More than a year after standards for qualified mortgages took effect, a number of lenders are willing to offer non-QMs, but production has been concentrated on affluent borrowers. Lenders seem less willing to offer non-QMs to borrowers with lower credit scores or higher loan-to-value ratios. For the past year, Nationstar Mortgage has been working toward offering a non-QM refinance product. The loan would target non-agency borrowers in the nonbank’s large servicing ...
Real estate agents have a positive outlook for the spring homebuying season, especially first-time homebuyers, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. Tom Popik, research director of Campbell Surveys, said homebuyer traffic was higher than expected during the winter and demand from first-time buyers is expected to be strong in the coming months. “Rising interest rates may stimulate the market as homebuyers ...
In total, 16 groups signed the letter, including the American Bankers Association, the Community Mortgage Lenders of America, and the National Association of Realtors...
The Consumer Financial Protection Bureau’s proposal to significantly expand the regulatory requirements related to successors in interest poses legal risks, threatens personal privacy and could foster instances of fraud, mortgage industry officials said. The provisions related to successors in interest are part of a package of proposed amendments to the bureau’s 2013 mortgage rules under the Real Estate Settlement Procedures Act and the Truth in Lending Act ...
With JPMorgan Chase slated to buy $45 billion worth of Fannie Mae rights from nonbank Ocwen Financial the shift in MSRs over to banks likely will continue...
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