A final rule issued last week by the Department of Labor updating overtime regulations for white collar employees didn’t include many concessions called for by mortgage industry participants. The final rule sets the standard salary level for exempt executive, administrative, professional, outside sales, and computer employees, referred to as EAP employees, at the 40th percentile of weekly earnings of full-time salaried workers in the lowest-wage Census Region. The final rule effectively doubled the salary white collar workers must be paid to be exempt from receiving overtime pay for working more than 40 hours a week. The new standard will result...
The House this week approved legislation making it easier for loan officers working for depository institutions to go to work for nonbanks. Separately, the Senate last week approved a $39.2 billion fiscal 2017 funding bill for the Department of Housing and Urban Development. By a unanimous voice vote, House lawmakers approved H.R. 2121, the SAFE Transitional Licensing Act. The legislation provides for a 120-day temporary license for registered loan originators who change jobs and makes for an easier transition when moving from a financial institution to a state-licensed nonbank or to another state. Introduced last April by Rep. Steve Stivers, R-OH, the bill would require...
Roofing and attic inspections, verifying whether a pool is operational and safe to use, checking sump pumps for any deficiency and checking crawl spaces elicited groans from appraisers...
Litigation settlements, of course, have played a role in the resurgence in profits at Fannie Mae and Freddie Mac, though the legal gravy train is just about over for those two.
The housing bubble did in fact burst and I don’t recall Trump making any money off of it unless he did so through private investments that none of us know about...
National Council of State Housing Agencies Executive Director Barbara Thompson said the group is awaiting what she calls a “positive resolution of the issue.”
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