Federal Housing Finance Agency (FHFA) Director Bill Pulte announced the rescinding of five advisory bulletins and directives issued during the Biden administration.
The rescinded actions involve the advisory bulletin on climate-related risk management, the directive on multifamily release policies, the directive on the Special Credit Purpose Programs, the directive on “Repair All” strategies for real estate owned properties, and the advisory bulletin on “Regulated Entity Unfair or Deceptive Acts or Practices Compliance” policy.
Pulte also issued a statement announcing a continuation of the waiver on the “Fair Lending, Fair Housing and Equitable Housing Plans,” noting that the “waiver will continue until such time that it is rescinded.”
Oddly, the FHFA did not issue any official statement announcing Pulte’s actions, which go into immediate effect. Instead, Pulte announced his actions in photographs of the paper-based orders posted to his personal X account.
Finally, someone who “gets it”!! Hopefully, all of these changes will bring down the cost of credit reports and escrow and title fees. They were burdened with compliance to all of these new rules. At the rate things are changing, the price of doing business should be going down!!
The cost will not go down. More people will not be able to buy a home. The waivers are not the problem.
I can promise you that the cost of credit reports, escrow and title fees will not go down. what will happen is that fewer people will be willing and able to purchase homes. That in fact will have a direct effect on all the lending, title, and real estate professionals.
Keep going, keep rescinding. “Government is the problem.”
Amen….
Count on a home builder to understand the industry.
AMEN Tom!!!
Amen!!!