As adopted, Appendix Q of the QM rule requires items to be considered and verified for the two prior years, and requires well-documented projections for the following three years.
Sixty-five percent of real estate agents would be more willing to recommend a lender if they were provided a mobile “app” to track the status of scheduled mortgage closings, according to a new survey by Campbell Surveys and Inside Mortgage Finance Publications. “Most lenders today are not keeping us advised of the status of the loan and, more frustrating, they are requiring additional documents piecemeal,” according to one real estate agent that responded to the survey. “Instead of a ...
Officials at Ocwen Financial were highly critical of the accounting methods used by other servicers that have acquired significant holdings of mortgage servicing rights recently. Ocwen might also soon have more cash than necessary for its planned acquisition opportunities, with officials considering initiating a stock buyback. William Erbey, Ocwen’s chairman, said his company is considerably less leveraged than other servicers. He noted that Ocwen carries most of its MSRs at market value rather than ...
AIG and its mortgage insurance subsidiary United Guaranty Corp. are combining their investment expertise and knowledge of the mortgage market to purchase residential whole loan mortgages as investments. The initiative is in a pilot phase and limited in scope, according to UGC executives. Closed loans will be purchased individually from correspondent lenders and held in portfolio. There are no plans for direct lending or securitization, executives added. Loans targeted for purchase will be subject to ...
One of the things that is unusual about this housing recovery is the extent to which it has been supported by investors – and not just individuals looking for rental property. Institutional investors have jumped into the rental home market in a way not seen before, and that is benefitting some industries you might not expect, or in ways you may not have anticipated. “In traditional housing recoveries, individuals and households provide the bulk of the demand the market needs to rebound,” said ...
Democrats are happy, but not quite content, with President Obama’s long-awaited action last week to send the name of Rep. Mel Watt, D-NC, to the Senate as the White House’s nominee for director of the Federal Housing Finance Agency. Prominent progressives are doubling down by demanding that Edward DeMarco, the FHFA’s long-standing but embattled acting director, be dispatched out of office by the president forthwith. Freshman Senator and one-time Consumer Financial Protection Bureau architect Elizabeth Warren, D-MA, and New York Attorney General Eric Schneiderman, D, lauded Watt’s nomination, then immediately demanded that Obama appoint a new FHFA acting director in the interim.
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