The key to implementing non-QM products

With the refi boom falling off and the margin compression happening to lenders nationwide, lenders are looking at non-QM to help fill in those gaps. Learn how to implement non-QM products here!

RealTrends 2021 Team Profitability Study

Brokerage firms have often speculated about how well teams perform from a profit and loss point of view, as well as how productive they are. In this research study, RealTrends answers these two big questions.

Proven Strategies for Accelerating eMortgage Adoption with Freddie Mac and Better

This webinar will cover how the industry is working to overcome challenges lenders experience in adopting eClosings. You’ll hear from industry leaders at Snapdocs, Freddie Mac and Better Mortgage. Register now!

Logan Mohtashami on existing home sales, mortgage rates

Today’s HousingWire Daily begins the Rundown miniseries where HousingWire’s Editor-in-Chief Sarah Wheeler and Lead Analyst Logan Mohtashami will talking about housing and economics every Monday.

Politics & MoneyMortgage

Final parts of California Homeowner Bill of Rights signed into law

Gov. Jerry Brown, D-Calif., signed the final parts of the California Homeowner Bill of Rights into law this week.

Brown signed senate bill 1474, giving the California attorney general’s office the ability to use a statewide grand jury to investigate and indict the perpetrators of financial crimes involving victims in multiple counties.

Assembly bill 1950 extends the statute of limitations for prosecuting mortgage related crimes from one year to three years, granting the Department of Justice and local district attorneys the more time to investigate and prosecute mortgage fraud.

He also signed assembly bill 2610, which requires purchasers of foreclosed homes to give tenants at least 90 days-notice before starting eviction proceedings. If the tenant has a fixed-term lease, the new owner must honor the lease unless the owner demonstrates that certain exceptions intended to prevent fraudulent leases apply.

“California has been the epicenter of the foreclosure and mortgage crisis,” said Attorney General Harris said in a statement. “The Homeowner Bill of Rights will provide basic fairness and transparency for homeowners, and improve the mortgage process for everyone.”

In July, Brown signed the three other components of the legislation into law.

One of them provides tools to local governments and receivers to fight blight caused by multiple vacant homes in neighborhoods. It gives local governments the ability to impose up to a $1,000 fine for code violations. It must give owners, including banks, at least 14 days to start fixing the alleged violation and 30 days to complete the correction before issuing the fine.

If an investor or homeowner buys a property that was foreclosed on at any point since Jan. 1, 2008, the local government must give at least 60 days to remedy any violations found since taking title. The law does give room to provide less time “if deemed necessary.”

The two other bills provide protections for borrowers and struggling homeowners, including a restriction on dual-track foreclosures. The bills also guarantee struggling homeowners a single point of contact at their lender with knowledge of their loan and direct access to decision makers.

jhilley@housingwire.com

@JustinHilley

 

Most Popular Articles

Guaranteed Rate’s Shant Banosian clears $2B in originations in 2021

Guaranteed Rate’s Shant Banosian has topped his record-setting 2020 in a big way: year-to-date, the LO has funded a whopping $2 billion in total origination volume, the lender announced on Tuesday.

Nov 23, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please