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U.S. Department of Housing & Urban Development (HUD)

New-Home Sales in August Hit Highest Mark in Six Years

For Sale/Credit: Stockbyte

Sales of newly built, single-family homes increased 18 percent in August to a seasonally adjusted annual rate of 504,000 units in August, the highest level in six years, according to newly released data by the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau.Click to continue

Decline in Multifamily Forces August Housing Starts to Drop Nearly 15 Percent

For Sale Sign/Credit: Medioimages/Photodisc

Led by a steep 31.7 percent decline in multifamily production, nationwide housing starts fell 14.4 percent to a seasonally adjusted annual rate of 956,000 units in August, according to newly released figures from the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau.Click to continue

David vs. Goliath in the World of Reverse Mortgages

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Few people have made a more vibrant impact on the reverse mortgage sector than Atare E. Agbamu. In his work as a broker, originator, columnist, book author, activist and consultant, Agbamu has been a champion of the reverse mortgage product and a tireless advocate for older consumers  the product was designed to support.Click to continue

HUD Fines FirstBank Mortgage for Fair Housing Act Violation

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The U.S. Department of Housing & Urban Development (HUD) has announced that Jackson, Tenn.-based mortgage lender FirstBank Mortgage Partners will pay $35,000 to settle allegations that it violated the Fair Housing Act when it denied a mortgage loan to a couple because one applicant was on maternity leave.Click to continue

Homeownership Counseling and Cessation of the “Temporary Disclosure”

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Question: We are a lender that recently received a notice from one of our investors, advising that there is a “new” Homeownership Counseling requirement with respect to applications dated on or after Aug. 1, 2014, related to providing a complete list of HUD-approved housing counseling agencies to applicants. What new requirement is the investor referring to? What must we include in our disclosures to the applicant in order to be in compliance? Additionally, are we required to have the applicant sign an acknowledgement of receipt of the disclosure? Click to continue

Senate Banking Committee Approves Castro as Next HUD Head

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The U.S. Senate Banking Committee has approved the nomination of San Antonio Mayor Julian Castro as next head of the U.S. Department of Housing & Urban Development (HUD) by a 16-6 vote on Wednesday.Click to continue

New Job Creation Spurs Sales of Newly-Built Homes to Six-Year High

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Sales of newly built, single-family homes rose 18.6 percent to a seasonally adjusted annual rate of 504,000 units in May, according to newly released data by the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau, to its highest point since May 2008.Click to continue

HUD Fines Philly Firm for Fair Housing Act Violations

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The U.S. Department of Housing & Urban Development (HUD) has announced that Brotman Enterprise LLC, a Philadelphia-area real estate company, will pay $25,000 as part of a Conciliation Agreement resolving allegations that its agents discriminated against African-American prospective renters.Click to continue

HUD Decision Abandons Relief for Non-Borrowing Surviving Spouses

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When a company like Bank of America causes a problem or harms individuals, resulting in a loss of equity, they typically get in trouble. If General Motors Company (GMC) releases a truck with faulty brakes, whether those brakes were farmed out to a third-party or not, GMC recalls the vehicle and gets in front of the issue. If these cases typically run true, then why hasn’t the U.S. Department of Housing & Urban Development (HUD) come under fire for harming elderly individuals who have taken part in a reverse mortgage?Click to continue