The U.S. House of Representatives voted for a bill that exempts certain depository institutions from complying with requirements under the Home Mortgage Disclosure Act (HMDA). If enacted, credit unions and other lenders with less origination volume as set forth in the bill will not be legally compelled to report and maintain loan information records under HMDA. The Home Mortgage Disclosure Adjustment Act received 243 – 184 votes last 18 January and is now referred to the U.S. Senate for deliberation. Read about the latest housing news here. What’s HMDA About? The bill pending before the U.S. Senates eases the HMDA’s…
Justin
Justin
Justin McHood is a managing partner at Suited Connector and has been recognized by national media outlets as a financial expert for more than a decade.
The proposed legislation contemplates the creation of a separate cybersecurity office at FTC that will come up with new standards to prevent any consumer data breach. Arguably the biggest data breach of 2017, approximately 143 million Americans’ sensitive personal data were compromised when hackers breached Equifax’s systems. A new bill authored by Senators Elizabeth Warren (D-MA) and Mark Warner (D-VA) wants to stop such data breaches at Equifax and other applicable credit reporting agencies (CRAs). CRAs compile information that goes to a consumer’s credit report that will be pulled by lenders when he or she applies for a mortgage, etc.…
It was not too long ago that VA’s David Shulkin had to reassure everyone that the department won’t cut off a key program for homeless Veterans. For its part, the Housing and Urban Development (HUD) recently awarded $2 billion to over 7,000 local programs dedicated to prevent or end homelessness across the U.S., as it previously announced. These grants will go toward each state/local planning organization’s most effective program to support individuals or families experiencing homelessness in their own communities. Are you ready to own a home? Consult with a lender today. Understanding Homelessness HUD, in Jan. 11 public statement,…
Some news sites and even past reports claim about HELOCs gaining traction this 2018. To be fair, home equity lines of credit are a perennial favorite among homeowners to get cash out of their equity or simply have standby funds for the rainy day. Still, it begs the question of what makes 2018 a year for HELOCs as one website would have it. Will there be a higher demand for HELOCs or a higher interest rate on them? Is 2018 all good news or something to be prepared for as well? Ask questions and find answers here. The Return of…
The Housing and Urban Development in a notice on the Federal Register announced an extension for local jurisdictions to submit an Assessment of Fair Housing in furtherance of HUD’s final rule on Affirmatively Furthering Fair Housing (AFFH). AFFH seeks to promote fair housing in local communities and end discriminatory practices. But the implementation of this housing rule is pushed back as the deadline to submit the assessments is moved by two years, or on October 31, 2020. Let’s help you achieve your homeownership prospects. Assessment of Fair Housing “… HUD believes that program participants need additional time and technical assistance…