after Walter Investment Management Corp. agreed to pay $29.63 million in fines to settle charges brought by the Department of Justice, the company announced Monday that Mark O’Brien, the company's chairman and CEO, is retiring this week.
Read More

HUD hands out $38 million to fight housing discrimination

More than 100 groups receive HUD grants
The U.S. Department of Housing and Urban Development announced this week that it is awarding $38 million total to more than 100 groups to be used for fighting housing discrimination. Click here to see which groups will receive HUD funding.
Read More

Florida mortgage company owner gets 11 years in prison for leading massive fraud scheme

Defrauded HUD of $64 million, led to convictions of 24 individuals
The owner and operator of a Miami-area mortgage company will serve the next 11 years in prison. He was convicted for his part in a massive fraud scheme that defrauded the Department of Housing and Urban Development and the Federal Housing Administration of more than $64 million.
Read More