Browse articles from all of our Newsletters related to Regulations.

September 2, 2015 - IMFnews

Short Takes: Banks Get a Pass From the CFPB / Fannie Sells Special NPL Pool / The ‘Adverse’ Fee is Dead / Fair Housing Suits Revived / Things Not Looking Up for Genworth

The CHLA noted that almost 99 percent of depositories are exempt from exams conducted by the Consumer Financial Protection Bureau.

September 2, 2015 - IMFnews

Unhappy With the New FHA Certification Proposal, Wells Fargo Will Add Back ‘Credit Overlays’

According to figures compiled by Inside FHA/VA Lending, Wells ranked second among all FHA retail originators in the first half.

September 1, 2015 - IMFnews

HUD Extends Comment Period on Key Issue of ‘Certifications’

Some in the industry, including the MBA, feel the certification language lacks clarity...

September 1, 2015 - IMFnews

M&T Settles Allegations That It Used ‘Neighborhood Racial Criteria’ for Mortgage Product

M&T sought a dismissal of the lawsuit in April, claiming that its loan officers were acting based on legitimate, non-discriminatory reasons.

September 1, 2015 - IMFnews

Thanks to TRID, Realtors are Altering Their Purchase Contracts; Longer Timelines

Meanwhile, 37.0 percent of realtors indicated they have put together plans with their lender or title company to help even out the process...

August 31, 2015 - IMFnews

CFPB’s ATR Rule Seen as Helping Increase Certainty for Lenders, But…

The rating service predicted that in the coming months, more lenders will be willing to offer non-QMs that allow for debt-to-income ratios above 50 percent and credit scores as low as 620.

August 28, 2015 - Inside The GSEs

GSE Roundup

 Fannie Research Shows House Price Decline for Some Oil States: The prospect of an oil bust draws comparisons to the housing slump of the 1980s in Fannie Mae’s  research released Aug. 28. While most Americans enjoyed lower gasoline prices over that period, severe employment losses occurred within the oil industry, and many oil-producing states experienced general economic slowdowns and declining house prices. North Dakota, Wyoming and Alaska are most at risk.     …

August 28, 2015 - Inside The GSEs

SIFMA Seeks Clarity, Alignment in Single-Security, CSP Initiative

The Securities Industry and Financial Markets Association emphasized its concerns about the GSEs’ single security initiative in a letter sent last week to the Federal Housing Finance Agency. A large part of SIFMA’s letter focused on a lack of alignment between Fannie Mae and Freddie Mac. The trade group believes that the FHFA doesn’t have a strong enough role in maintaining the policy and practice alignment of the GSEs. “This causes significant concern about the potential outcome of the initiative,” the letter said, adding that the effective alignment of policies and practices, to achieve a continuing alignment to security performance, is the single most important factor in the success, or lack thereof, of the initiative.

August 28, 2015 - IMFnews

What We’re Hearing: Will Banks Ever Return to Wholesale? / $354 Million for Stearns Lending? / Eventually, There Will be a Merger / The Dave Stevens ‘Flip-Flop’ Controversy / MBA’s Top Paid Consultants

What do nonbanks think about depositories avoiding the wholesale/broker sector? They love it.

August 28, 2015 - Inside Mortgage Trends

MBA Pushes Back on Basel Interest Rate Proposal

A proposal from the Basel Committee on Banking Supervision regarding banks’ interest rate risk includes provisions that would be “a step backward,” according to the Mortgage Bankers Association. In June, the BCBS issued a consultative document on the risk management, capital treatment and supervision of interest rate risk in its banking book. The committee of 28 regulatory bodies, including the United States, said the proposal aims to ...

August 28, 2015 - IMFnews

Manufactured Housing Industry Prods FHFA on Trailer Park Loans

The FHFA has the authority to require the GSEs to buy chattel loans for manufactured housing, but it decided not to exercise this option...

August 28, 2015 - IMFnews

Lender Ordered to Repay Borrower $42K for Payments Made After Entering Bankruptcy

The U.S. Court of Appeals for the Eighth Circuit this week affirmed rulings from lower courts, noting that the “change in terms” agreement between Lapides and the lender was unenforceable.

August 27, 2015 - IMFnews

MBA Sees ‘Profit’ Rise 44.3 Percent in FY 2014; Stevens Takes Home $1.6 Million

For the year ending Sept. 30, 2014 MBA took in revenue of $51.9 million versus $39.1 million in expenses for a net profit of $12.7 million.

August 26, 2015 - IMFnews

Short Takes: About That Fed Hike in Rates… / Rates Under 4 Percent with No Points / But Apps are Flat – For Now / LA is Too Much for the Borrower / Hires eBay Executive

A quick check of rates this morning found that firms such as Sebonic and Aurora Financial were offering 30-year fixed-rate loans at 3.75 percent with no points.

August 26, 2015 - IMFnews

Get Ready: G-Fees Will Rise for USDA Home Loan Program

Effective Oct. 1, 2015, the upfront g-fee for USDA purchase and refinance loans will be raised to 2.75 percent from 2.00 percent.

August 26, 2015 - IMFnews

CFPB Finds Mortgage-Related Complaints Declining, Led By Ocwen and Nationstar

Among the top 10 companies in the complaint database, two mortgage servicers showed improved performance: Ocwen and Nationstar.

August 26, 2015 - IMFnews

Banks Keep Up the Pressure on a TRID ‘Transition’ Period – Via FFIEC

ABA said all stakeholders believe that clearer and more effective mortgage disclosures are important and worthwhile.

August 26, 2015 - IMFnews

A ‘New York State of Mind’ on LO Approvals: Like Molasses

A spokesman for the NYDFS admitted that, “We’re constantly trying to improve our processing times, but we know that we have a lot of work to do..."

August 25, 2015 - IMFnews

Short Takes: Credit Suisse Readies Another Jumbo Deal / Angel Oak Nonprime MBS? / Parkside Rolls Out Jumbo With Caveats / FHA, PACE and Lien Priority / Barney Frank Back in the Business?

Remember the nonprime MBS deal that Angel Oak was working on with Nomura? The transaction may be on again...

August 25, 2015 - IMFnews

CFPB Rejects Lead-Generation Firm’s Effort to Dismiss CID

The lead generation firm argued that the CID’s notification of purpose was too vague and thus failed to comply with legal and regulatory requirements.

August 25, 2015 - IMFnews

Servicer Prevails in ‘Do Not Call’ Case Involving Borrower’s Cell Phone Number

The borrower listed his cellphone number on the loan modification documents, but then defaulted.

August 24, 2015 - Inside the CFPB

In Brief: All About TRID / Also Worth Noting

Get Your TRID On. The CFPB has put out a Know Before You Owe guide for real estate professionals to help them navigate the upcoming TILA/RESPA Integrated Disclosure rule, otherwise known as TRID. The guide spells out the major elements of the rule, such as the steps associated with closings, and provides an explanation of the new disclosures. Industry pros can download from the bureau’s website print-ready versions in Adobe Acrobat PDF format as well as pre-order printed copies from the U.S. Government Printing Office. TRID Drives ClosingCorp to Integrate With Savana’s Loan Origination Product. ClosingCorp, a San Diego-based residential real estate closing cost data and technology vendor for the mortgage and real estate services industries, has integrated its Loan ...

August 24, 2015 - Inside the CFPB

Ex-CFPB Deputy Antonakes Steps Through Revolving Door to Industry

Former CFPB Deputy Director Steve Antonakes is the latest high level official at the bureau to cash in on his few years at the agency, taking a position as chief compliance officer for Eastern Bank, a full-service commercial bank headquartered in Boston. Antonakes, who most recently served as deputy director and as the associate director for supervision, enforcement and fair lending at the CFPB, brings 25 years of compliance, risk management and financial services experience to Eastern Bank. While at the CFPB, Antonakes served as its second-highest-ranking official and was responsible for the supervision of all banks and non-banks under the bureau’s jurisdiction and the enforcement of federal consumer protection and fair lending laws. Antonakes was appointed by successive governors ...

August 24, 2015 - Inside the CFPB

Consumer Complaints About Debt Collection Plunge From Year Ago

The number of complaints that consumers filed with the CFPB about debt collection practices fell 9.6 percent from the first quarter to the second and plunged 53.3 percent at the six-month mark versus one year ago, a new analysis by Inside the CFPB found. The biggest banks among the top 50 companies as ranked by complaints all acquitted themselves well at the mid-year 2015 point compared with the year before. Most notable in this regard was Wells Fargo, which saw consumer gripes fall 74.7 percent. Top debt collection firms had a more mixed performance. On the one hand, Encore Capital Group saw consumer criticisms fall 67.2 percent year over year, and 14.9 percent quarter over quarter. But Enhanced Recovery Company ...

August 24, 2015 - Inside the CFPB

CFPB Report on Arbitration is Flawed, Law Professors Contend

The CFPB’s arbitration report to Congress “contains substantial methodological flaws and does not support a ban on arbitration clauses in consumer credit contracts,” law professors at the University of Virginia and George Mason University concluded in a recent study. “To the contrary, the data presented in the report show that consumers on balance are better off if they have the arbitration process available to them for dispute resolution,” they added. “Rather than relying on flawed methodology and inaccurate data, the CFPB should focus on the actual benefits arbitration provides to consumers.” Jason Scott Johnston, a law professor at UVA, and Todd Zywicki, a law professor at GMU, reviewed the bureau report for the Mercatus Center and determined that CFPB’s findings ...

August 24, 2015 - Inside the CFPB

Women in Real Estate Biz Support Joint Agency Statement on Diversity

The National Association of Women in Real Estate Businesses is among the industry groups that generally support the final interagency statement on diversity policies and practices issued by the CFPB, the federal banking regulators and the Securities and Exchange Commission. However, in its comment letter to the agencies, one of the issues the group addressed was ways to enhance the quality, utility and clarity of the information to be collected under the final statement. “Detail is important; when releasing information, agencies and their regulated entities must carefully detail the ways they are promoting diversity and the success and shortcomings of each of their efforts,” the NAWREB said. “The difficulty will always be ensuring that the minority and women inclusion is ...

August 24, 2015 - Inside the CFPB

Consumer Groups Fight Limits to Oversight of Indirect Auto Finance

A number of consumer-oriented organizations are urging members of Congress to defeat H.R. 1737, the “Reforming CFPB Indirect Auto Financing Guidance Act,” legislation they say would cripple the bureau’s ability to act against discriminatory auto lending practices. H.R. 1737, introduced this spring by Rep. Frank Guinta, R-NH, would require the CFPB to rescind its guidance from March 2013 regarding the fair lending risks associated with car dealer interest rate markups. The bill also would require the bureau to provide notice and take comments only for guidance related to auto lending through car dealers. Additionally, the legislation would make publicly available all information relied on by the CFPB, and redact any information exempt from disclosure under the Freedom of Information Act....

August 24, 2015 - Inside the CFPB

World Acceptance Corp. Faces Legal Action From the CFPB

World Acceptance Corp., a publicly traded small-loan consumer finance company based in Greenville, SC, recently revealed that CFPB enforcement staff is considering whether to recommend the agency bring legal action against the company. The company received a civil investigative demand from the bureau back in March, the stated purpose of which is to determine whether the company has been or is “engaging in unlawful acts or practices in connection with the marketing, offering, or extension of credit.” World Acceptance Corp. responded, within the deadlines specified in the CID, to “broad requests for the production of documents, answers to interrogatories and written reports related to loans made by the company and numerous other aspects of the company’s business,” the firm said ...

August 24, 2015 - Inside the CFPB

CFPB Rejects Lead-Generation Firm’s Effort to Dismiss, Revise CID

The CFPB has denied a recent petition from Selling Source, LLC, a lead-generation company in Las Vegas, and Tim Madsen, a company employee and recipient of a civil investigative demand from the bureau, to modify or set aside the action. “Petitioners raise a number of objections to the CID, none of which warrants setting aside or modifying the CID,” said the bureau. First, the petitioners contend that the CID’s notification of purpose is too vague and thus fails to comply with legal and regulatory requirements, according to the CFPB’s decision. The bureau said the related statute and regulation do not require a detailed narrative and that it may draw the boundaries of its investigation quite generally. Second, the petitioners contend ...

August 24, 2015 - Inside the CFPB

CFPB Brings Action Over Health-Care Credit Enrollment Tactics

The CFPB last week ordered Springstone Financial LLC of Westborough, MA – now known as Lending Club Patient Solutions – to provide $700,000 in relief to roughly 3,200 victims of allegedly deceptive credit enrollment tactics. The bureau said the business practices at issue took place mostly before the company’s acquisition by LendingClub Corp., a $140 million transaction that took place back in April 2014 with financing provided from funds and accounts handled by T. Rowe Price Group Inc., Wellington Management Company LLP, BlackRock Inc. and Sands Capital, according to Bloomberg News. According to the CFPB, a number of consumers who signed up for Springstone’s deferred-interest loan product at dental offices to finance dental work were led to believe that the product was ...

August 24, 2015 - Inside the CFPB

CFPB, NYDFS Sue Pension Advance Companies

In another example of joint agency enforcement and jurisdictional cooperation, the CFPB and the New York Department of Financial Services filed a lawsuit in federal court last week against Pension Funding LLC and Pension Income LLC, and three of the companies’ managers over allegations they deceived consumers about the costs and risks of their pension advance loans. From 2011 until about December 2014, Pension Funding and Pension Income, two California-based companies, offered consumers lump-sum cash advances for agreeing to redirect all or part of their pension payments over a period of eight years, according to CFPB and the NYDFS. More specifically, the joint complaint alleges that the companies and individual defendants Steven Covey, Edwin Lichtig and Rex Hofelter represented to ...

August 24, 2015 - Inside the CFPB

CFPB Moves Against Citizens Bank Over Checking Account Practices

The CFPB, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency brought a combined $37.3 million enforcement action against Citizens Bank earlier this month for allegedly failing to credit consumers the full amounts of their deposited funds. The regulatory agencies accused the bank of keeping money from deposit discrepancies when receipts did not match actual money transferred. “Citizens Bank regularly denied customers the full credits of their deposits when there were discrepancies between deposit slips and the actual money transferred into the bank,” said CFPB Director Richard Cordray. “The bank chose to ignore these discrepancies and harmed many consumers by pocketing the difference.” The CFPB said its investigation found that from January 1, 2008, to ...

August 24, 2015 - Inside the CFPB

Mortgage Lenders Again Call For TRID Transition Period

The Federal Financial Institutions Examination Council should institute an official transition period to provide lenders greater clarity and certainty in anticipation of the CFPB’s new TILA/RESPA integrated disclosure rule (TRID) slated to take effect Oct. 3, the American Bankers Association said in a letter to the financial regulatory group. The CFPB is one of the regulatory bodies that comprise the FFIEC. “We request that the FFIEC – on behalf of all banking regulators – formally establish a transition period and clarify how regulators will oversee and examine regulated institutions for TRID compliance during this time,” the ABA said in a recent letter to the council. “In so doing, the FFIEC would provide needed certainty to the credit markets and encourage lenders to ...

August 24, 2015 - IMFnews

MBA’s Stevens Pushes for Ending GSE Conservatorships

A former FHA commissioner, Stevens said GSE reform should include a new charter for Fannie Mae and Freddie Mac...

August 21, 2015 - Inside FHA/VA Lending

Around the Industry

FHA Begins Registration of Lenders to Prepare their Transition to the EAD Portal. Lender registration for the transition phase of the new Electronic Appraisal Delivery portal began on Aug. 18. Lenders may select any of the seven onboarding phases, which FHA has established to ensure that lenders have more time to work within the EAD portal to ensure that their systems, data flow and operational process meet portal requirements before the June 27, 2016, mandatory-use date. Although lenders may enter at any phase they choose, the FHA strongly encourages lenders to register for the earliest onboarding phase, and to do it as soon as possible. That would give them more time to get ready for the full transition, the agency said. The first phase begins on Oct. 15, 2015, with additional phases beginning each month and running through the first half of 2016. Information on the onboarding phases as well as ...

August 21, 2015 - Inside FHA/VA Lending

HUD Publishes Latest Updates to FHA Single Family Policy Handbook

The FHA will not issue a new case number for any FHA-to-FHA refinance if the current mortgage has a repair or rehabilitation escrow account in FHA Connection. The change, which is one of several updates to FHA Single Family Policy Handbook 4000.1, applies only to FHA streamline refis. It aims to ensure that escrow funds of the mortgage being refinanced are properly applied as well as conform to system requirements. The updated sections become effective on Sept. 14, 2015. Another change clarifies that the payoff statement for the mortgage being refinanced is the only document required when calculating the maximum mortgage amount for simple refi transactions. In addition, guidance for loan-to-value limits for cash-out refis has been updated to clarify that the 85 percent LTV restriction applies only to cash-out refis. HUD also noted that appraisers have flexibility in regards to when inspections should ...

August 21, 2015 - Inside FHA/VA Lending

MRB Penalizes TX Shops for MH Fraud; MF Lender to Face Board

Two FHA lenders in Texas have agreed to pay a total of $469,419 in civil money penalties to resolve government allegations they charged bogus fees to borrowers to inflate the purchase amount of newly built manufactured housing. Among 11 alleged violations of FHA rules, the Department of Housing and Urban Development’s Mortgagee Review Board accused American Home Free Mortgage of Prosper, TX, of artificially increasing mortgage costs by an average of $12,000 per loan through improper fees. The fees were paid allegedly to a company owned and operated by AHFM’s sales manager. In addition, HUD alleged there were multiple violations of quality and annual certification requirements. As part of the settlement agreement, without admitting to any fault or liability, AHFM agreed to pay a $169,419 fine and to the permanent withdrawal of its FHA approval. In June 2014, the MRB also heard a ...

August 21, 2015 - Inside FHA/VA Lending

USDA Direct Loan Option Ideal for Non-Qualifying Rural Borrowers

The U.S. Department of Agriculture’s Rural Housing Service strongly urged approved lenders to recommend the Section 502 Direct Loan Program to low- and very low-income borrowers who do not qualify for the USDA’s single-family housing guaranteed loan program. While some rural home-loan applicants show willingness and ability to pay their debts, they may not be able to afford to repay a guaranteed loan, the USDA observed. However, lenders can help by introducing such borrowers to the USDA direct loan program, a subsidized mortgages that allows the agency to lend directly to households with adjusted income not exceeding 80 percent of the area median. The program requires no downpayment on a mortgage with a fixed interest rate tied to the Treasury benchmark interest rate. The rate in effect for August and September 2015 is ...

August 21, 2015 - Inside FHA/VA Lending

HUD, IG Office at Odds Over Results Of Audit of 203(k) Rehab Program

Poor oversight of lenders participating in the Section 203(k) Rehabilitation Loan Mortgage Insurance Program has increased the risk to FHA’s Mutual Mortgage Insurance Fund by more than $1.2 million for 40 active loans, according to the Department of Housing and Urban Development’s Office of the Inspector General. HUD’s Office of Housing questioned the findings of its independent auditors, saying that 203(k) lenders are monitored closely despite the limited staff and resources. The IG recommended to HUD that lenders be required to support or indemnify the department for any future losses on the 40 loans and to reimburse actual losses on two 203(k) loans totaling $83,332. An audit of HUD’s oversight of the program uncovered alleged weaknesses in the monitoring of lenders for compliance with the 203(k) program. In addition, HUD did not always ensure that loan-to-value ratios were ...

August 21, 2015 - Inside FHA/VA Lending

FHA Serious Delinquencies Down in 2Q, Up for 30-Day, 60-Day Defaults

The FHA’s overall delinquency rate declined in the second quarter of 2015, although late payments increased in the 30-day and 60-day categories on a seasonally adjusted basis, according to the Mortgage Bankers Association’s latest national delinquency and foreclosure survey. The FHA, on the other hand, reported some variances in its delinquency data. The 90-day plus delinquency rate in June was down 30 basis points from March’s 6.42 percent on an unadjusted basis. Considering seasonal factors, the decline was just 2 bps. Results of the MBA survey showed FHA’s overall delinquency rate at 9.00 percent in the second quarter, down from 9.10 percent in the previous quarter, as the serious delinquencies (90 days or more) fell over the same period. On the other hand, the 30-day and 60-day delinquency rates for FHA loans were up by a combined 10 bps from the ...

August 21, 2015 - Inside FHA/VA Lending

VA Adopts Final Rule Aligning ARM Disclosure/Notice Rule with TILA’s

The Department of Veterans Affairs has adopted a final rule aligning the Home Loan Guaranty Program’s disclosure and interest-rate adjustment requirements with the servicing provisions in the Truth in Lending Act, as recently revised by the Consumer Financial Protection Bureau. The rulemaking will ensure VA remains consistent with other consumer finance and housing regulations governing adjustable-rate mortgages, the agency said. The rule is effective Sept. 11, 2015. The VA adopted without the change the rule as proposed on March 30, 2015. In this rule, VA adopted TILA’s minimum 45-day look-back period to clarify that lenders making VA ARMs must meet the statute’s minimum notification requirements. Specifically, disclosures and notifications must be provided to borrowers before an interest-rate adjustment. Lenders are required to adjust ARM rates based on the most recent ...

August 21, 2015 - Inside FHA/VA Lending

Lenders Laud FHA’s New Metric, Potential Liability a Big Concern

Mortgage lenders welcomed the FHA’s implementation of a new supplemental method for evaluating a lender’s performance while expanding eligible, underserved borrowers’ access to mortgage credit. But some say the new metric still doesn’t resolve lenders’ liability concerns. The FHA’s new supplemental performance metric will be used in tandem with the agency’s compare ratio, a measure used by FHA to compare a lender’s default and claim rate with those of its peers to determine whether a lender’s authority should be terminated. Due to the compare ratio being a comparison to one’s peers rather than to FHA’s risk tolerance, lenders have found it difficult to lend to borrowers with credit scores below 640 without running afoul of Neighborhood Watch. Commenting on the FHA’s proposed supplemental performance metric last year, the Mortgage Bankers Association said the compare ratio has created a ...

August 21, 2015 - IMFnews

MBA Urges Basel Committee to Revise RBC Proposal

The Mortgage Bankers Association urged the Basel Committee this week to abandon its “overly simplistic” proposal to add onto institutional balance sheets layers of risk-based capital for interest rate risk.

August 21, 2015 - Inside MBS & ABS

Fracking, Earthquakes and Collapsing Oil Market Pose New Challenges to Housing, Mortgage Finance

Investors have a lot more to worry about these days than the collateral damage stemming from problems in Greece and China and a bumpy U.S. stock market. Ratings analysts indicate some new energy-related risks – most notably earthquakes near “fracking” sites and a plunge in the price of oil – have emerged as potentially significant challenges to investors in real estate and to mortgage lenders. Analysts at Standard & Poor’s said in a recent client note that earthquakes in proximity to fracking sites introduce a unique risk factor into the investment equation for those with a stake in real estate located in affected regions. “In particular, determining whether or not earthquake coverage is...

August 20, 2015 - Inside Mortgage Finance

Manufactured Housing Industry Looks to Fannie Mae and Freddie Mac for Better Financing Options

The manufactured housing industry wants the Federal Housing Finance Agency to push Fannie Mae and Freddie Mac to purchase more manufactured housing loans under its forthcoming “duty-to-serve” rule. The “duty-to-serve” rule was mandated by the 2008 Housing and Economic Recovery Act to steer the government-sponsored enterprises to support underserved markets. In particular, that included manufactured housing, rural housing and affordable housing preservation. A final rule has never been implemented...

August 20, 2015 - Inside Mortgage Finance

Industry Supports Joint Agency Diversity Proposal, But Further Clarification Sought to Maximize Effect

The mortgage finance industry generally supports the final interagency statement on diversity policies and practices issued by the federal banking regulators, the Consumer Financial Protection Bureau and the Securities and Exchange Commission, but called for additional clarification on some of the data being sought in order to maximize its effectiveness – and to limit lender liability. The Mortgage Bankers Association said its members appreciate the flexibility of voluntary participation that is reflected in the final statement, but noted there remain some questions around how this voluntary information will be collected. Three key issues include how the information will be shared once it is collected, what examiners will expect to see, and how lenders should present the information to regulators. On the first question, the MBA raised...

August 20, 2015 - Inside Mortgage Finance

CFPB Decided Against Early Adoption of New TRID Rule to Avoid Disclosure Mismatch; ABA Calls for Transition Period

While regulators sometimes give lenders the green light to implement new rules before the legal effective date, the Consumer Financial Protection Bureau made no such recommendation for controversial new mortgage disclosures that take effect Oct. 3. An argument could be made for early adoption of the so-called TRID disclosures if they are truly beneficial to consumers and lenders have enough time to test the new forms, said stakeholders. The original effective date was Aug. 1, but that was moved back because of an administrative error by the CFPB. Some lenders have said they were ready for TRID, which consolidates four current forms under the Truth in Lending Act and the Real Estate Settlement Procedures Act into two integrated disclosures, at the beginning of this year. The CFPB is...

August 19, 2015 - IMFnews

Potential Action from FHFA for Principal Reduction on GSE Loans Seen as Too Late

If the Federal Housing Finance Agency implements a principal reduction program that applies to all delinquent mortgages serviced by the government-sponsored enterprises that have negative equity, the Housing Finance Policy Center estimated that 14,563 principal-reduction mods would be completed.

August 18, 2015 - IMFnews

FHA Enhances Lender Performance Assessment with Supplemental Performance Metric

The metric will assess lender performance based on the lender’s default rate within three credit-score bands and compare it to an FHA target rate, rather than to the lender’s peers.

August 18, 2015 - IMFnews

Consumer Advocates Tout Ability to Get Loan Modifications for Borrowers that Have Been Denied in HAMP

The Nonprofit Alliance of Consumer Advocates focuses on helping borrowers that have mortgages owned by a servicer subject to the $25 billion national servicing settlement.


During the first half of 2015 all residential lenders originated a better-than-expected $805 billion of home mortgages, according to Inside Mortgage Finance. What do you expect in the second half?

Just as good. We like what we’re seeing.
Better. Applications are strong.
Worse. We’re worried about rates, seasonality.
A lot worse. The fourth quarter could be a killer.

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