June 6, 2024
In This Issue:
- The Lock-In Effect Is Keeping Homes Off the Market. How Long Will it Last?
- ICYMI: CFPB Issues RFI Regarding Title Insurance Fees Imposed in Residential Mortgage Transactions
- Gov. Abbott Appoints Four To Finance Commission Of Texas
- HUD Launches Manufactured Home Community Loan Program
The Lock-In Effect Is Keeping Homes Off the Market. How Long Will it Last?
Bankrate | May 20, 2024
As mortgage rates plummeted to record lows in 2020 and 2021, homeowners made the logical decision to snap up cheap money and refinance. Now that rates have more than doubled, homeowners are again behaving logically: They’re staying on the sidelines of the housing market, biding their time, in an outcome known as the “lock-in effect.”
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More on This Subject From FHFA Staff »
More on This Subject From Investopedia »
ICYMI: CFPB Issues RFI Regarding Title Insurance Fees Imposed in Residential Mortgage Transactions
TLTA | May 30, 2024
The Consumer Financial Protection Bureau (CFPB) today issued a Request for Information (RFI) regarding fees imposed in residential mortgage transactions. Title insurance is cited several times in the RFI as among the largest closing and settlement costs when purchasing a home. You can read a relevant excerpt from the RFI below:
Title insurance is one of the costliest settlement services at closing. Title insurance is meant to protect against someone else laying claim to a borrower’s property. In the current market, consumers are forced to pay for the lender’s insurance premiums in a one-time payment at closing. Borrowers need to purchase a separate owner’s policy to cover losses not covered by the lender’s policy. Title insurance premiums can be significant, and typically range from 0.5%-1.0% of the purchase price.
Read the CFPB's announcement re: RFI »
Review the RFI »
Comments on the RFI are due August 2, 2024. TLTA will be formulating comments and submitting them to CFPB. If you questions about this RFI or suggestions TLTA should consider including in our comments on this RFI, please send those to TLTA Vice President of Government Relations and Counsel,
Aaron Day, thank you.
Gov. Abbott Appoints Four To Finance Commission Of Texas
Governor's Press Office | May 29, 2024
Gov. Abbott has appointed Kathleen Fields to the Finance Commission of Texas for a term set to expire on February 1, 2028. Additionally, the Governor appointed David Osborn, Troy Lambden, and Miguel Romano for terms set to expire on February 1, 2030. The Commission is the governing body of the state's banking, savings and loan, and consumer credit agencies.
Learn More About These Appointees »
HUD Launches Manufactured Home Community Loan Program
HousingWire | June 5, 2024
The U.S. Department of Housing and Urban Development (HUD) this week announced the launch of a new program designed to allow for the purchase, refinance or renovation of manufactured housing under a loan program sponsored by the Federal Housing Administration (FHA).
The Manufactured Home Community loan product will “will help entities to preserve, stabilize, and revitalize these vital sources of affordable housing,” the department explained.
Read More in HousingWire »
Read HUD's Press Release »