The bill would make it easier for loan officers to continue working if they leave a bank to go to a nonbank or leave a state-licensed shop in one state to go to a new state.
With loan production suffering a noticeable decline in the first two months of the year, several small and medium-sized firms are struggling with profitability, causing intense speculation that the industry could be in for a wicked round of consolidation.
The Senate on Tuesday voted 67-32 to proceed to debate on legislation that would roll back some mortgage-related provisions from the Dodd-Frank Act while leaving intact most of the rules that swept through the industry following the housing meltdown.
Gordon Albrecht, a senior director at specialty servicer FCI Lender Services, told IMFnews the new CFPB rules, in general, mean “more work and more servicing costs.”
The nation’s subservicing specialists increased the dollar volume of their contracts by a scant 0.5 percent in the fourth quarter, a sign that the market may be easing somewhat. But anecdotal evidence suggests there’s more gas left in the out-sourcing tank.
Whether the proposed housing-finance reform draft bill from the Senate will help affordable housing efforts depends on whom you ask. Community lenders and fair housing groups said the plan will put low- and moderate-income (LMI) borrowers at a disadvantage, while others believe it will be a boon to making housing more affordable for that demographic.
Chase Home Lending this week announced plans to increase its affordable lending efforts by 25 percent over the course of the next five years. This translates to a $50 billion affordable lending commitment between now and 2023 using homebuyer grants and other incentives.
Whatever happened to the “niceness” pledge that Carson wanted everyone there to take? Certainly, if there’s a need for niceness at HUD, it might be now…
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