Links in “HUD”

HUD maintains the current standard for rural/lower cost areas at $271,050, but reduces the limit for approximately 650 counties from the then $729,750 to the new $625,000. Past increase was part of Economic Stimulus Act of 2008 designed to encourage lending. The bump was scheduled to originally drop in 2009, but allowed to roll-over for 4 years. Apparently, all good things must come to an end. As in 1/1/2014. [12/9]

HUD speaks out on latest report card for nation's largest mortgage servicers and notes continued weaknesses in "sending notices and communicating with struggling homeowners in a timely manner." Potential severe penalties could result. [12/5]

Even though the reports rely on comparisons such as a $669,000 foreclosed house in a white neighborhood to one listed for $35,000 in a minority community, banks are eager to settle untested racial discrimination charges surrounding the upkeep of foreclosed homes, such as the $42 million deal HUD worked out between Wells Fargo and the National Fair Housing Alliance. [12/4]

Richmond, California's threats to use eminent domain against some mortgage loan investors if they don't sell their loans to the city prompts group of senators to write strongly worded letter to HUD to step in. [12/4]

High-Cost Mortgage and Homeownership Counseling Amendments for TILA and RESPA go final with homeownership counseling list provided using data made available by the HUD or CFPB based on applicant Zip Code. [11/14]

HUD and Deutsche Bank agree upon $12.1 million settlement for 2007-2008 actions of an indirect subsidiary of the Bank (MortgageIT, Inc.). Allegations focused on the residential lender discriminating practices against African American and Hispanic borrowers seeking mortgage loans including charging higher APRs and fees than similarly-situated white borrowers and denying minority applicants loans more often than similarly-situated white applicants. Findings present key comparative statistical analysis that should be analyzed by every FI to ensure practices are not occurring. [11/6]

Bank of America fined $45,000 for resolution of allegations that the lender discriminated against pregnant women seeking mortgage loans. Broader potential impact for all lenders to ensure that their practices do not include similar practices that included settlement date and denial of application due to discounting of income for pregnant woman. BofA praised for cooperation in working with HUD. [11/5]

EverBank memorializes agreement to pay $37 million to more than 32,000 eligible mortgage borrowers affected by unsafe and unsound practices in mortgage loan servicing and foreclosure processing. Agreement calls for additional $6.3 million to organizations certified by the U.S. Department of Housing and Urban Development (HUD). [10/17]

To received "qualified mortgage" status under the proposed HUD rules, borrowers will not be required to have debt-to-income ratio of 43% or less, unlike CFPB rule, one of two key differences. [10/1]

Funds provided through HUD's Fair Housing Initiatives Program (FHIP) to enforce fair lending through investigation and testing of alleged discriminatory practices. [9/26]