PHH Mortgage and an affiliate have renewed a $450 million warehouse line with Wells Fargo Bank, N.A. for another year but reduced another facility it had with Barclays Bank PLC, according to a recent filing with the Securities and Exchange Commission.
New residential loan applications fell 12.3 percent for the week ending Dec. 14 with the reading on its refinancing index dropping to the lowest level in just over a month, according to new survey figures compiled by the Mortgage Bankers Association. The refi share of all new business fell to 83 percent from 84 percent the week prior. MBA vice president of research Mike Fratantoni blamed the decline on rates which rose during the second…
Sen. Bob Corker, R-TN, a key member of the Senate Banking Committee, has secured a commitment from Acting FHA Commissioner Carol Galante to toughen agency rules to put the insurance fund on a sounder financial footing.
The Mortgage Bankers Association this week launched a new task force to study the future of the GSEs, naming 17 industry executives from residential finance-related firms both large and small. MBA president David Stevens told Inside Mortgage Finance that his goal to have the working group publish a final working paper on what to do with Fannie Mae and Freddie Mac by mid-year 2013. “This task force is very inclusive of the industry,” said Stevens.…
The Consumer Financial Protection Bureau may reconsider certain regulatory exemptions to its servicing rules as they pertain to small servicers, agency counsel Mitchell Hochberg said during an Inside Mortgage Finance webinar late Tuesday afternoon.
Industry veteran Jon Daurio, who’s trying to raise $250 million to start a new nonprime lender, is hoping to have much of the work tied to his capital raise completed by the end of the first quarter of 2013.
The American Bankers Insurance Association is calling upon the CFPB to reconsider the "force-placed" insurance notice provisions in the bureau's newly issued mortgage servicing rules, arguing they go beyond what the Dodd-Frank Act intended, could disrupt the market in unintended ways and have a negative effect on consumers. Force-placed insurance is coverage that the servicer buys on the property when the borrower no longer has property insurance. Without such coverage, whoever holds the mortgage would be at risk if the house were to be damaged or destroyed. But often the borrower may be responsible...
Mortgage lenders saw a welcome decline in the volume of repurchases and indemnifications they had to make during the third quarter, but a new analysis of two major databases by Inside Mortgage Trends reveals that the industry made little progress in resolving the massive overhang of disputes involving loans from the depth of the housing crisis.
The CFPB has promulgated its loan originator compensation final rule, perhaps most notable for what it didn't include. Industry groups had urged the bureau to drop from the final rule its proposed "zero-zero alternative that would have required lenders to offer a loan option with no discount points or origination fees any time they offered a mortgage with such payment features. Industry representatives said...
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