U.S. Watchdog Cracks Down on Mortgage Servicers
Worried about foreclosures, the federal bureau is reviewing mortgage servicers’ compliance with pandemic relief programs and how they’re handling forbearance requests.
Potential First-Time Home Buyer Program Seeks Equity in Housing
Called the Down Payment Toward Equity Act of 2021, the draft legislation is directed at creating equity in the housing market. Eligible home buyers must be the first generation in their family to own a home; first-time buyers could receive as much as $25K under this proposal.
Regulators Scale Back Citizens Rate Hikes
A 3.2% increase for multi-peril policies was approved instead of a requested 6.2% hike; a request to charge actuarially sound rates for new customers was also rejected.
Delayed Closings: The Most Common Reasons in Feb.
Most homes complete the sale on time, but of those that are delayed, almost 1 in 3 (29%) have a financing issue, and 1 in 4 (23%) confront an appraisal issue.
Fla. Courts Handle 3 out of 4 U.S. Property Insurance Lawsuits
Of U.S. lawsuits filed over property insurance payments in 2019, Fla. had 76%, according to a state report – but it only had 8% of all property insurance claims.
Cocktail Party Talking Points: Why Can’t I Find a House to Buy?
Florida Realtors economist: Cocktail parties – remember those? Once someone finds out you’re a Realtor, the conversation often turns to the current market. Here are suggested responses to a common question you’ll likely be asked at your next cocktail – or Zoom – party.
Legislature Passes, Gov. Signs Biz Rent Tax Reduction
A multifaceted bill will net Fla. $1B from internet sales and eventually lower the business rent tax from 5.5% to 2% – a major Florida Realtors legislative priority.
The Unexpected Challenge to Home Repair: Electrical Wiring
New home buyers and remodelers sometimes find an expensive problem as they start to dig in: Old and faulty wiring that needs fixed or even completely replaced.
Share of Mortgage Loans in Forbearance Down to 4.50%
Anxious buyers who hope some homes in forbearance would be soon listed for sale may be disappointed as more owners start making their mortgage payments again.
CFPB: Evicted Tenants Can Hold Debt Collectors Accountable
The bureau’s final rule says “debt collectors” must give written notice to tenants before an eviction, with prosecution and private lawsuits possible if they don’t.