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In 2013, the Consumer Financial Protection Bureau (CFPB) issued guidelines to expand the range of loan products that can be considered high-cost mortgages under the Home Ownership and Equity Protection Act (HOEPA). According to the senators, the CFPB guidelines went into effect in January 2014 with the CFPB failing to recognize how unique manufactured home loans can be. After the guidelines were released a large percentage of small-balance loans used for the purchase of affordable manufactured housing were classified as high cost loans. As a result, lender liabilities associated with making and obtaining HOEPA high cost mortgage has increased. This could lead to a loss of credit available to those seeking to purchase manufactured housing.

The report also found improper use of lender credit and failure to provide Goof Faith Estimate (GFE) in a timely manner as other violations. Supervision found instances where lender amounts disclosed to HUD exceeded the GFE, due to inadequate training and policies. GFEs were delayed beyond the three-business day requirement at some institutions due to policies and procedures that did not properly define when an application was received. The CFPB also found social media advertising was not monitored by institutions, a violation of Regulation Z which requires disclosures to be posted with any advertisements.

Secretary Castro said combatting homelessness is a crucial component to the budget. According to Secretary Castro living in a safe, stable home is one of the biggest predictors of a child’s success in both school and overall health. He said that’s why the HUD budget is also “proposing funding that would effectively end chronic homelessness and make significant strides in our work to end homelessness among families and youth.”

The number of people buying homes in the U.S. has increased 5 percent within the last two years. Still, the survey found 2 in 5 American consumers feel there is a lack of inventory in their price range and 44 percent said they are not familiar with home affordability programs.

In recent interviews, the Fed has made it clear they want to move away from the pledge to be patient. They have held their benchmark short-term rate, the federal funds rate, near zero since December 2008. The lackluster housing market was concern on Yellen’s mind when she gave the speech emphasizing the patience pledge.

In the 1980s, only 3 to 4 percent of homes were sold in bidding wars. From 1995 to 2005 that number skyrocketed, with Washington D.C., having on the highest rates at nearly 30 percent of homes sold involved in bidding wars. However, according to the study although an increase in bidding wars was correlated with economic and housing booms, that rise was not consistent from one jurisdiction to another. In the Houston, the rate was only 11 percent, even though the city benefited from the housing boom.

Allegations of workplace discrimination within the CFPB arose in 2013 when documents were leaked by employees to the media. Employees alleged they were givin unfair evaluations based on gender, race, and age, not job performance. Head of the CFPB Rirchard Cordray admitted the employee evaluation system used in 2012 and 2013 was unfair and launched his own internal report last year. Cordray’s report found black and Hispanic workers, those over age 40, those outside Washington, D.C. and those in the union were more likely to get bad performance evaluations under the system, which worsened their pay and career advancement prospects.

On a national scale, with 20 percent down, a buyer would need to earn a salary of $48,603.82 to afford the median-priced home. Of course it is possible to buy a home with less than a 20 percent down payment, but a lower down payment means the buyer’s salary must be higher to afford the same home. In the national example above, a purchase of a median-priced home with only 10 percent down and including the cost of PMI increases the income needed to $56,140.44, an increase of $7,500.

Quicken has been involved in several lawsuits involving overtime pay for its mortgage workers, including a class-action federal suit brought by 400 former employees that the company won in 2011. In that case, a federal jury ruled that the Quicken employees did not qualify for overtime pay because the federal rules in effect during their time at the company didn't require it, according to the Detroit Free Press.

“The addition of WWN’s advanced eNotary capability adds significant value to our platform by keeping mortgage closing documents 100 percent paperless from eDisclosure to eClosing,” said Dominic Lannitti, president and CEO of DocMagic. “DocMagic has systematically been putting the necessary pieces in place to transform the company into a true end-to-end eServices solutions provider. Our exclusive arrangement with WWN incorporates a critical component: compliant eNotarizations. Without compliant eNotary capability, a fully paperless eClosing would be impossible to achieve.”