The Department of Housing and Urban Development will issue, in September, final rules to ease FHA requirements for financing condominium purchases and refinancings.
Federal courts have thrown out the Consumer Financial Protection Bureau’s aggressive interpretation of anti-kickback provisions in the Real Estate Settlement Procedures Act. But plenty of questions remain about how new management of the agency will handle the issue or the fate of existing guidance on marketing service agreements, industry experts said this week.
“There is potential for them to issue more guidance, and we hope it to be the right guidance that’s consistent with 40 years of the RESPA law,” said Kenneth Trepeta…
The D.C. circuit decision involving PHH Mortgage and Sec. 8 of the Real Estate Settlement Procedures Act should lead the CFPB to rethink its 2015 guidance on marketing services agreements, industry groups say. The CFPB under former director Richard Cordray issued guidance suggesting that many MSAs are designed to evade RESPA’s prohibition on the payment and acceptance of kickbacks and referral fees. “What the bureau did was to create an impression that it would ...