FHA Commissioner Brian Montgomery this week laid out the chief items on his worry list, including high debt-to-income ratios, obsolete technology, and dozens of vacancies caused by a brain-drain at the government’s mortgage insurer.
The table-funding sector may be a shadow of its former self, but the man who founded and heads the nation’s only publicly traded mortgage brokerage firm took home $59.6 million in total compensation last year, according to a new tally from Inside Mortgage Finance. [Includes one data chart.]
The Department of Justice abolished the concept of regulation-by-guidance with last week’s repeal of 24 guidance documents issued by a variety of government agencies, including those that provide information regarding predatory lending, consumer mortgage shopping and discrimination.
Fair lending in the mortgage servicing context has become an area of regulatory interest especially when dealing with disabled borrowers and those with limited English proficiency, compliance professionals said at the recent American Bankers Association’s regulatory compliance conference in Nashville.
The Federal Housing Finance Agency and mortgage lender groups are raising concerns about the new California data privacy law set to take effect in 2020, saying it doesn’t take into account the impact on mortgage lending.
The U.S. Supreme Court is scheduled to hear a case that will determine whether non-judicial foreclosures are subject to protections provided by the Fair Debt Collection Practices Act. Lower courts have split on the issue, causing problems for servicers and borrowers.
Freddie Mac plans to launch a new servicing transfer tool within the next couple of weeks, part of a broader effort by the government-sponsored enterprises to enhance liquidity in mortgage servicing rights.
Under the Economic Growth, Regulatory Relief and Consumer Protection Act, banks with less than $10 billion in assets can receive QM treatment for certain loans...
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