Category Archives: California Real Estate

CFPB Orders RPM Mortgage to Pay $19M for Steering Consumers to Costlier Mortgages

The Consumer Financial Protection Bureau (CFPB) filed a complaint in federal district court against RPM Mortgage, Inc. and its CEO, Erwin Robert Hirt, for illegally paying bonuses and higher commissions to loan originators to incentivize them to steer consumers into costlier mortgages. The CFPB also filed a proposed order that, if entered by the court, […]

Court Rules Real Estate Agents Can Continue to be Independent Contractors

(Jeff Sorg, OnlineEd) – The Massachusetts top court ruled today (June 3, 2015) that real estate brokerages can continue to  hire real estate agents as independent contractors. The decision is a finding against a group of real estate agents who filed suit claiming they were treated like employees and should have been receiving hourly wages […]

CFPB and State of Florida Obtain $27.7 Million Judgment Against Foreclosure Relief Scam

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau and the State of Florida were granted a final judgment against the Hoffman Law Group and corporate affiliates accused of using deceptive marketing practices and scamming distressed homeowners into paying illegal advance fees. Working together, five companies tricked consumers into paying millions of dollars in illegal upfront […]

Home Prices Up By 6.8% Year over Year, Says Corelogic® Report

(Jeff Sorg, OnlineEd) – CoreLogic® has released its April 2015 CoreLogic Home Price Index (HPI®). The nationwide index shows that home prices, including distressed sales, increased by 6.8 percent in April 2015 compared with April 2014. This represents 38 months of consecutive year-over-year increases in home prices. Excluding distressed sales, home prices increased by 6.8 percent in April […]

CFPB Files Against Provident Funding Associates for Discriminatory Mortgage Pricing

(Jeff Sorg, OnlineEd) WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) filed a joint complaint against Provident Funding Associates for charging higher broker fees on mortgage loans to African-American and Hispanic borrowers. The agencies also filed a proposed order that, if entered by the court, would require Provident […]

HUD & Associated Bank Reach $200 Million Settlement of Redlining Claim

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD)on May 26, 2015 announced an agreement with Associated Bank, N.A. (Associated) to resolve a disparate treatment redlining case, one of the largest redlining complaints brought by the federal government against a mortgage lender. At approximately $200 million, it is the largest settlement of this kind […]

Home Sales Slow in April, But Remain up From a Year Ago

(Jeff Sorg, OnlineEd) –  Despite properties typically selling faster than at any time since July 2013, existing–home sales slowed in April but remained above an annual sales pace of five million for the second straight month, according to the latest report from the National Association of Realtors®. All major regions except for the Midwest experienced sales […]

NAR President Cautions Closings Could Drag From Coming Changes to Real Estate Closings

(Jeff Sorg, OnlineEd) – NAR President Chris Polychron, recently cautioned that closings for some home sales could drag after October 3, 2015as the real estate industry transitions to the new closing procedures required by the Consumer Financial Protection Bureau’s integrated disclosure rule. “There likely will be bumps in the closing process while all parties get used to the […]

Rents Higher Than Ever Before, Rental Crisis Worsens

(Jeff Sorg, OnlineEd) – In April, rents grew at four percent year-over-year, overtaking home values, which appreciated at an annual rate of three percent. According to April Zillow® Real Estate Market Reports, soaring rents outpaced home values in April for the first time in years, further deepening a “rental crisis” and signaling that home values are […]

Report Says Housing Affordability Index Up for Q1 2015

(Jeff Sorg, OnlineEd) – First quarter home prices saw a decrease in value of $5,000 to $210,000, while average mortgage interest fell from 4.29 percent to 4.03 percent in the same period. Falling prices and interest rates brought a boost in nationwide affordability in the first quarter of 2015, says the National Association of Home Builders/Wells Fargo Housing […]