Loan officers, it seems, are more willing to work on agency-eligible mortgages because they know the transactions have a good chance of closing, but non-QMs are a different matter.

Concerned with worsening late-claim filing, the FHA proposed to establish a timeframe for filing insurance claims and to penalize lenders with complete termination of insurance...

The Fannie/Freddie loans are dominated by Florida mortgages at 32 percent of the flow.

Ocwen Financial continues to sell servicing rights and pay down debt. But its stock price isn't moving very much.

The CFPB is committed to helping the mortgage industry fully implement the pending TILA/RESPA Integrated Disclosure (TRID) rule to the maximum extent possible, and its examination approach will focus on being “diagnostic” and “corrective,” not “gotcha” oriented, a top bureau official said during an industry conference early this week. Speaking at the Mortgage Bankers Association’s 2015 regulatory compliance conference in Washington, DC, Diane Thompson, managing counsel in the bureau’s Office of Regulations, tried to reassure anxious lender representatives about the industry’s transition to a dramatically different lending environment under the new regulatory regime. “We understand that this is a major change ... that we are not going to flip some magic switch on Oct. 3 and the world will suddenly ...

As the pending Oct. 3, 2015, effective date for the CFPB’s integrated disclosure rule approaches, both the bureau and industry groups issued last-minute guides and other materials to help various sectors comply as effectively as possible. The rule is intended to harmonize and integrate the disclosures required under the Truth in Lending Act and the Real Estate Settlement Procedures Act; hence the term “TRID,” an acronym for the more formal TILA/RESPA Integrated Disclosure rule. Last week, on the lender front, the bureau released three supervisory publications that have been updated to reflect the new TRID effective date. They include the interagency TILA and RESPA examination procedures, developed in coordination with the members of the Federal Financial Institutions Examination Council Consumer ...

Two nonbank mortgage lenders ran afoul of the CFPB in its enforcement of the loan originator compensation rule, and other lenders would do well to learn from their experiences. During a recent webinar sponsored by Inside Mortgage Finance, an affiliated newsletter, former CFPB official Benjamin Olson, now a partner at the law firm of BuckleySandler, talked about two related enforcement actions the bureau brought against California-based nonbank mortgage lenders, Franklin Loan Corp. in November 2014 and RPM Mortgage, Inc., in June of this year. Both cases zeroed in on the lenders’ use of expense accounts to pay originators’ bonuses and commissions. The practice cost Franklin $730,000 and RPM $19 million. Olson noted the CFPB allegations were based on expense accounts ...

The Consumer Mortgage Coalition recently told the CFPB one way to improve the bureau’s proposed regulation having to do with “successors in interest” is to eliminate the requirement to make successorship determinations when they are not necessary. The CFPB’s goal in this regard is to make loss mitigation more available to successors. However, the CMC said in a recent memo to the bureau that loss mitigation does not always require a successorship determination. “If a claimant ... cannot keep the loan reasonably free of default and the servicer will not pursue due-on-sale enforcement, there is no per se need to determine successorship,” said the trade group. “Of course, there may be a need to determine loss mitigation. Loss mitigation may ...

Multiple Issues With TRID Remain, Official Says. Mortgage Bankers Association Vice Chairman Rodrigo Lopez told attendees at the group’s Risk Management, Quality Assurance and Fraud Prevention Forum in Dallas recently that the MBA supports additional disclosures, but that “many issues remain to be resolved” when it comes to the TILA/RESPA Integrated Disclosure (TRID) rule. “So far, the CFPB has provided only limited guidance on the new rules,” he noted. “MBA is urging the CFPB to resolve a number of issues, including differences between state and federal laws, that threaten to add layers of complexity to the mortgage loan process.” Lopez went on to say that legislation in Congress that would provide mortgage lenders with a safe harbor for their good-faith ...

Despite the 90 percent estimate offered by Applegate, the government-sponsored enterprises’ use of the CSP – let alone the GSE single security – looks to be a ways off.