The Mortgage Bankers Association ended its last fiscal year in the black with $7.7 million in net assets, a marked improvement from the negative $3.8 million it had when the year began. However, according to a review of MBA’s past tax returns by Inside Mortgage Finance, the trade group has its work cut out if it wants to return to the halcyon days before the housing bust when it boasted $63.3 million in net assets, a cushion that was depleted thanks to the industry’s downturn and a disastrous investment in a new headquarters building back in 2010. MBA officials continue...

Industry trade groups are calling for the withdrawal of a proposed servicing rule that would set new deadlines for filing FHA insurance claims and penalize lenders with termination of insurance coverage if they failed to comply. Banks, independent mortgage lenders and credit unions warn that FHA’s proposed changes to its claims regulations could result in higher interest rates, credit restrictions and lenders exiting from the FHA program. Such effects could be magnified in the hardest hit housing markets, particularly in states that have long foreclosure timelines or older housing stock. The FHA proposal addresses...

There is no doubt that nonbank mortgage lenders are as heavily regulated as banks when it comes to consumer protection, some industry executives say, but the level of scrutiny for safety and soundness may be higher for depository institutions. The Community Home Lenders Association asserts that nonbanks are subject to more consumer protections than banks and have virtually identical regulatory burdens imposed by product regulations such as those for the FHA, VA, Ginnie Mae, Fannie Mae and Freddie Mac. “While nonbanks are heavily regulated at the state level, they are...

The CFPB’s QM standards currently don’t differ for loans held in portfolio or sold to other outlets.

Warehouse executives seem optimistic about the immediate outlook for the sector, though some expressed concern how a wave of M&A activity has reduced the number of potential clients.

UST did not identify the mortgage firm selling the product, but described it as “well capitalized” and in “good standing” with Ginnie Mae.

All issuers must comply with the revised requirements, which take effect immediately, in order to remain an eligible participant in the Ginnie Mae program.

It is unclear how many developments have expired approvals but the number could be significant, Shrum said.

Coester filed suit against the Virginia Real Estate Appraiser Board, charging that the regulator is engaged in “a conspiracy to restrain and monopolize trade” and is operating in violation of antitrust laws.

Jumbo originations have increased sharply since 2008 but only about 5 percent of the loans have been included in jumbo MBS, which means the product is residing in bank portfolios...