The Consumer Financial Protection Bureau late last week won a fresh hearing of its lawsuit with PHH Mortgage, with the attention likely to center on constitutional issues rather than the agency’s aggressive interpretation of the Real Estate Settlement Procedures Act. The U.S. Court of Appeals for the D.C. Circuit accepted the CFPB’s request for an en banc hearing of its lawsuit with PHH. In October, a three-judge panel of the appeals court ruled in favor of PHH, rejecting the agency’s RESPA interpretation regarding captive mortgage-insurance practices that had for years been widely accepted as legal, even though such programs have been in run-off mode since the housing meltdown. The issue that’s...
The relatively strong mortgage origination volume late in 2016 propped up production levels in all three major channels, according to a new Inside Mortgage Finance ranking and analysis. Mortgage brokers saw the biggest decline in volume during the fourth quarter, as production slipped 6.7 percent from the previous three-month cycle to an estimated $56.0 billion. But even with the late-year decline, the wholesale-broker market had...[Includes four data tables]
The Angel Oak family of mortgage lenders finished 2016 with roughly $700 million of nonprime/non-QM originations, according to officials at the company.
Market watchers must be wondering just how long investors will continue to believe in the GSE “bet” made by hedge fund manager Pershing Square Capital Management.
Consequently, top-tier banks that offered FHA-insured mortgages have opted to either restrict their government business or exit the program altogether…
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