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Student loan debt is playing its biggest role in the mortgage process yet, and it doesn’t look like it’s changing anytime soon. For starters, many Millennials have yet to finish college, and the tail end of the generation is barely 18. New data shows the current problems in housing due to student debt and exactly how big of an issue this is. …read more

From:: Real Estate Wire

At the core of the fake account scandal surrounding Wells Fargo right now is the fact that more than 5,000 of the bank’s former employees opened more than 2 million fake accounts to get sales bonuses. As the Wells Fargo situation works it way through various political and judicial machinations, the state of New York is taking measures to ensure that similar behavior, which led to a $185 million fine for Wells Fargo, doesn’t happen again. …read more

From:: Real Estate Wire

By Beth McGuire

Today, a federal appeals court ruled that the single-director structure of the Consumer Financial Protection Bureau (CPFB) represents an “unconstitutional concentration” of executive power. The U.S. Court of Appeals for the District of Columbia found problem with the inability for other government sectors to admonish—or even review—the Bureau’s actions, with too much power placed at the hands of the CFPB’s director. This long-awaited decision will make waves in the housing industry, although there is still much work to be done.

The ruling came as part of a long-standing legal battle between the CFPB and nonbank mortgage lender PHH, which sued CFPB Director Richard Cordray, arguing that the CFPB’s single-director structure and funding model were unconstitutional. However in the ruling, the court decided against shutting down the CFPB, instead ruling the agency should be restructured so that the director could be removed by the president at will.

RESPRO President and Executive Director Ken Trepeta said the present ruling “is a major victory for PHH, industry, and those of us, such as RESPRO® and its members, who have worked diligently to ensure that RESPA is both respected and accurately interpreted.”

In Tuesday’s 110-page ruling, the court of appeals noted that executive power can be granted to lower administrative agencies, but that it must be limited to the reach of that power.

“Today’s decision offers much-needed clarity on the legality of marketing service agreements, and makes clear that MSAs are compliant with RESPA provided that payment for goods and services actually furnished or performed are made at fair market,” said NAR President Tom Salomone in a statement. “We’re hopeful this will address any uncertainty moving forward and offer a clear road ahead for any of our members who have entered into MSAs with settlement service providers. We will continue to monitor this case and the further appeals that are likely, and continue to communicate to REALTORS® on what this means for them and their business.”

“The court ruled that the structure of the CFPB was unconstitutional, that so-called ‘captive reinsurance’ was permissible, that section 8(c) does in fact contain safe harbors and exemptions, that PHH’s due process was violated, and that there is a statute of limitations for administrative actions under RESPA,” wrote Trepeta in a commentary. “The court did impose limits and the case was remanded for further action consistent with the decision. CFPB can appeal the decision and that is expected.”

Stay tuned to RISMedia for further reporting on these developments.

…read more

From:: Finance and Economy

By Beth McGuire

Today, a federal appeals court ruled that the single-director structure of the Consumer Financial Protection Bureau (CPFB) represents an “unconstitutional concentration” of executive power. The U.S. Court of Appeals for the District of Columbia found problem with the inability for other government sectors to admonish—or even review—the Bureau’s actions, with too much power placed at the hands of the CFPB’s director. This long-awaited decision will make waves in the housing industry, although there is still much work to be done.

The ruling came as part of a long-standing legal battle between the CFPB and nonbank mortgage lender PHH, which sued CFPB Director Richard Cordray, arguing that the CFPB’s single-director structure and funding model were unconstitutional. However in the ruling, the court decided against shutting down the CFPB, instead ruling the agency should be restructured so that the director could be removed by the president at will.

RESPRO President and Executive Director Ken Trepeta said the present ruling “is a major victory for PHH, industry, and those of us, such as RESPRO® and its members, who have worked diligently to ensure that RESPA is both respected and accurately interpreted.”

In Tuesday’s 110-page ruling, the court of appeals noted that executive power can be granted to lower administrative agencies, but that it must be limited to the reach of that power.

“Today’s decision offers much-needed clarity on the legality of marketing service agreements, and makes clear that MSAs are compliant with RESPA provided that payment for goods and services actually furnished or performed are made at fair market,” said NAR President Tom Salomone in a statement. “We’re hopeful this will address any uncertainty moving forward and offer a clear road ahead for any of our members who have entered into MSAs with settlement service providers. We will continue to monitor this case and the further appeals that are likely, and continue to communicate to REALTORS® on what this means for them and their business.”

“The court ruled that the structure of the CFPB was unconstitutional, that so-called ‘captive reinsurance’ was permissible, that section 8(c) does in fact contain safe harbors and exemptions, that PHH’s due process was violated, and that there is a statute of limitations for administrative actions under RESPA,” wrote Trepeta in a commentary. “The court did impose limits and the case was remanded for further action consistent with the decision. CFPB can appeal the decision and that is expected.”

Stay tuned to RISMedia for further reporting on these developments.

…read more

From:: Real Estate News

By Susanne Dwyer

It’s worth emphasizing now more than ever: Diversity is what the United States of America is all about. The country, of course, was cobbled together on this very idea—diversity of geography, beliefs, people. And even the homes they live in! We’ve got architectural styles rooted in the history of our nation before it was a nation (Colonial, Pueblo), a variety of imports (Spanish, French, Mediterranean) and lots of utterly contemporary styles.

So what is an American home, really? It might be easier to come up with a definitive answer to the question: What’s the ultimate American TV show or ’80s rock band? (For the record, “Breaking Bad,” and the Replacements, respectively). But just as with pop culture or food, there are some tastes that unite us and others that are regional preferences.

We thought it was the ideal time to dive deep into our own data to find the architectural home styles that best define our nation. We looked into realtor.com®’s listing descriptions to find out which types of homes are mentioned the most, where they are most popular, and whether their prices are going up or down as they fade in and out of vogue.

Here’s what we found: some seemingly ironclad regional preferences. Some changes. A few surprises. And one clear winner for the title of the American home.

Most regional architectural styles in the United States have their roots both in history and in the environment: They grew out of the types of building materials, such as stone, wood, or clay (for bricks), that were readily available during the early period of development, and the climates that these homes were constructed to withstand, says architect Mark Hogan of OpenScope Studio in San Francisco. They were also often reminiscent of popular styles in the regions where the builders and buyers hailed from—including European influences for Spanish, French, and Tuscan-style homes.

For those reasons, “when people were first settling the West Coast … it ended up looking very different than what was being built on the East Coast at the same time,” Hogan says. “They were very limited to what [materials] they could find nearby.”

And yet there is one style that has managed to conquer most of the nation. Drumroll, please. The most popular home style in 29 of the 50 states is….

The ranch home.

To housing experts, this is no surprise. Ranch houses can be built quickly and inexpensively and can be customized easily to suit the whims of buyers. Although the low-slung style is inspired by the Old West, it spread across the country with the rise of automobile culture in the 1960s. Able to accommodate one or two cars, the sprawling homes quickly populated the new suburbs.

“The ranch style signals a lifestyle change of that age. Front porches went away, and people are more into backyard living and protecting privacy,” says Tim Cannan, president of PreservationDirectory.com.

The second most popular architectural style is the “traditional,” a somewhat vague classification encompassing a variety of classic designs, defined by simple rooflines and symmetrical windows, …read more

From:: Finance and Economy