Browse articles from all of our Newsletters related to Dodd-Frank Act.
January 23, 2015 - Inside FHA Lending
Production of loans with a VA guaranty was moderately strong in the third quarter of 2014, thanks to lower rates and increased demand for the no-downpayment loans, according to Inside FHA Lendings analysis of the latest agency data. A 14.1 percent quarter-to-quarter surge helped the industry end last years first nine months with a total of $76.3 billion in VA loans, mostly purchase home mortgages taken out by a younger generation of war veterans. VA streamline refinancing also accounted for a substantial chunk of originations, 19.2 percent. Volume jumped from $19.5 billion in the first quarter of 2014 to $26.5 billion the following quarter. Lenders closed out the third quarter with $30.2 billion. Stanley Middleman, chief executive officer of Freedom Mortgage, said VA lending is on the upswing, driven by low interest rates. He thinks the VA home loan guaranty program has been ... [ 1 chart ]
January 23, 2015 - Inside MBS & ABS
The Federal Deposit Insurance Corp. took an action this week aimed at reducing confusion regarding the interplay between the banking regulators securitization safe harbor and risk-retention requirements recently set by federal regulators. Under the FDICs securitization safe harbor, if certain requirements are met, the FDIC, in its capacity as receiver or conservator of an insured depository institution, wont recover or reclaim securitized assets when exercising its authority to repudiate contracts. In 2010, the FDIC added a risk-retention requirement to the safe harbor. For securitized assets to qualify for the FDICs safe harbor, sponsors of deals issued in 2011 and beyond must retain...
January 22, 2015 - Inside Mortgage Finance
Shortly before he left office, the former chairman of the Senate Banking, Housing and Urban Affairs Committee urged the Consumer Financial Protection Bureau to fix a problem that may prevent some loans from being classified as qualified mortgages. Former Sen. Tim Johnson, D-SD, said the problem in the CFPBs points-and-fees definition was the result of a drafting error in the Dodd-Frank Act, which established the qualified mortgage under the ability-to-repay regulation. Loans with points and fees exceeding 3 percent can still be legal under the ATR, but the lender doesnt get the liability protection afforded QMs. The calculation of points and fees for purposes of determining what is a qualified mortgage was not intended...
January 9, 2015 - Inside FHA Lending
FHA borrowers who refinance through the agencys Home Affordable Modification Program will also be eligible to earn $5,000 in the sixth year of their performing, modified loan, subject to the Department of the Treasurys guidelines, the FHA has announced. The incentive to FHA-HAMP borrowers is one of several enhancements to the Making Home Affordable program that the Department of Housing and Urban Development and the Treasury Department unveiled in December last year. The enhancements were designed to motivate homeowners in MHA to continue making timely mortgage payments, strengthen the safety net for those still facing financial hardships, and help them build equity in their homes. Under the revised HAMP guidelines, all homeowners in the program become eligible to earn $5,000 in the sixth year of their loan modification. This means a borrowers outstanding principal balance could ...
January 9, 2015 - Inside MBS & ABS
The U.S. non-agency MBS space is looking more inviting these days, even though progress is painfully slow and there remains plenty of room for improvement, analysts at Fitch Ratings have concluded in a report out this week. The Fitch analysts said that the underwriting of residential mortgages has improved dramatically since the financial crisis, with recent vintages demonstrating the best performance on record so far. New legislation has completely eliminated...
December 22, 2014 - Inside the CFPB
Conversations with Capitol Hill insiders, industry lobbyists and trade group representatives suggest the CFPB is going to face a double-barreled threat from a Republican-controlled U.S. Senate and House of Representatives in the 114th Congress that convenes in January. On the one hand, the GOP is expected to be aggressive in holding numerous oversight hearings on a number of issues having to do with the CFPB. On the other hand, Republicans also are likely to push multiple pieces of legislation relating to the bureau and its rulemaking. A number of tweaks, revisions and technical corrections to the Dodd-Frank Wall Street Reform and Consumer Protection Act are expected as well. Elaborating on the legislative front, Joe Pigg, vice president and senior counsel ...
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