In fact, the ATR rule “does not require lenders to offer any specific type of mortgage,” the guide says. “Lenders can offer any mortgage they believe a consumer has the ability to repay, as long as they have documentation to back up their assessment.”
Through the first nine months of 2013, an estimated 22 percent of the $1.59 trillion in mortgages originated (including second liens) had non-agency execution.
Jeff Detwiler, president and chief operating officer of Long & Foster Companies, noted that that higher interest rates are playing a “big role” in the lower home sales realtors are seeing in the Washington DC metro area.
A spokesman for WJB told IMF that the lender/servicer may send out an additional 2,000 data breach notifications, pending the results of a computer forensic review.
The former House Democrat has already halted – for now – certain DeMarco-era directives, including the FHFA’s December announcement of a 10-basis point guaranty fee increase.
Your father’s mortgage lending industry is about to be unofficially laid to rest at the end of the week. Four significant rules from the CFPB set to kick in on Friday, Jan. 10, seem poised to forever change the mortgage lending and servicing landscape. The rule that has gotten far and away the most negative publicity is the bureau’s new ability-to-repay/qualified mortgage rule, which creates two versions of a QM loan – a ‘safe harbor’ QM and a ‘rebuttable presumption’ QM – as well as a 3 percent points-and-fees cap. The rule also features...
The CFPB and authorities in 49 states and the District of Columbia filed a proposed court order requiring the country’s largest nonbank mortgage loan servicer, Ocwen Financial Corp., and its subsidiary, Ocwen Loan Servicing, to provide $2 billion in principal reduction to underwater borrowers. The bureau said the consent order “addresses Ocwen’s systemic misconduct at every stage of the mortgage servicing process.” Ocwen also is required to refund $125 million to the nearly 185,000 borrowers who have already been foreclosed upon, the CFPB...
The CFPB and the Department of Justice are seeking $35 million in damages from PNC Bank to settle allegations that one of its acquisitions – National City Bank – discriminated against African Americans and Hispanic borrowers during the housing boom by charging them higher rates. The alleged activity took place between 2002 and 2008, the government said. PNC, though, did not buy National City until the fall of 2008, agreeing to pay roughly $5.8 billion for the bank. Based on their joint investigation, which began in 2011, the...
RSS