Browse articles from all of our Newsletters related to Legislative Issues.
August 29, 2014 - Inside FHA Lending
Two states have passed legislation placing varying spins on the Department of Housing and Urban Developments counseling requirements for lenders and borrowers of FHA-insured reverse mortgages. In California, the state Senate unanimously approved AB 1700, which would mandate a seven-day cooling off period between the time a borrower receives counseling and when an application is taken. AB 1700 passed the CA Assembly by a vote of 73 to 1. In addition, the bill would require a lender to provide a worksheet guide that addresses certain issues the borrower should consider and discuss with the counselor, such as income and ability to repay as well as taxes and insurance. The counselor and the borrower are both required under the bill to sign the worksheet guide before any reverse mortgage application is taken. No schedule has been set for ...
August 22, 2014 - Inside The GSEs
There is little to no chance of legislative GSE reform occurring until at least 2016, so market participants should plan accordingly, predicted a report issued last week. Despite two separate bills awaiting a floor vote in both the House and Senate, Kroll Bond Rating Agency said theres little chance housing reform legislation will garner enough support to pass until after the next presidential election.
August 15, 2014 - Inside FHA Lending
The False Claims Act (FCA) and the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) not only have become strong enforcement tools in the fight against FHA mortgage fraud but also an efficient means of recovering taxpayer losses. Having used both federal statutes effectively to wrangle huge settlements from large banks, federal prosecutors now have their eyes set on mid-level banks, according to compliance experts during a recent webinar hosted by Inside Mortgage Finance Publications. Because these FCA [and FIRREA] lawsuits have been a cash cow for the Department of Justice and the Inspector General of the Department of Housing and Urban Development, I think these agencies will target mid-level banks next, said ...
August 4, 2014 - Inside the CFPB
Another CFPB Official Heads for the Private Sector. CFPB Enforcement Attorney Manuel Alvarez has been hired away by Affirm, a young financial services company based in San Francisco, to be its first chief compliance officer and general counsel. In his new role at Affirm, Alvarez will oversee and manage the companys regulatory compliance program and related actives to prevent illegal, unfair or deceptive conduct. He will also take charge of the firms working relationships with regulators and Affirms service providers. Consumers often dont understand the fees or interest they pay on a revolving account. That has to change, said Alvarez. Affirms commitment to delivering honest and transparent financial products totally aligns with my long-standing commitment to consumer protection. Alvarez was ...
August 1, 2014 - Inside FHA Lending
The FHAs widespread reduction in loan limits for 2014 has had a mixed impact on production levels so far this year, according to a new Inside FHA Lending analysis of FHA endorsement data. Through the first four months of 2014, FHA endorsements were down 55.6 percent from the same period last year. But in counties where loan limits were lowered, FHA production was down 57.5 percent from early 2013. In the relatively few counties where loan limits actually increased in 2014, FHA endorsements were also down from a year ago, but by a less severe 47.4 percent. The biggest decline in endorsements has been in refinances, especially FHA-to-FHA refinances. In areas with lowered loan limits, production of these loans has plummeted 87.0 percent, and even areas with raised loan limits saw an 81.1 percent drop in streamlined refis. Purchase-mortgage originations have taken less of a ...
July 31, 2014 - Inside Mortgage Finance
The Mortgage Bankers Association is pressing regulators and legislators for uniform national requirements for testing of loan originators. In a shift from the bank-friendly issues frequently pursued by the trade group, the MBA is calling for testing requirements that currently apply to nonbanks to be expanded to banks. MBA believes that all consumers should know that every LO, regardless of what type of lender they work for, meets a demonstrated minimum threshold of knowledge of mortgage lending by passing a test, the trade group said. The changes sought by the MBA would also allow...
July 25, 2014 - Inside The GSEs
Reform legislation rolled out earlier this month by House Democrats that would phase Fannie Mae and Freddie Mac out of business while dramatically expanding Ginnie Maes role in the market has been positively received within the industry, but room for improvement remains. The Partnership to Strengthen Homeownership Act, H.R. 5055, sponsored by House Democrats John Delaney (MD), John Carney (DE) and Jim Himes (CT), has zero chance of gaining traction this year. However, the lawmakers said they are playing the long game with their bill, looking ahead to the GSE reform debate in the 114th Congress.
July 25, 2014 - Inside The GSEs
The White House isnt quite ready to pack it in on housing finance reform legislation this year, at least in the Senate, even as policymakers look ahead to take up the issue anew next year, say industry observers. The industry at large has all but written off the prospects of advancing a GSE reform bill in the 113th Congress following the bare minimum passage out of the Senate Banking, Housing and Urban Affairs Committee of S. 1217 by the committees chairman and ranking member Sens. Tim Johnson, D-SD, and Mike Crapo, R-ID.
July 24, 2014 - Inside Mortgage Finance
If JPMorgan Chase were to exit the FHA program, plenty of other residential lenders would pick up the slack, according to officials at the Department of Housing and Urban Development, who in a press briefing this week indicated the agency is hardly worried about such a development. There are plenty of other lenders, said one senior HUD official. Their [JPMs] volume has dropped. Quicken is now number one. During an earnings call last week, JPMorgan CEO Jamie Dimon questioned...
July 18, 2014 - Inside FHA Lending
Ginnie Mae would play a greater role in a private-market partnership model envisioned in proposed housing finance reform legislation introduced recently by House Democrats. However, many in the industry doubt whether a Democrat-sponsored reform bill will pass in this Congress. Sponsored by Reps. John Delaney (MD), John Carney (DE) and Jim Himes (CT), the Partnership to Strengthen Homeownership Act would put Ginnie Mae in charge of all single- and multifamily mortgage-backed securities with government backing. Among other things, H.R. 5055 would create a new Ginnie Mae MBS for conventional mortgages backed by the full faith and credit of the federal government with minimum support from the private sector. Under the proposed model, private entities would assume up to 5 percent of the first-loss capital on the MBS. The remaining 95 percent would be shared between ...
July 18, 2014 - Inside MBS & ABS
A significantly bigger Ginnie Mae would be placed in charge of all MBS issued with a government backing while Fannie Mae and Freddie Mac would be wound down and stripped of their government sponsorship under a bill filed last week by House Democrats. The legislation the Partnership to Strengthen Homeownership Act, H.R. 5055, sponsored by House Democrats John Delaney (MD), John Carney (DE) and Jim Himes (CT) has zero chance of gaining traction this year. It would create a new Ginnie Mae MBS backed by conventional mortgages that would have the full faith and credit of the federal government while tapping private capital to absorb some of the risk. The new structure under the Delaney-Carney-Himes bill would create...
- GSE Private Mortgage Insurance Profile 2Q14
- GSE Seller Profile: 2Q14
- Mortgage Profitability Report: 1Q14
- Top Mortgage Players: 1Q14
- Agency Condo Market: 2013
- GSE Repurchase Activity Full Year 2013
- Servicing Strategies and MSRs
- Non-Qualified Mortgages
- CFPB Exam and Enforcement
- Mortgage Buybacks Guide 2014
- Mortgage Originations Channels
- CFPB Mortgage Disclosure Requirements
- Qualified Residential Mortgages and Risk Retention
- CFPB's LO Comp Rule
- Ability-to-Repay Rule and Qualified Mortgages
- Fair Lending Compliance
- CFPB Regulation of Mortgage Servicing
Home-equity lending is beginning to show new life. My company (pick one):
- Plans to enter this market over the next 12 months.
- Is already making home equity loans and hopes to increase the offerings.
- Is in the market but dont expect much growth.
- Is not making second liens and has no plans to do so.
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