The CFPB last month sued five auto title lenders doing business in Arizona – Auto Cash Leasing, Interstate Lending, Oasis Title Loans, Phoenix Title Loans and Presto Auto Loans – for allegedly failing to disclose the annual percentage rate in online advertisements about title loans, in violation of the Truth in Lending Act. “For example, one lender advertised on its website a monthly interest rate but failed to include the legally required annual percentage rate for the loan,” the bureau said....
“We hope that you will help us to push back on current efforts to gift the proprietary infrastructure of Fannie Mae and Freddie Mac to the big banks,” the clergymen write.
The Federal Housing Finance Agency recently redrafted the proposed indemnification payments rule to make it easier to understand. The proposed rule looks to replace a provision concerning indemnification payments by regulated entities in conservatorship with one that clearly states that the regulation does not apply to such entities. This issue has been brewing since 2008 when the FHFA published an interim final rule on severance agreements and indemnification payments. It then re-proposed the proposed amendment on indemnification payments in 2009. Now the agency said it wants to clarify the fact that it does not consider indemnification payments to be subject to FHFA rules and procedures related to compensation.
Fannie Mae Names Small Pool Winning Bidder. The Community Loan Fund of New Jersey, Inc., an affiliate of New Jersey Community Capital, a non-profit community development financial institution, is the winning bidder of Fannie Mae’s fifth Community Impact Pool of non-performing loans. The transaction is expected to close on Nov. 22, 2016, and includes 120 loans secured by properties located in the Miami area with an unpaid principal balance of approximately $20.3 million. In collaboration with Wells Fargo Securities, LLC and The Williams Capital Group, L.P., Fannie Mae began marketing this Community Impact Pool to potential bidders on Aug. 10, 2016.
In an attempt to cater to more diverse communities and likely drum up more business for its low downpayment program, Freddie Mac unveiled a new mortgage pilot with two lenders last week that loosens eligibility requirements. The program, Your Path, is different in that it is based on certain borrower characteristics and trends. It was launched with two nonbank lenders that specialize in serving the Hispanic community and low-income borrowers. It was announced during the national convention of the National Association of Hispanic Real Estate Professionals. New American Funding, headquartered in Dallas, and Las Vegas-based Alterra Home Loans are building on Freddie’s low downpayment Home Possible mortgage platform to create the pilot.
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