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builders: Do Builder Incentives Discourage Competition? HUD Wants Your Opinion... - 04/02/09 02:38 PM

HUD has succumbed to pressure on its recent ruling against home builders who make incentives contingent upon using their mortgage companies.
Last November, it ruled these builder incentives violated RESPA's required use provision.  This provision states affiliated businesses are exempt from the "required use" provision as long as they offer a combination of settlement services at a total price lower than the sum of the market price of the individual services, and if the discount is not made up by higher costs elsewhere in the settlement process.
HUD asserted it had proof of many cases where builder incentives violated the … (5 comments)

builders: Builders Make Timely Payments, and Banks Still Foreclose - 01/22/09 10:13 AM

During a time when we're all doing our best to meet financial obligations, apparently staying current on your notes isn't enough. Banks have recently begun foreclosing on builders with perfect pay history due to the slowdown in the housing market.
Dave Brown, has been a well-known builder in Tempe, Arizona for 33 years. Brown's home-building company, Brown Family Communities, naturally saw a decrease in their sales in 2008 -- down to fewer than 300 homes, from an average of 85 homes a month in 2005. Despite these troubled times, Brown never missed a payment on his loans. Regardless, JP Morgan Chase suddenly … (5 comments)

builders: HUD Delays Implementation of Builders' Incentives Provision - 01/13/09 10:51 AM

HUD is delaying implementation of the "required use" provision of the final RESPA rule that was slated to be implemented January 16th. This provision would keep builders from making incentives or discounts available to buyers only upon using the builders' preferred lenders. The delay comes after the National Association of Home Builders (NAHB) filed a preliminary injunction against the rule in late December.
NAHB argues the provision "limits the options available to new-home buyers as they seek out the services necessary at closing." On the contrary, HUD believes this provision makes other lenders available to the buyers, encouraging them to use the lender … (1 comments)

 
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Nicole Lahti, Austin Texas Mortgage

Austin, TX

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United Lending

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