In fact, the ATR rule “does not require lenders to offer any specific type of mortgage,” the guide says. “Lenders can offer any mortgage they believe a consumer has the ability to repay, as long as they have documentation to back up their assessment.”
Through the first nine months of 2013, an estimated 22 percent of the $1.59 trillion in mortgages originated (including second liens) had non-agency execution.
Jeff Detwiler, president and chief operating officer of Long & Foster Companies, noted that that higher interest rates are playing a “big role” in the lower home sales realtors are seeing in the Washington DC metro area.
A spokesman for WJB told IMF that the lender/servicer may send out an additional 2,000 data breach notifications, pending the results of a computer forensic review.
The former House Democrat has already halted – for now – certain DeMarco-era directives, including the FHFA’s December announcement of a 10-basis point guaranty fee increase.
Your father’s mortgage lending industry is about to be unofficially laid to rest at the end of the week. Four significant rules from the CFPB set to kick in on Friday, Jan. 10, seem poised to forever change the mortgage lending and servicing landscape. The rule that has gotten far and away the most negative publicity is the bureau’s new ability-to-repay/qualified mortgage rule, which creates two versions of a QM loan – a ‘safe harbor’ QM and a ‘rebuttable presumption’ QM – as well as a 3 percent points-and-fees cap. The rule also features...
Consumer complaints submitted to the CFPB continued moving somewhat erratically on a quarterly basis, generally dropping in the aggregate by 15.0 percent during the fourth quarter, led by a 33.3 percent fall in mortgage gripes, according to a new analysis of bureau data by Inside the CFPB. Also, grievances with consumers’ credit card experiences fell 17.6 percent for the period, followed by credit reports, off 17.5 percent; consumer loans, down 13.1 percent; and bank accounts, which declined by 12.5 percent. (INCLUDES TWO CHARTS)...
The CFPB and authorities in 49 states and the District of Columbia filed a proposed court order requiring the country’s largest nonbank mortgage loan servicer, Ocwen Financial Corp., and its subsidiary, Ocwen Loan Servicing, to provide $2 billion in principal reduction to underwater borrowers. The bureau said the consent order “addresses Ocwen’s systemic misconduct at every stage of the mortgage servicing process.” Ocwen also is required to refund $125 million to the nearly 185,000 borrowers who have already been foreclosed upon, the CFPB...
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