Community lenders are lobbying for significant exemptions to the Dodd-Frank Act and based on their track record and support in Washington, DC, they might be successful. The Community Mortgage Lenders of America released draft legislation this week known as “The Community Mortgage Lenders Act of 2013.” The bill would exempt community lenders from a number of mortgage requirements in the DFA and beyond. The bill defines...
The Department of Housing and Urban Development has announced the first-ever settlement regarding the treatment of real estate-owned properties in minority neighborhoods. Under an agreement with HUD, the National Fair Housing Alliance and several other fair housing organizations, Wells Fargo will invest a total of $39 million in 45 communities to support neighborhood stabilization and property rehabilitation in minority neighborhoods. The settlement stemmed...
Speaking at a trade show gathering, the ABA's Chris Lewis urged bankers to educate upper management as well as front-line loan officers about the finer nuances of the Consumer Financial Protection Bureau’s ATR rule.
Bank of America recorded $10.45 billion of mortgage repurchases and indemnifications during the first quarter of 2013, according to a new Inside Mortgage Trends analysis of recently released call report data.
Five different nonbank lenders were asked by Inside Mortgage Finance to name the slowest states in terms of approval times. All cited New York as being among the worst.
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