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The Consumer Financial Protection Bureau on June 24 proposed delaying until Oct. 3 the effective date of the Know Before You Owe mortgage disclosure rule, which consists of two new loan disclosure forms that consolidate existing TILA-RESPA forms.
The Office of the Comptroller of the Currency said six big banks failed to comply with Independent Foreclosure Review requirements, and as a result, the OCC severely restricted their mortgage servicing operations, HousingWire reported June 17.
The Federal Reserve on June 17 signaled that it’s on track to raise historically low interest rates this September, although more gradually than initially anticipated, USA Today reported. The increase would be the first for the benchmark rate since 2006.
The Federal Housing Finance Agency recovered more than $10 billion in 2014 by settling 11 private-label securities lawsuits, according to its annual Report to Congress released June 15. Read the full report for more information on the FHFA’s regulation of Fannie Mae, Freddie Mac and 12 Federal Home Loan Banks.
Lenders remain optimistic about mortgage demand and their profit margins during the next three months, and they noted that credit availability is improving, Fannie Mae reported June 17 in its second quarter 2015 Mortgage Lender Sentiment Survey.
A California court ruled that the state must return $331 million it took from a fund for troubled borrowers but instead used to shore up the state’s budget, The New York Times reported June 15. The money originated from a multibillion settlement with the nation’s largest banks over mortgage improprieties.
Many Americans want to be homeowners but don’t fully understand the loan process or requirements for purchasing a house, according to the Wells Fargo report “How America Views Home Ownership,” Mortgage News Daily reported June 16. The biggest misconceptions centered on credit scores and debt.
Generally positive housing data helped average fixed mortgage rates recover from last week’s 2015 high, Freddie Mac reported June 18 in its Primary Mortgage Market Survey.
San Jose, California; Austin, Texas; and Denver are the top markets where home prices are now higher than their pre-housing-crisis peaks, analytics firm RealtyTrac reported June 17. See the complete list of the top markets.
Strong demand for apartments boosted multifamily lending during the first quarter, rising 2.1 percent from the previous quarter and accounting for nearly half the overall $40.4 billion quarterly increase in commercial loans, according to a Mortgage Bankers Association report, Reuters reported June 16.
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