The volume of home-equity loans outstanding dropped to its lowest level since 2005 and new production continued to slow in early 2011, but there are some signs that the HEL market may be touching bottom. The Federal Reserve reported that $925.3 billion of home-equity lines of credit and closed-end second mortgages were outstanding as of the end of March, down 2.6 percent from the fourth quarter. That was the lowest outstanding balance of home-equity loans since the fourth quarter of 2005. New HEL originations fell...[Includes two data charts]
There is a huge disconnect between some members of Congress and the reality of the private market, that broad investor appetite for non-agency mortgage-backed securities is unlikely to rebound anytime soon, according to panelists at the American Securitization Forum annual conference. “Once you figure out how to get the government sector out of the market, [the belief is that] the private sector will step in and pick up all of that slack, and therefore they will do...
The controversial Consumer Financial Protection Bureau plans to hit the ground running when it officially opens its doors for business July 21, whether or not the agency has a director in place. Steve Antonakes, assistant director for large bank supervision at the CFPB, told industry executives last week that the agency is ready to begin conducting “point-in-time” examinations of banks with more than $10 billion in assets, exams that will last anywhere from four to 12 weeks, based on the size and complexity of the institution. A clean exam means...
Federal Roundup Federal Reserve Board TILA/HOEPA fee-based triggers. The total points and fees payable by borrowers utilizing certain closed-end home mortgages at or before closing that trigger additional disclosure requirements under the Truth in Lending Act and the Home Ownership and Equity Protection Act have been raised to $611 or 8 percent of the total loan amount, the Federal Reserve Board announced in the June 20, 2011, Federal Register. The effective date is Jan. 1, 2012... MORE
PMI Mortgage Insurance Co. has launched its MODEL servicer program; the Dodd-Frank Wall Street Reform and Consumer Protection Act is an epic financial services law of unprecedented scale; American voters strongly support pro-housing politicians; MORE...
The industry’s foreclosure debacle – including the validity of the transfer of mortgages and the role of MERS – has raised a number of critical public policy questions that industry leaders and policymakers will need to resolve if the market and the industry are to return to a fully functioning form once again, a leading industry legal expert told mortgage compliance officials recently...
Jurisprudence related to Mortgage Electronic Registration Systems continues to evolve, but a majority of courts are validating the role MERS plays in the nation’s mortgage finance system, according to a new analysis of recent cases by law firm K&L Gates...
There’s probably not “a secret sauce” that banks can use to juice up their Community Reinvestment Act rating, but a deliberate, cohesive strategy and “complete buy in” from CEO to receptionist will go a long way, bank and government officials said recently...
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