The Consumer Financial Protection Bureau should adjust loan originator compensation rules to provide lenders with some flexibility, according to mortgage industry participants.
Most of the nation’s largest home lenders started reporting second quarter results this week, indicating a modest improvement in residential originations and profits – but nothing to write home about.
Twenty-two trade associations strongly urged House and Senate leadership to extend the National Flood Insurance Program before it expires at the end of the month, warning what inaction might do to home sales.
Part of the debate over the future of the government-sponsored enterprises is whether the existing cross subsidization in Fannie Mae and Freddie Mac pricing of guarantee fees for mortgage-backed securities should continue.
There appears to be no clear, unified lending policy among the government-sponsored enterprises, FHA, VA and the U.S. Department of Agriculture when it comes to the eligibility of certain non-permanent U.S. residents for a conventional conforming or government-backed mortgage loan.
Republican and Democrat leaders of the Senate Banking, Housing and Urban Affairs Committee battled over minority requests for extensive documents about Kathy Kraninger, the Trump administration’s nominee to become the next director of the Consumer Financial Protection Bureau.
Attorney General Jeff Sessions: “When issuing regulations, federal agencies must abide by constitutional principles and follow the rules set forth by the Congress and the President.”
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