New York became the latest state to officially enact legislation that outlaws the practice known as Non-Title Recorded Agreements for Personal Services or NTRAPS, which threatens senior citizens with loss of their homes. Processing Content Gov. Kathie Hochul signed the bill into law after it passed the New York State Legislature with wide bipartisan support […]
New York becomes latest state to outlaw NTRAPs Read More »
The Mortgage Bankers Association is standing firm on its initiatives to help lenders find credit-report cost relief with its latest call to eliminate the tri-merge purchase requirement for a segment of borrowers. Processing Content In a letter addressed to Federal Housing Finance Agency Director Bill Pulte in mid December, MBA requested that the regulator, which
MBA presses FHFA to drop tri-merge credit report rule Read More »
Rural markets across the board saw a significant spike in property values during the pandemic housing boom, but some communities benefited more thanks to their locations and the rise of remote work. Processing Content Between March 2020 and March 2023, home prices appreciated 36.1% in rural areas, more than doubling their rate of growth in
Vacation homes and seasonal properties drive up rural prices Read More »
Finance of America, a provider of home equity-based financing solutions for retirement, looks to expand its client base and grow originations, securing its second partnership in the last two months. Processing Content The lender and funds managed by Blue Owl Capital, a New York-based alternative asset manager, enhanced their previous partnership with a $2.5 billion
Finance of America secures major Blue Owl investment Read More »
In this week’s banking news roundup: Rohit Chopra is named senior advisor to the Democratic Attorneys General Association’s working group on consumer protection and affordability; Flagstar Bank’s private-banking division adds two additional wealth-planning capabilities; Chime promotes three members of its executive leadership team; and more.
Democratic AGs hire former CFPB Director Chopra Read More »
In a highly expected move, the Federal Reserve cut its federal funds rate on Wednesday, but Chairman Jerome Powell’s comments ultimately may have more influence on whether policy provides a boost for lenders and home buyers. Processing Content The central bank slashed its funds rate by 25 basis points at the close of the Federal
Fed moves won’t move needle on housing — yet Read More »
Shared-appreciation contract provider Hometap announced a new capital raise this week, which comes at the end of a year when several tailwinds helped fuel growth for equity investment products and loans. The Boston-based home equity investment platform this week secured $50 million in new funding led by affiliates of Gallatin Point Capital. The company plans
Hometap’s new funding caps a big year for HEI growth Read More »
Freddie Mac is updating its guidelines to include explicit language requiring mortgage companies to establish a clear artificial intelligence framework governing the technology’s internal use. The new rules become effective on March 3, 2026 and mandates compliance with the policy for businesses using AI and machine-learning tools in connection with loans sold to or serviced
Freddie Mac issues updates mandating AI governance Read More »
Embattled MV Realty has settled a lawsuit filed by Idaho Attorney General Raul Labrador involving an agreement it promoted known as Non-Title Recorded Agreements for Personal Services or NTRAPS. These contracts, also known as “Homeowner Benefit Agreements,” lock a homeowner into a long-term arrangement to sell the property in exchange for a fee. This encumbrance
MV Realty settles NTRAPS cases in Idaho, New Jersey Read More »
Absolute Home Mortgage has acquired assets from Fidelity Direct Mortgage in a partnership announced Tuesday. Absolute, a nationwide mortgage lender based in New Jersey, added Fidelity’s team of 55 producing loan officers to its team of roughly 190, a Fidelity spokesperson told National Mortgage News. “This is an important step forward for both of our
Absolute Home Mortgage acquires Northeast lender’s team Read More »