If you are advertising or marketing mortgage products in Spanish, compliance experts suggest you should provide all requisite disclosures and servicing in Spanish.
The non-cash share of financing for home purchases increased to 75.2 percent in May, according to results from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.
Acquiescing to Fannie Mae and Freddie Mac repurchase and make-whole demands, the big bank aggregators were more concerned about preserving their business relationship with the government-sponsored enterprises than questioning GSEs’ claims, according to compliance experts. “Indeed, it is often plainly apparent the aggregators have done nothing at all to investigate or research, much less defend against, the demands made on them by ...
Mortgage bankers rode a wave of rising loan production to big increases in profitability during the first quarter of 2015, according to the Mortgage Bankers Association’s quarterly Mortgage Bankers Performance Report. Average pretax income for firms participating in the survey was $2.246 million, a whopping 149.3 percent increase from the fourth quarter. That was the highest pretax profit since the second quarter of 2013, when lenders earned ...
There is a surprising number of smaller mortgage lenders who think they can comply with the Consumer Financial Protection Bureau’s pending integrated-disclosure rule with a substantial amount of manual practices and processes – as opposed to technological automation – and they may well be in for a rude awakening when the new rule kicks in. According to Rod Alba, senior regulatory counsel at the American Bankers Association, approximately one quarter of ...
The outstanding supply of single-family MBS declined 0.7 percent during the first quarter of 2015, according to a new Inside MBS & ABS market analysis. But that didn’t stop commercial banks from continuing to increase their holdings. Banks increased their aggregate MBS holdings by 3.1 percent from the fourth quarter, pushing their share of the MBS market to 22.9 percent. The only other investor group that managed to increase its stake was the credit union industry, which posted a 1.6 percent increase from the previous quarter. The Federal Reserve finally loosened...
Lenders are increasingly interested in outsourcing portions of the mortgage origination process, according to a new survey by the Stratmor Group. Industry analysts note that while outsourcing can help reduce costs, there are also risks, particularly for lenders considering outsourcing the entire origination process. Stratmor, a consulting firm that focuses on mortgage profitability, found that the majority of lenders are more interested in outsourcing loan production ...
There was widespread expectation that the latest round of seller-friendly changes to the government-sponsored enterprises’ representation-and-warranty framework would encourage lenders to liberalize their credit overlays. So far in 2015, the data aren’t showing it. In fact, the case could be made that credit trends are going the other way. The average credit score for purchase mortgages securitized by Fannie Mae and Freddie Mac was...[Includes one data table]
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