Compliance experts are raising new questions about the Department of Housing and Urban Development’s latest interpretive rule regarding the legality of marketing fees paid by home warranty companies to real estate brokers or agents. While the rule appears to be limited in scope, HUD seems to be extending the rule’s principles to other marketing arrangements among settlement service providers, not just home warranty...
The regulator said in an amicus brief Wednesday that home equity investments can be considered credit and subject to Truth in Lending Act requirements.
“We’re still not at the level of profitability where we should be in home lending, just given as we continue to wind down that servicing book,” said Charlie Scharf, CEO of Wells.
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