The top five sellers to Fannie Mae and Freddie Mac posted a combined 14.1 percent increase in volume from the third to the fourth quarter, boosting their share of the market to 38.4 percent.
Redwood Trust is preparing two prime jumbo MBS, JPMorgan Chase has one of its own and an affiliate of Caliber Home Loans plans to issue a nonprime deal.
The origination of reverse mortgages fell by 7.3 percent on a sequential basis in the third quarter of 2017 in the wake of changes made to the program by FHA.
CFPB Acting Director Mick Mulvaney has less than 200 calendar days left to occupy the director’s chair, so industry officials have been wondering what they can expect from the bureau as long as he’s in charge.According to some top compliance attorneys, the CFPB will be far less aggressive towards the industry, but hardly provide the corporate love-fest opponents of the AD fear. Laurence Platt, a partner with the Mayer Brown law firm in Washington, DC, told Inside the CFPB, “Like former Sen. George Romney’s famous prediction about the U.S. getting out of Vietnam, I expect a ‘phased withdrawal.’” The CFPB “will continue to supervise ‘covered persons,’ but, whether it is supervision or enforcement, I expect the CFPB’s use of ...
It’s possible that mortgage lenders and servicers will see the CFPB during the tenure of Acting Director Mick Mulvaney use the five-year “look back” the bureau is required to perform to make significant changes to a pair of major rulemakings: the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rule (TRID) and the ability-to-repay rule. Donald Lampe, a partner with Morrison & Foerster law firm in Washington, DC, explained, “In Dodd-Frank, there’s a five-year required regulatory review, and there are two of those regulatory reviews that are still under advisement: one for TRID and the other for the ATR/qualified mortgage rule. “If I’m thinking about 2018, I feel pretty confident to say that those processes bear careful attention ...
While most of the universe of CFPB watchers were focusing on the legal struggle between Acting Director Mick Mulvaney and Deputy Director Leandra English or the possibility that President Trump might name another fierce critic of the CFPB, such as Rep. Jeb Hensarling, R-TX, to head up the agency, it looks like a stealth candidate has entered the game. National Credit Union Administration Chairman Mark McWatters is that person. McWatters’ name has suddenly been floated by various industry observers and insiders as being on the short list of possible nominees for the consumer bureau. Nominated by President Obama to both the NCUA board and then to head the Export-Import Bank (the latter nomination being blocked by Sen. Richard Shelby, R-AL) ...
As 2017 came to an end, the CFPB and other federal prudential regulators informed the industry they would implement a “good faith efforts” enforcement philosophy toward lender compliance with the new requirements under the Home Mortgage Disclosure Act that took effect Jan. 1. The CFPB in 2015 put out its rule under which financial institutions were required to collect and report new mortgage data points for loans made after Jan. 1, 2018. This past August, the bureau released a final rule that clarified some reporting requirements, increased the threshold for collecting and reporting data on home equity lines of credit for two years, and made various technical corrections. “The bureau recognizes the significant systems and operational challenges needed to meet ...
In conjunction with the interagency regulatory pledge to pursue a “good faith efforts” approach to the enforcement of new reporting requirements under the Home Mortgage Disclosure Act, the CFPB also announced it plans to initiate a rulemaking to reconsider various aspects of the 2015 HMDA rule – most notably on issues such as the institutional and transactional coverage tests and the rule’s discretionary data points. “More specifically, the rulemaking may re-examine lending-activity criteria that determine whether institutions are required to report mortgage data,” it said. Other revisions might be made to the new requirements to report certain types of transactions. The bureau also is likely to re-assess the additional information that its HMDA rule requires beyond the new data points specified ...
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