The inherent complexity and ambiguity of many of the provisions of the Consumer Financial Protection Bureau’s integrated disclosure rule are stymying the ability of technology to aid in lender compliance, top industry experts said this week. Speaking during a webinar sponsored earlier this week by Inside Mortgage Finance, former CFPB official Benjamin Olson, now a partner with the BuckleySandler law firm in Washington, DC, detailed the obstacles that lenders are confronted with ...
With loan production costs leaping over the last decade while productivity has been gutted, mortgage lenders are desperate to find a credible, reliable way to measure the effectiveness of their loan origination systems. “From 2005 to 2015, lenders’ costs per loan doubled, but productivity was basically cut in half,” said Stratmor Senior Partner Len Tichy, head of the firm’s information technology and operations advisory services. The numbers reflecting fulfillment costs are downright ...
United Wholesale Mortgage, Troy, MI, has earmarked $500,000 in grant money for a new trade group-backed initiative to allow loan brokers to start their own shops. The best part: more wholesalers are expected to join the effort, which could grow the pool of available funds. At least that’s the word from UWM CEO Mat Ishbia. In an interview with Inside Mortgage Trends this week, Ishbia predicted that other wholesalers will join the effort, though he wasn’t ready to name names ...
Cybersecurity rules proposed by the New York Department of Financial Services this month are seen as the first of their kind from a state regulator and more prescriptive than guidance from the Federal Financial Institutions Examination Council. The proposed standards would apply to a wide range of companies regulated by New York, including mortgage lenders and servicers. Under the proposal, financial institutions would be required to establish a cybersecurity program ...
The volume of originations by state-licensed companies, number of active loan originators and number of mortgage companies all increased in the second quarter, according to an Inside Mortgage Trends analysis of data from the Conference of State Bank Supervisors. State-licensed lenders reported $266.55 billion in originations during the second quarter of 2016 (excluding reverse mortgages), marking the highest quarterly volume since the state regulators started collecting ...
Mortgages originated through the retail channel tended to have higher credit scores and were more likely to be refinance loans than those produced by third-party originators, according to a new Inside Mortgage Trends analysis of agency mortgage-backed securities disclosures. Fannie Mae, Freddie Mac and Ginnie Mae securitized a total of $320.9 billion retail-originated loans during the first six months of 2016, excluding modified loans and those for ... [Includes two data charts]
A strong tide of refinance activity lifted mortgage origination volume in 2015, according to a new Inside Mortgage Trends analysis of Home Mortgage Disclosure Act data released late this week by federal regulators. Aggregate national data released by the Federal Financial Institutions Examination Council show a total of $1.651 trillion in first-lien mortgage originations for home purchase and refinance. That was up 32.9 percent from 2014 but failed to ... [Includes one data chart]
Ginnie Mae has allowed hundreds of uninsured single-family loans to remain in its MBS pools for a year or longer because it does not have a process for lenders to remove such loans, according to an audit by the Department of Housing and Urban Development inspector general. The audit report said Ginnie allowed at least 345 uninsured single-family loans worth approximately $50 million to remain in its pools for more than one year. The IG reviewed a statistical sample of 85 of 363 pooled loans that had no insurance endorsement date and found 83 of them were uninsured more than one year after they were issued. Ginnie requires...
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