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2010-02-04
Analysis of Latest RESPA Rule FAQs
The U.S. Department of Housing and Urban Development on Jan. 29 issued another version of its frequently asked questions regarding the new Real Estate Settlement Procedures Act rule. The latest version is dated Jan. 28. For the first time, HUD directly addresses in the FAQs the question of whether a lender who accepts a loan application from a mortgage broker who already issued a good faith estimate can issue the lender's own version of an initial GFE. HUD advises that the lender may not issue its own initial GFE -- the lender is bound by the charges and terms disclosed on the GFE provided by the broker. Reflecting its position that the GFE is a standardized form that may be changed only as expressly authorized by HUD, HUD advises that the pagination of the GFE may not be changed. However, HUD confirms prior informal advice that the GFE may be on legal size paper.
2010-02-04
70 Banks Face Regulatory Orders
The Federal Deposit Insurance Corporation announced that it issued 57 regulatory orders against federally insured banks during December. An order by the Office of Thrift Supervision was recently disclosed by Flagstar Bancorp Inc. The National Credit Union Administration reported that removal-prohibition orders were recently issued issued against nine individuals. Meanwhile, the Federal Reserve Board announced that formal agreements were reached with 11 institutions.
2010-02-04
Commercial Mortgage Originations Stronger
Commercial mortgage originations climbed 15 percent in the fourth quarter from the third quarter, the Mortgage Bankers Association reported. Compared to a year earlier, commercial production was 12 percent higher. "The trend shows stability coming back to the market," said MBA Vice President of Commercial Real Estate Research in the statement.
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