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May 05, 2021 12:30 PM

CFPB Delays Required QM Rule Compliance Until Fall 2022

The Consumer Financial Protection Bureau announced April 27 that it will delay mandatory compliance of the General Qualified Mortgage final rule to Oct. 1, 2022. Compliance was set to begin this July, but the agency extended the deadline to help consumers who have been affected by the coronavirus pandemic.​

May 05, 2021 12:30 PM

Fed Keeps Interest Rates Near Zero, Bond Buying Steady as Growth and Inflation Rise

The Federal Open Market Committee announced April 28 that it will keep short-term interest rates close to zero and continue buying at least $120 billion per month in bonds, CNBC reported. The move comes as the economy stays strong and the Fed remains unconcerned about a slight rise in inflation.

Apr 28, 2021 12:30 PM

Homes in Black Neighborhoods Undervalued By $46,000: Data

The average property in a predominantly Black neighborhood in the U.S. is worth $46,000 less than a similar home in a primarily white neighborhood, according to a report published April 21 by online real estate marketplace Redfin. The research looked at value estimates for more than seven million properties sold between 2013 and February 2021.

Apr 28, 2021 12:30 PM

FHFA Extends Appraisal Loan Flexibilities Due to COVID-19

The Federal Housing Finance Agency announced April 21 that Fannie Mae and Freddie Mac will extend alternative appraisals on purchase and rate-term refinance loans until May 31. Importantly, the FHFA said that due to lack of use, this would be the final extension for alternative appraisals as well as for those pertaining to power of attorney, employment verification and condo review.

Apr 28, 2021 12:30 PM

Silicon Valley Has Lowest Office Vacancy Rate; Other Cities Face Surplus Space: JLL

The office vacancy rate for Silicon Valley was 11% during the first quarter, the lowest in the U.S., according to commercial real estate firm JLL, reported April 20. For comparison, the first-quarter office vacancy rate was 13% for New York City (the highest in 30 years) and 16% for both San Francisco and Seattle.

Apr 21, 2021 12:30 PM

House Approves Real Estate Valuation Fairness Legislation

The House Financial Services Committee on April 20 approved HR 2553, the Real Estate Valuation Fairness and Improvement Act, legislation that would establish an interagency task force to analyze federal collateral underwriting standards and guidance, and provide resources for promoting diversity within the valuation profession. The bill now moves to a full House vote, but no date has been set.

Apr 21, 2021 12:30 PM

Minority Households Face Affordability Issues: NAHB Analysis

Only 24% of Black households can afford the nation’s median new home price of $346,577, the National Association of Home Builders reported April 13. For comparison, 32% of Hispanic households can afford a median price home as can 44% of non-Hispanic white households and 56% of Asian households. The affordability gap is an issue across all states.

Apr 21, 2021 12:30 PM

Lack of Supply Drives Up Home Prices; Commercial Sector Still Stalled: Fed Beige Book

Strong demand for single-family homes continues to drive up prices, but builders are struggling to meet demand and reporting numerous production challenges and rising construction costs, the Federal Reserve reported April 14 in its newest Beige Book. On the commercial side, the hotel, retail and office sectors generally remain weak.

Apr 14, 2021 12:30 PM

Biden Seeks More Affordable Housing with $5B in Incentives

President Biden is seeking to increase affordable housing in the U.S. by providing $5 billion in financial incentives to local governments to allow apartment buildings in neighborhoods that are restricted to single-family homes, Reuters reported April 8. The incentives to change zoning laws are part of the president’s overall $2 trillion infrastructure proposal.

Apr 14, 2021 12:30 PM

CFPB Seeks to Ban Foreclosure Starts Until 2022

The Consumer Financial Protection Bureau on April 5 released a notice of proposed rulemaking that would prohibit servicers from initiating foreclosure proceedings until after Dec. 31, 2021. Current rules state that borrowers have to be delinquent for 120 days before the foreclosure process can start. Comments on the proposal are due May 11.

Results: 1352 Articles found.

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