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
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A second injunction blocks the Trump administration from enforcing new regulations for federal funding.
Trump's “Able Bodied” Public Housing Limits Could Displace Over 300,000 New Yorkers
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Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
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The States Losing Rural Delivery Rooms at an Alarming Pace
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The Small South Asian Republic Going all in on EVs
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DC Backpedals on Bike Lane Protection, Swaps Barriers for Paint
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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.
Smith Gee Studio
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City of Camden Redevelopment Agency
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Transportation Research & Education Center (TREC) at Portland State University
US High Speed Rail Association
City of Camden Redevelopment Agency
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