A statement issued by MBA president David Stevens does not comment on the merits of the two cases but blames the CFPB for issuing LO comp rules that are not clear.
The regulator said Guarantee – which is in the process of liquidating – paid its LOs, in part, based on the interest rate of the loans they were bringing in.
They called on policymakers to “embrace” nonbanks and address unintended regulatory impacts that are seen as driving banks out of portions of the mortgage market.
Fannie Mae and Freddie Mac issued $74.10 billion of single-family mortgage-backed securities during May, down 8.0 percent from April, a new Inside the GSEs analysis reveals. The purchase-mortgage market picked up some last month, but not enough to offset a sharp 15.7 percent drop in the volume of refinance loans securitized by the GSEs. Purchase-mortgage business was up 7.2 percent from April and reached a combined $28.25 billion – the highest monthly volume since the end of last year’s homebuying season in October. For the first five months of 2015, purchase-mortgage activity totaled $105.15 billion, up 19.0 percent from the same period last year. Most of the big gain in overall GSE business has come from refinancing, which is up 94.4 percent on a...(charts included)
In a move to level the playing field and increase liquidity in the market, Freddie Mac has done away with the $20 fee to use Loan Prospector, the oldest of its suite of lender tools, effective this week. In a letter that went out to Freddie customers last month, the GSE noted it was “eliminating financial barriers to our tools.” Christina Boyle, Freddie’s senior vice president of single-family sales, said since the LP underwriting tool was introduced in 1997 the GSEs have added additional tools, especially within the last couple of years, and plan to introduce more in the future. “The only tool that had a cost associated with it was Loan Prospector and it was sort of a...
Nevada Addresses ‘Super Lien’ Concerns. Nevada’s governor signed legislation last week addressing concerns raised by the FHFA regarding homeowners’ association liens. In September, the Nevada Supreme Court determined that an HOA super lien has priority lien status, which can trump the GSEs’ first lien status during foreclosure. Senate Bill 306 in Nevada aimed to address some of those issues by establishing a new limited right of redemption for lien holders after an HOA foreclosure sale, among other provisions. The FHFA has repeatedly noted it has an obligation to protect the GSEs’ rights, and will aggressively do so by bringing or supporting actions to contest HOA foreclosures that purport to extinguish GSE property interests in a manner
RSS