The new ability-to-repay (ATR) rule and the “qualified mortgage” definition will result in more predictable, less costly servicing for prime QMs and increased complexity for subprime and non-QMs, according to an analysis by Deloitte Touche. The ATR rule defines an ability-to-repay standard for mortgages, including eight borrower characteristics to be considered in the lending decision. It also creates a QM definition that clarifies compliance with the ATR standard for loans with certain features and ...
Final rules establishing national mortgage servicing standards may reduce the incentives for states to adopt their own varied, unique versions, thus reducing the patchwork of state mortgage servicing laws. At the same time, however, the final rules are a floor and states – and the government-sponsored enterprises – may adopt more stringent consumer protections, cautioned attorneys with SNR Denton. An analysis by the Washington, DC, law firm said the final rule issued by the Consumer Financial Protection Bureau ...
Mortgage lenders funded $232.69 billion worth of FHA loans in 2012, a 22 percent jump from the year prior, according to exclusive loan-level data compiled by Inside FHA Lending.
A large and potentially lucrative RFP issued several months ago by FHFA regarding its strategic plan for taking the GSEs to the next stage in their evolution has yet to be awarded.
Underwater homeowners who have remained current on their payments will be able to relinquish their houses and cancel their debt under the terms of a new GSE policy change to take effect in March.
The recent court ruling which called into question the legitimacy of certain recess appointments – including that of CFPB director Richard Cordray – also means the agency may not have any regulatory oversight over nonbanks.
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