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The U.S. Supreme Court announced June 25 its decision that the legal doctrine of disparate impact is recognizable under the Fair Housing Act, HousingWire reported. Disparate impact refers to policies, practices or rules that appear to be neutral but have a discriminatory effect.
The overall risk of mortgage fraud, which includes valuation, identity, occupancy and employment/income fraud, dropped 4 percent between 2013 and 2014, but the specific risk of valuation fraud increased 17 percent during the same reporting period, analytics firm Interthinx reported June 25 in its Mortgage Fraud Risk Report.
Fannie Mae announced June 23 that it eliminated the fee for its Desktop Underwriter mortgage underwriting system and Desktop Originator tool, HousingWire reported. The government-sponsored enterprise also indicated it would soon unveil a new loan delivery system.
One year after the Consumer Financial Protection Bureau issued new mortgage servicing rules, some lenders still are not up to speed and collectively incurred fines of $11.6 million for violations involving nearly 80,000 consumers, HousingWire reported June 23.
Low mortgage rates and reduced servicing costs are helping more Americans purchase homes, Freddie Mac reported June 23 in its monthly U.S. Economic and Housing Market Outlook. Freddie noted that the housing market is shifting from boomers to millennials, who are now just entering their prime homeownership years.
Banks still hold the majority of the country’s mortgage servicing assets, although non-bank mortgage servicers are not a new phenomenon and were major players in the late 1980s, according to a joint mortgage servicing white paper from the Mortgage Bankers Association and PwC, MBA NewsLink reported June 25.
Only 64.5 percent of Americans owned homes in 2014, the 10th consecutive year in which the homeownership rate dropped, and the decline continued through the first quarter of 2015, the Joint Center for Housing Studies of Harvard University noted in its State of the Nation’s Housing report, HousingWire reported June 24.
Average fixed mortgage rates held steady during the past week, Freddie Mac reported June 25 in its Primary Mortgage Market Survey.
Rents for prime office space are up worldwide, increasing 2.9 percent year-to-year in the U.S. alone, according to real estate services firm CBRE, MBA NewsLink reported June 25. Offices in London’s West End topped the most-expensive list while Asian markets accounted for the other four spots on the top-five list.
Following rapid growth in recent years, the single-tenant retail sector is leveling out as investors in the sector watch for a potential interest-rate increase later this year, according to real estate investment services firm Marcus & Millichap, MBA NewsLink reported June 25.
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