The Community Mortgage Lenders of America has asked the CFPB to exempt smaller independent mortgage bankers from examinations or audits. The CFPB currently has active examinations for IMBs.
The implementation of the qualified-mortgage standard has reduced the incidence of lending to consumers with high debt-to-income ratios among nonconforming mortgage applications, and significantly increased the cost of credit, according to the Federal Reserve.
Democrats captured a majority of state attorney general seats in elections earlier this month, which will likely increase state-level litigation and multistate enforcement activity, said attorneys.
Senate Majority Leader Mitch McConnell, R-KY, has filed a motion that could bring Kathy Kraninger, the administration’s choice to head the CFPB, up for a vote before the full Senate.
The CFPB updated the small entity compliance guides for two mortgage-related rules to reflect the changes in the exemption for loan originators working for manufactured-home retailers.
In six weeks, Mel Watt will officially step down as director of the Federal Housing Finance Agency, a change that is ripe with ramifications for the secondary mortgage market, including speculation regarding lower loan limits for Fannie Mae and Freddie Mac.
Residential MBS holdings of commercial banks and savings institutions declined 0.7 percent during the third quarter, according to a new Inside MBS & ABS analysis of call-report data. [Includes two data charts.]
A lot of pieces have fallen into place for the scheduled June 2019 launch of the single security in the to-be-announced market, but one that hasn’t is a greenlight from the organization that sets TBA rules: the Securities Industry and Financial Markets Association.
Ginnie Mae last week issued guidance tightening requirements for entities seeking to become approved issuers, including a credit evaluation to determine their financial strength as well as a new notification requirement for subservicers.
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