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Volume 25 - Number 21

October 13, 2014

Realtors’ Group Goes to Bat for ‘Mini-Corr’ Lending Channels

The National Association of Realtors recently urged the CFPB not to unnecessarily restrict consumer access to credit by effectively eliminating the so-called “mini correspondent” lending channel. In a letter to the CFPB, the NAR said it supports efforts to prevent evasion of the bureau’s ability-to-repay/qualified mortgage rules. However, it also supports access and choice in credit provider channels, including affiliated business arrangements and joint ventures properly established under the Real Estate Settlement Procedures Act. “These arrangements are most often entered into to provide greater service to consumers,” said the NAR. “Capital constraints of small but growing businesses often govern the type of arrangement that is entered into. Mini correspondents are one such arrangement.” The trade group ...

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Poll

HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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