"If mortgage rates doubled overnight, our model indicates a decline of just 300,000 sales, a mere 5 percent decrease,” said Mark Fleming, chief economist at First American.
The 4,710 small mortgage lenders wouldn’t have to report new data points sought by the Consumer Financial Protection Bureau for originations in 2018 and beyond, according to an analysis by Inside the CFPB.
“Borrowers continue to move away from applying for loans fully in-person, as they look for a process combining both high-tech and high-touch,” according to Ellie Mae.
The IRS recently formed a working group comprised of industry participants to address problems with the Income Verification Express Service, according to the Mortgage Bankers Association.
The Senate voted 67-31 last week to pass the Economic Growth, Regulatory Relief, and Consumer Protection Act, S. 2155, moving the deregulation debate to the House, which will look for more aggressive changes to roll back the Dodd-Frank Act. House Financial Services Committee Chairman Jeb Hensarling, R-TX, said the House would not pass the bill without additional provisions that would further relax regulations introduced after the 2008 financial crisis ...
Proposed changes to the Home Mortgage Disclosure Act have become a key flashpoint of controversy in the advancing effort to reform the Dodd-Frank Act. The Senate last week passed legislation that would exempt depository institutions that have relatively small mortgage operations from new HMDA disclosure requirements – and some existing ones – that were mandated by the Consumer Financial Protection Bureau. The expanded HMDA reporting regime is taking effect for mortgage (include one data chart) ...
Former World Acceptance Corp. CEO Janet Lewis Matricciani said she wants to apply for the position of CFPB director in an email to Acting Director Mick Mulvaney. The email was sent on January 24, two days before Matricciani left the company, and she said she wants to run the agency because no one’s better able than her to “understand the need to treat consumers respectfully and honestly, and the equal need to offer credit to lower income consumers.” Just two days before ...
The CFPB recently issued a final rule that the agency said would help mortgage servicers communicate with borrowers facing bankruptcy. The rule amended the timing requirements for servicers to provide periodic statements to consumers in bankruptcy. The rule will go into effect on April 19. At that point, servicers will be required to send monthly billing statements to consumers in active bankruptcy cases and certain cases in which the debtor’s personal liability was previously discharged. To give ...
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