The Department of Housing and Urban Development says the new rules will help buyers understand broker's fees will limit fee increases, and they are currently seeking legislation to give them the power to enforce the rules.
"The rules update requirements of the Real Estate Settlement Procedures Act, known as Respa, a 1974 law that sets standards for home-purchase transactions. HUD Secretary Steve Preston said changes were needed because "many people made uninformed decisions" in taking out loans. That, he said, contributed to a surge in mortgage defaults.
HUD, which pushed ahead with the rules despite opposition from lenders and others involved in mortgage transactions, estimated the changes will bring savings of nearly $700 in loan-closing costs for the typical consumer.
In a news conference, HUD officials conceded they lack legal authority to penalize violators of the rule. Legislation would be required to give HUD those powers. But they said state and federal regulators of lenders and brokers can insist on compliance with federal rules and that the threat of class-action suits may keep lenders in line."
FULL STORY: HUD Unveils New Rules for Mortgages
HUD Resiliency Awards Target Affordable Multifamily Housing
The Green and Resilient Retrofit program aims to reduce vulnerability to climate challenges and improve energy efficiency in multifamily buildings.
HUD: Homelessness Up by 12 Percent
The agency’s annual point-in-time count identified over 650,000 Americans living without permanent housing.
HUD Proposes Making Pandemic Eviction Protections Permanent
The proposed rule would apply to residents of multifamily housing supported by federal rental assistance.
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
Median Home Prices Top $1 Million in Over 200 California Towns
Towns once known for their affordability are seeing sharply rising home prices.
LA County Receives Reconnecting Communities Grants
Seven grant awards totaling $162 million will be used for planning, capital projects, and regional partnerships to reduce environmental harm and improve access in disadvantaged communities.
Seine Pollution Could Hinder Olympic Swim Events
Events like the triathlon could be impacted if tests continue to reveal high levels of dangerous bacteria in Paris’ famous river.
Licking County
Barrett Planning Group LLC
City of Cleburne
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Universal City TX
ULI Northwest Arkansas
City of Laramie, Wyoming
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
