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Experts Say Looming Appraiser Shortage Threatens Housing, Reform Needed Amid Aging Demographics

April 7, 2016
A potential shortage of residential real estate appraisers has some concerned that the decline could have far-reaching effects on the housing and mortgage industry. This prompted the Appraisal Foundation to issue a request for comment and examine possible changes to the recently revamped criteria used to qualify appraisers. While new criteria for becoming an appraiser went into effect in January 2015, the Appraiser Qualifications Board published a concept paper in July that was followed by a public hearing in October 2015 to voice its concern about the qualification criteria. Nationwide, the numbers of licensed appraisers has trended...
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Industry Braces for CFPB’s Investigation of Loan Officer Compensation

April 6, 2016
Thomas Ressler
“We’ve heard recently that CFPB Director Richard Cordray expects to continue to use enforcement actions to shape policy,” said attorney Kris Kully.
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PulteGroup CEO Set to Retire After Founder/Former Chairman Threatened ‘War’

April 6, 2016
Brandon Ivey
Pulte raised concerns about the way PulteGroup is being managed, including the relocation of the company’s headquarters from Detroit to Atlanta in 2013.
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A Ton of Servicing Deals Hit the Auction Calendar. Can They All Get Done?

April 6, 2016
Paul Muolo
One servicing broker had this to say about the all the new offerings: “There’s a lot of deals out there now – and they seem to be getting done.”
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Equifax, Experian Top the CFPB Complaint List; Mortgage Gripes Down

April 6, 2016
Thomas Ressler
Total gripes to the bureau slid 5.0 percent in the first quarter and were off 3.0 percent on an annual basis...
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Consultant Floats Idea: Make Loan Officers Pay for Compliance Costs

April 6, 2016
Paul Muolo
The consultant has seen compliance costs rise, but without a commensurate cut in LO commissions...
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Short Takes: Discover, Liking Mortgages Again? / This Wouldn’t Happen at Yale! / WWWD? (What Will Watt Do?) / Now the Consumer Has the Upper Hand? / Stonegate Hires Alumnus

April 6, 2016
Carisa Chappell and Paul Muolo
FHFA chief Mel Watt is expected to issue a final decree this month…
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$128 Billion of GSE Loans Didn’t Meet the QM Test. The ‘Patch’ Saves the Day

April 5, 2016
John Bancroft
This so-called agency “patch” was set up to last for seven years, or until 2021...
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Nonprime Lender Citadel Intentionally Cuts Production Because of TRID

April 5, 2016
Paul Muolo
Citadel's pipeline is at roughly $150 million.
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Former FTC Official: CFPB Rules Have Driven Small Banks out of the Mortgage Business

April 5, 2016
Thomas Ressler
By imposing a one-size-fits-all mechanical underwriting system for mortgages, the QM rule has deprived community banks of a significant competitive advantage over megabanks, he argued…
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