With a handful of pivotal mortgage lending and servicing rules from the Consumer Financial Protection Bureau going live at the end of this week, industry representatives have been readying themselves to cross the threshold while not quite certain about how complete compliance is going to be or how much access to mortgage credit might be crimped. Of the four rules that kick in on Jan. 10 – those dealing with ability-to-repay/qualified mortgages, loan originator compensation, mortgage servicing, and high-cost mortgages – clearly the ATR rule continues to consume most of the oxygen in the room. One of the biggest points of uncertainty has to do...
Monthly production of single-family MBS went into a steady, year-long decline at the beginning of 2013. In December, total single-family MBS issuance fell to just $77.1 billion, the lowest monthly production figure since July 2011.
If elected, Savitt hopes to serve on the House Financial Services Committee. A past annual president of the National Association of Mortgage Brokers, he formed NAIHP five years ago.
The tapering of the Federal Reserve’s quantitative easing beginning this month will do little to end the advantages agency MBS have over new jumbo MBS.
Senate Banking Committee Chairman Tim Johnson, D-SD, and Ranking Member Mike Crapo, R-ID, are drafting their own housing finance reform/GSE bill that likely will be superimposed over the Corker-Warner measure.
Western Bancorp said it will lend to borrowers with credit scores as low as 620 and the loans are available to non-owner-occupied properties and first-time homebuyers.
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