CFPB summarizes compliance rules for lenders

Julie C. Nichols General

HousingWire – The Ticker The Consumer Financial Protection Bureau released three guides, outlining the Home Ownership and Equity Protection Act, the Equal Credit Opportunity Act and the Truth in Lending act Thursday. The final rule of HOEPA was created to address abusive practices in refinancing and home-equity mortgage loans with high interest rates or high fees. The new final rule …

Nevada lawmakers push for local Homeowner Bill of Rights

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HousingWire – Kerri Ann Panchuk The California Homeowner Bill of Rights shifted how foreclosure attorneys, banks and homeowners view the default process in the state. Now lawmakers in the neighboring state of Nevada are backing a bill that would create foreclosure mediation requirements for distressed homeowners while setting up civil penalties for banks that fail to follow outlined default procedures. …

People with high incomes benefit from MI deduction

Julie C. Nichols General

Wall Street Journal – Neil Shah One lesson we learned from the housing-market collapse is if you encourage Americans to borrow — by making home-mortgage interest tax deductible — people will borrow more, maybe too much for their own good. But who exactly tends to take advantage of this tax benefit? In a report released Tuesday, the Pew Charitable Trusts …

Borrowers see glitches as big banks sell off mortgage rights

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Charlotte Observer – Aaron Dunn Millions of homeowners, in Charlotte and around the country, have received an unexpected message from their banks: Goodbye. After years of collecting mortgage payments from as many people as they could, big U.S. banks such as Bank of America and Wells Fargo are scaling back. As servicing mortgages grows less lucrative, they’re selling the rights …

How Student Loans Can Keep You From Buying a Home

Julie C. Nichols General

Barry Paperno – credit.com As student loans take on an increasing presence among the 20-something generation of college graduates who have traditionally made up a high proportion of first-time homebuyers, the impact of student loan debt on a mortgage application becomes increasingly important — especially as about two-thirds of college seniors who graduated in 2011 had student loan debt averaging $26,600 …