Oct 22, 2019
Compass launches bridge loan program
In partnership with Better.com and Freedom Mortgage, Compass aims to help homeowners make a downpayment on a new home before they sell their old one
Compass CEO: No plans for IPO in next 18 months
Robert Reffkin told The Real Deal that Compass doesn't plan to go public in the next 18 months, and a Compass spokesperson said WeWork's failed IPO won't impact the company's plans
“We have enough capital where we don’t need to go public,” Reffkin told The Real Deal.
Reffkin, in the interview, also declined to disclose how much capital the company has. A spokesperson for Compass declined to elaborate, saying there isn’t any more to tell regarding the initial public offering (IPO), other than what’s been reported.
WeWork’s failed IPO doesn’t have any bearing on Compass’ plans, a spokesperson for the company told Inman.
Supreme Court to take on CFPB constitutionality case
The Supreme Court announced Friday it will take on the case challenging the constitutionality of the Consumer Financial Protection Bureau’s leadership.
2015-2017 a battle between the CFPB and PHH began, starting with a $103 million increase to a $6 million fine initially levied against PHH for allegedly illegally referring consumers to mortgage insurers in exchange for kickbacks.
And now the Supreme Court has agreed to take on the case.
As it stands now, President Donald Trump cannot fire the CFPB director unless it’s for cause. The previous decision made the CFPB director fireable at will, but that’s not the case anymore as the case continues to be challenged in court.
Senate Democrats call on FHFA to undo changes to new Uniform Residential Loan Application
19 Democrats want language preference question restored to main form
But with the deadline looming in early 2020, the FHFA announced earlier this year that it would be delaying the implementation deadline and ordered the GSEs to remove the language preference question and housing counseling information from the updated URLA form.
As part of the change, the language preference question and the homeownership education and housing counseling question were to be moved to a separate voluntary form.