The potential end of publication of the London Inter-Bank Offered Rate hasn’t yet prompted a significant shift by lenders. Many new originations of adjustable-rate mortgages continue to be linked to LIBOR as industry participants determine how to respond to the potential demise of the index.
A Washington, DC, appellate court recently overturned a Federal Communications Commission ruling that restricted the use of “autodialers,” including cell phones, to communicate with consumers.
The Senate bill to roll back various parts of the Dodd-Frank Act has been stalled in the House, where leading Republicans have asked for additional provisions that would further relax regulations.
An appeals court ruling this month against Bank of America regarding compliance with a state law on escrow accounts has broad implications for banks that rely on federal preemption of state laws, according to industry attorneys.
Housing and Urban Development Secretary Ben Carson told Congress it would cost approximately $500 million upfront to convert FHA’s archaic information technology systems to a modern technology platform.
Consumers who take part in homebuyer education and counseling classes are more satisfied with the mortgage process, according to a joint report by the Consumer Financial Protection Bureau and Federal Housing Finance Agency. The classes also help spur homebuyers to better examine mortgage loan offers.
Some 1,348 loans will be included in the issuance, divided nearly evenly between jumbo mortgages and loans eligible for sale to the government-sponsored enterprises.
“On previous occasions when the bureau has issued guidance, its value has been negated by disclaimers making the guidance non-binding on the bureau,” the Mortgage Bankers Association said.
"If mortgage rates doubled overnight, our model indicates a decline of just 300,000 sales, a mere 5 percent decrease,” said Mark Fleming, chief economist at First American.
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