The Director of the Office of RESPA and Interstate Land Sales for the U.S. Department of Housing and Urban Development, Ivy Jackson, clarified an major issue today that addresses industry confusion over the Yield Spread Premium “YSP”. Several wholesale lenders issued guidance that the new RESPA restrictions required anyone who…
The Real Estate Settlement Procedures Act “RESPA” regulations set to take place on January 1, 2010 has purportedly been delayed by HUD for six months. We are now waiting for an official announcement to take place by HUD to officially confirm the six month delay which should make the new…
Housing Wire reports that Rep. Gary Miller (R) of California’s bill to sunset the HVCC in HR 3126 passed the House Financial Services Committee this week. Several industry associations have quietly confirmed to me that the Home Valuation Code of Conduct (HVCC) will soon be dead. The HVCC under HR…
The Federal Reserve Board is proposing the most significant change to Regulation Z of the Truth In Lending Act that we have seen since the law was introduced. The change severely limits compensation that banks, mortgage lenders, and mortgage brokers can earn in connection with a closed-end mortgage and home…
The United States Department of Housing and Urban Development (HUD) provided updated RESPA Reform compliance guidance on the HUD-1 Settlement Statement three times in the last few weeks. The following frequently asked questions (FAQs) involve only the HUD-1 below and are in addition to the initial FAQs released. We will…
HUD released the following information today with regards to the HUD-1 Settlement Statement in order to help consumers and industry better understand the new RESPA rules that will go into effect on Jan. 1, 2010. We will list below all FAQ’s HUD released with regards to the HUD-1 Settlement Statement.…
The Federal Housing Administration recently announced significant changes to FHA Condominium financing. The FHA condo approval changes go into effect on October 1, 2009 and the ramifications for developers, condominium associations, buyers, and sellers could be serious. Some of the highlights of these changes include: 1. Any condominium development approved…
On July 30, 2009, some of the provisions of the Mortgage Disclosure Improvement Act of 2008 (MDIA) go into effect and lenders, mortgage brokers, title agents, real estate agents, and real estate brokerages need be alert as to these new federal governmental regulations. Here are the details for the MDIA:…
U.S. Rep. Barney Frank officially introduced legislation to create the Consumer Financial Protection Agency (CFPA). The legislation, which is backed by the Obama Administration, would consolidate the consumer protection powers of the fifty various federal financial regulatory agencies by creating a single regulatory agency. The creation of this single regulatory…
The Sterbcow Law Group would like to Congratulate Dave Stevens who was confirmed as the new Commissioner of the Federal Housing Administration (FHA) on Friday, Dave Stevens is a phenomenal choice to help turn FHA around. Long & Foster’s loss is America’s gain and judging by our experience with Mr.…