Three federal banking regulators announced on Wednesday the rescission of the Community Reinvestment Act (CRA) final rule issued in October 2023. The decision made by the governing boards of the Federal Reserve System, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) will result in the agencies reinstating […]
Federal regulators scrap 2023 CRA rule Read More »
California Attorney General Rob Bonta — along with a coalition of 20 other attorneys general — is urging the U.S. Department of Housing and Urban Development (HUD) to abandon a proposed rule that would eliminate federal requirements prohibiting discriminatory marketing of affordable housing. In a letter sent to HUD on Thursday, the attorneys general argued
State AGs oppose HUD’s plan to roll back fair housing marketing rules Read More »
As class-action lawsuits continue against major real estate brokerages for alleged telemarketing violations, firms of all sizes are under increasing pressure to strengthen their compliance practices. According to attorney Michele Shuster, a founding partner of Mac Murray and Shuster LLP, staying within the bounds of federal and state telemarketing laws isn’t just a legal necessity
What agents must know about telemarketing consent Read More »
The U.S. Conference of Mayors formally endorsed a bipartisan statement to support the Let America Build campaign — a housing policy initiative backed by Realtor.com — during the organization’s annual meeting in Tampa on Sunday. The resolution — introduced by Austin Mayor Kirk Watson — acknowledges the mounting housing affordability crisis, and it calls for
Mayors back Realtor.com’s campaign to address the housing crisis Read More »
The National Association of Mortgage Brokers (NAMB) on Monday issued a letter of support for the Community Home Lenders of America (CHLA)’s white paper on LO compensation reform. CHLA‘s white paper, released last week, urged Congress to roll back the loan originator compensation rule to focus on its original purpose — a ban on yield
NAMB issues support for CHLA white paper on LO compensation Read More »
As part of the Trump administration’s broader effort to cut regulatory burdens, the Federal Housing Administration (FHA) on Friday announced the rescission of 12 policies related to appraisal protocols, underwriter employment, flood risk management and other areas. Scott Turner, the secretary of the U.S. Department of Housing and Urban Development (HUD), which oversees the FHA,
FHA rescinds 12 policies as Trump pushes to cut red tape Read More »
Northwest Multiple Listing Service (NWMLS) has introduced new disclosure requirements aimed at increasing transparency around referral fees in residential real estate transactions across Washington state. The changes include a new stand-alone Referral Disclosure form and updates to brokerage services agreements. These additions are intended to inform buyers and sellers when a broker receives or pays
NWMLS adds referral fee disclosures to real estate forms Read More »
During a second straight day of testimony on Capitol Hill, Federal Reserve Chair Jerome Powell said the central bank is reviewing the Basel III rules (also known as the “Basel Endgame”), which would significantly increase bank capital requirements and could impact the mortgage industry, if implemented. Powell’s statement comes as the Fed prepares to vote
Powell: Fed is reviewing Basel III, supplemental leverage ratio rules Read More »
The Consumer Financial Protection Bureau (CFPB) cut short a five-year agreement with Bank of America over the bank’s alleged submissions of false mortgage data. The agreement was supposed to be in place through at least November 2028. In a filing made public Monday, the CFPB said the bank “fulfilled the obligations” of the agreement signed in November 2023,
CFPB cuts short monitoring of BofA mortgage practices Read More »
Massachusetts homebuyers will soon be protected from being pressured into waiving home inspections under new regulation. The policy, put forth by the state’s Executive Office of Housing and Livable Communities (EOHLC), prohibits sellers and their agents from requiring or encouraging buyers to waive a home inspection as a condition of purchasing real estate. It also
Massachusetts set to bar home sellers from requiring inspection waivers Read More »
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