Despite congressional efforts to "derail" his efforts to reform the mortgage application and settlement process, the secretary of Housing and Urban Development told the National Community Reinvestment Coalition March 12 that he still plans to issue a final rule in a few months."I am determined that we are going to see it through, and I think it is going to be a really good day for consumers," HUD Secretary Mel Martinez said. At a recent hearing, members of the House Small Business Committee complained loudly that HUD's proposal would allow large lenders to package settlement services and squeeze appraisers, title agents, closing attorneys, and others to work at the lowest price. The secretary said they did not seem to comprehend that the HUD proposal would help consumers understand the mortgage process and the costs involved so they don't become "victims" of junk fees and broker abuse. The HUD secretary told MortgageWire that the Small Business Committee hearing was "disappointing" and that the committee was "very antagonistic toward our story." He said he looks forward to testifying before the Senate Banking Committee on March 20 to explain how HUD's proposal will benefit consumers and increase homeownership.
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The newest addition to the Panorama group of companies aims at offering opportunities to first-time home buyers through wholesale and correspondent channels.
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The government-sponsored enterprise has reportedly added a new vendor to a test in which it buys certain loans without title insurance or attorney opinion letters.
9h ago -
Federal Reserve Gov. Christopher Waller said that criticisms of the Fed's balance sheet and calls to return to a scarce reserves system are misinformed, saying that much of the central bank's balance sheet is the result of activities outside the Fed's control.
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Several large banks are deploying agentic AI. There's a big difference between managing people and managing AI agents.
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The New Hampshire congresswoman promised new investigations into scam drivers, including AI and digital payment platforms.
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The 30-year fixed mortgage rate rose for the first time in six weeks, driven by Friday's strong jobs report and renewed uncertainty around tariffs.
July 10