True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbor

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

Don’t sleep on non-QM products

Now is the perfect time for originators to consider expanding to non-QM products – to grow business, diversify their offerings and to ensure an opportunity to better serve their customers.

Real Estate

Los Angeles bans no-fault evictions until statewide rent control law takes effect

The law will go into effect Jan. 1, 2020

In a unanimous 14-0 vote on Tuesday, the Los Angeles City Council approved an emergency ban on “unjust,” no-fault evictions to stop landlords from evicting some of their tenants.

No-fault evictions are evictions that are outside the resident’s control, such as when a landlord decides to end their lease or not renew it.

This comes on the heels of the approval to enact statewide rent control earlier this month. These new rental law will take place in January 2020.

In a statement on his website, Los Angeles Mayor Eric Garcetti said the emergency measure seeks to protect his residents before Assembly Bill 1482 takes place.

“Our city is experiencing a housing crisis, and we should be using every available tool to keep people in their homes, and runaway rents in check,” Garcetti said in the statement. “This ordinance is an important measure that will prevent evictions before the new state law takes effect, and I am proud to be able to sign it into law today.”

California and Oregon are the first states nationwide to enact rent control. In March, Oregon approved a law placing an annual limit on rent increases of 7% plus inflation.

Efforts to increase affordable housing have long been talked about in California, which battled over a statewide rent control measure for several years.

In the November 2018 election, California voters shot down a previous rent control initiative, Proposition 10, by 61.7%. That proposal would have capped annual rent increases to prevent unjust evictions.

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