Archive for 'Boston Condos'

HUD ends 32-year receivership of East St. Louis Housing Authority

Posted 23 September 2017 | By | Categories: Boston Condos | No Comments

The Department of Housing and Urban Development took the East St. Louis Housing Authority into receivership in October 1985, citing “years of deteriorating physical conditions, financial mismanagement and a lack of effective leadership.” Ever since then, the East St. Louis Housing Authority has been under HUD control, but on Thursday, HUD returned control of the East St. Louis Housing Authority to local authorities. More

Is Wells Fargo facing a strong Fed penalty?

Posted 22 September 2017 | By | Categories: Boston Condos | No Comments

During the press conference on Wednesday, Federal Reserve Chairwoman Janet Yellen answered a question outside of the Federal Open Market Committee meeting news. Yellen expanded on the possibility of Wells Fargo facing a Federal Reserve penalty after its massive account sandal. Looking at her answer, there’s a possibility. More

Message from housing finance groups: Congress must work on GSE reform

Posted 22 September 2017 | By | Categories: Boston Condos | No Comments

Initial talks from the Trump administration on reforming Fannie Mae and Freddie Mac are not happening as quickly as originally anticipated due to a growing backlog of things to accomplish in Washington D.C. Despite the slowed-down timeline, some of the biggest housing finance groups joined together to remind housing officials to stay focused on reform. More

Freddie Mac: New home sales set to take over in 2018

Posted 22 September 2017 | By | Categories: Boston Condos | No Comments

Going into 2018, Freddie Mac predicted new home sales will continue to grow, even becoming the primary driver of home sales. This gradual increase in new homes, combined with gradual increases in mortgage rates, will help reduce rapidly-rising home prices next year. While Freddie Mac forecasts home prices will continue to increase, it will be at a slower pace. More

Former attorney gets 3+ years in prison for defrauding real estate investors

Posted 21 September 2017 | By | Categories: Boston Condos | No Comments

A former attorney from New York will spend more than three years in prison for defrauding real estate investors out of at least $1 million. According to the U.S. Attorney’s Office for the Southern District of New York, Brandon Lisi received a sentence of 38 months in prison for his role in a scheme to defraud at least four individual investors in real estate transactions of more than $1 million. More

New York Attorney General pushes Experian and Transunion for answers on cybersecurity

Posted 20 September 2017 | By | Categories: Boston Condos | No Comments

New York Attorney General Eric Schneiderman is already investigating the massive data breach at Equifax that exposed the personal information of 143 million U.S. consumers. Now, New York’s top cop wants to make sure that a similar incident doesn’t take place at the other two of the big three credit reporting agencies – Experian and Transunion. More

CalBRE Notice of Real Estate Forum October 13,2017 Sacramento

Posted 20 September 2017 | By | Categories: Boston Condos | No Comments

Notification that the Commissioner of the Bureau of Real Estate is conducting a Forum on October 13 (09/19/2017) More

Here's why Congress can create bipartisan fix to flood insurance this year

Posted 19 September 2017 | By | Categories: Boston Condos | No Comments

In an unlikely pairing, Reps. Earl Blumenauer, D-Ore., and Sean Duffy, R-Wis., co-authored a blog for Bloomberg to emphasize the urgency and need to fix America’s flood insurance program. While the two noted that their first job is to help the victims of Hurricanes Harvey and Irma, the two are hopeful that Congress can come to an agreement on a fix to the flood insurance program. More

Heads roll at Equifax: Chief information officer, chief security officer "retire" immediately

Posted 16 September 2017 | By | Categories: Boston Condos | No Comments

Heads have officially started rolling at Equifax. Last week, the credit reporting agency revealed a massive data breach that exposed the personal information of 143 million U.S. consumers to hackers. And now, two of the executives charged with the security of Equifax’s credit data are no longer employed by the company. Click the headline to read more. More

HouseCanary raises $31 million to grow housing data business

Posted 15 September 2017 | By | Categories: Boston Condos | No Comments

Earlier this year, HouseCanary, a provider of software and analytics for the real estate industry, raised $33 million in its first ever funding round thanks to participants like Executive Chairman of Alphabet Eric Schmidt and NBA legend Kobe Bryant. Now, just nine months later, the company announced that it completed its second round of funding, which nearly equaled its first capital raise. More

Starkey Mortgage rebrands as Certainty Home Loans

Posted 15 September 2017 | By | Categories: Boston Condos | No Comments

Plano, Texas-based Starkey Mortgage announced it is rebranding the company and changing its name to Certainty Home Loans. “The rebrand to Certainty Home Loans marks our commitment to investing in our future,” said Jim Clapp, president and chief financial officer of Starkey Mortgage. More

Is major RESPA battle between Zillow and CFPB imminent?

Posted 14 September 2017 | By | Categories: Boston Condos | No Comments

More than a month has gone by since Zillow last gave an update on the Consumer Financial Protection Bureau’s investigation into its practices. The silence is enough to cause at least one analyst to question the likelihood the two parties will be able to reach a settlement. And if no settlement is reached, the industry should ready itself for one of the biggest RESPA battles to date. More

Massachusetts planning to sue Equifax over massive data breach

Posted 13 September 2017 | By | Categories: Boston Condos | No Comments

Equifax, which is already facing inquiries from the Consumer Financial Protection Bureau, the House Financial Services Committee, and others over the credit reporting agency’s massive data breach, has a new problem on its hands – Massachusetts Attorney General Maura Healey. Click the headline to read more. More

How to Qualify for an FHA Mortgage

Posted 11 September 2017 | By | Categories: Boston Condos | No Comments

(TNS)—If you’re concerned about getting approved for a conventional mortgage, keep your dreams of homeownership alive by considering a mortgage insured by the Federal Housing Administration. For borrowers who meet FHA requirements, this mortgage alternative is a terrific way to buy a home with a low down payment and less-than-perfect credit. What Are the Requirements for an FHA Loan? In order to obtain approval for an FHA loan, the borrower must satisfy the following requirements: Steady Employment History – Borrowers typically must have been regularly employed within the past two years. Self-employed borrowers have to prove that their business has drawn stable income for at least two years; verification, such as tax returns or company documents, is required. Ability to Pay – This is determined by two formulas: the front-end ratio and the back-end ratio. The front-end ratio refers to the entire amount that the borrower spends on housing costs, and it must be less than 31 percent of the borrower’s gross income, with some exceptions that push limit up to 40 percent. This includes expenses such as the principal, interest, property taxes, homeowners association fees, mortgage insurance, and homeowner’s insurance. A borrower’s back-end ratio, also known as the debt-to-income ratio, encompasses all of the borrower’s debts, including the mortgage payment, credit debt, and personal loans, and it should be less than 43 percent. Financial Soundness – The borrower must have a credit score of at least 580 and be able to afford a minimum down payment of 3.5 percent. Some institutions may accommodate lower credit scores if the borrower is able to pay a larger down payment. She must be a minimum of two years out of bankruptcy and not have a foreclosure in the past three years. All her federal student loans and income taxes must be current. Residency – The borrower must be a lawful U.S. resident with a valid Social Security number, and she must be the occupant of the home. What Costs Are Associated With an FHA Mortgage? Like conventional mortgages, there are costs associated with FHA loans that the borrower has to pay when the loan closes, including lender fees, prepaid interest, More

Former head of New Jersey housing authority gets 3 years probation for embezzling HUD funds

Posted 10 September 2017 | By | Categories: Boston Condos | No Comments

The former executive director of a New Jersey housing authority received a sentence of three years probation for embezzling money from the Department of Housing and Urban Development and using the funds for personal expenses. More

As online notarizations increase, MBA seeks industry standards

Posted 09 September 2017 | By | Categories: Boston Condos | No Comments

The Mortgage Bankers Association announced MISMO, the Mortgage Industry Standards Maintenance Organization, is looking into online notarizations to establish an industry standard. While online notarizations are still relatively new to the industry, the group is hoping to create a list of best practices to better unite the industry. Want to join in? More

Berkshire Hathway’s HomeServices of America acquires Long & Foster

Posted 09 September 2017 | By | Categories: Boston Condos | No Comments

HomeServices of America, the real estate arm of Berkshire Hathaway, announced Thursday that it is acquiring The Long & Foster Companies, one of the largest private residential real estate companies in the country. In a release, the HomeServices said that acquiring the Long & Foster brands positions the company to be the “nation’s largest home ownership services provider.” More

Gary Cohn reportedly out of running to be Trump’s Fed chair choice

Posted 08 September 2017 | By | Categories: Boston Condos | No Comments

Despite President Donald Trump saying earlier this year that Gary Cohn is among the candidates to replace Janet Yellen when her term as Federal Reserve chair expires in January 2018, it appears now that Cohn may no longer be on Trump’s Fed chair shortlist. Cohn, who currently serves as the White House National Economic Council Director, reportedly fell out of Trump’s favor after criticizing Trump’s response to the violence in Charlottesville, Virginia last month. More

Flagstar Bank unveils new charitable foundation

Posted 08 September 2017 | By | Categories: Boston Condos | No Comments

Flagstar Bank has unveiled its new charitable arm, Flagstar Foundation. “Flagstar has a 30-year tradition of investing in its communities,” said Beth Correa, president of the foundation. “We now want to formalize that investment through a foundation that will support our corporate goals as well as our employees’ involvement in the nonprofit world.” More

Ellie Mae: Closing times jump significantly from West to East Coast

Posted 08 September 2017 | By | Categories: Boston Condos | No Comments

The time to close a loan varied significantly from the East Coast to the West Coast in July, as New York’s average number of days nearly doubled that of California. Nationally, the time to close a purchase loan held steady as the time to close refinances fell. More

Hey home shoppers! Here are sample cover letters to win a bidding war

Posted 08 September 2017 | By | Categories: Boston Condos | No Comments

With multiple offers pouring in on one house, cover letters are often the determining factor in which buyer a seller chooses. And given today’s shortage of housing inventory, don’t take lightly the importance of writing up a genuine and heartfelt letter on why owning this home is important. Included are three examples of cover letters that can be used as a reference point to write one. More

Florida title attorney gets 40 months in prison for bank fraud, embezzlement, money laundering

Posted 07 September 2017 | By | Categories: Boston Condos | No Comments

A Florida title attorney will spend more than the next three years in prison after being convicted of defrauding several financial institutions, including Bank of America, out of more than $3.6 million in a series of schemes over a four-year period. More

Despite speculation, Cordray doesn’t announce run for governor at Ohio event

Posted 07 September 2017 | By | Categories: Boston Condos | No Comments

Rumors around Consumer Financial Protection Bureau Director Richard Cordray running for Ohio governor are reaching a boiling point as the debate for the Ohio Democratic Gubernatorial Debate quickly approaches. All eyes were on Cordray’s scheduled speech at the AFL-CIO Labor Day Picnic this past Monday since it appeared to be the perfect setting to announce his run for Ohio governor. Here’s what happened. More

8 Best Upgrades to Personalize Your New Home

Posted 05 September 2017 | By | Categories: Boston Condos | No Comments

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at 14 Times Pop Culture Predicted Future Technology For Sale: Former Social Club of George Washington Energy-Efficient Home Hacks to Complete Before End of Summer Before you move into your new house, you may want to make upgrades. These add value to your investment, improve your home’s function and allow you to express your personality. Plus, making upgrades before you move in reduces inconvenience later. Consider the following upgrades to make your new house feel like home. Enhance the Kitchen Quality kitchen upgrades ensure the room meets your family’s needs, and add value to your home. Consider several changes that improve the quality and function of your kitchen: Get high-end, energy- or water-saving appliances. Lower the bar counter from 42 to 36 inches so it’s more accessible. Install quartz countertops. Add lighting under the counters. Choose matching fixtures and hardware. Worried about staying on budget while renovating the most expensive room in the house? According to HomeAdvisor’s Kitchen Cost Guide, it costs the average homeowner between $12,500 and $33,500 for a full kitchen remodel. Redo the Flooring It’s definitely easier and more affordable to upgrade a house’s flooring before you arrange all the furniture. Consider stain-resistant carpeting in high-traffic areas, or install hardwood in connected rooms for a sleek appearance. Update the Bathroom Spruce up a bathroom already in the house or add an additional bathroom before your move. When renovating a bathroom, consider your current and future needs, such as your family size or entertaining habits. Several possible changes include: Install a double sink. Install a walk-in shower or Jacuzzi tub. Choose decorative shower, floor or wall tile. Customize the lighting or fixtures. Hang extra shelves for storage. Bring in New Cabinetry Before you unpack all your possessions, install new cabinetry that helps you get and stay organized. The kitchen and bathroom cabinets have a big effect on your home’s function and appearance. Choose cabinet finishes and designs that match your personal style and color scheme. You can hang the old cabinets in the garage or attic to expand your storage space. Update Electrical Wiring Older houses may have outdated wiring, or you may More

Mnuchin reiterates Mortgage Interest Tax Deduction to stay put in Trump administration tax plan

Posted 02 September 2017 | By | Categories: Boston Condos | No Comments

Treasury Secretary Steven Mnuchin reiterated in an interview with the Wall Street Journal that the mortgage interest tax deduction will stay put in the Trump administration’s pending tax plans. And, according to the interview, America should have an official answer on all this soon. More