CFPB Acting Director Mick Mulvaney has less than 200 calendar days left to occupy the director’s chair, so industry officials have been wondering what they can expect from the bureau as long as he’s in charge.
Commercial banks and savings institutions reported another decline in the volume of home mortgages they repurchased from investors during the third quarter, according to an Inside Mortgage Trends analysis of call-report data.
The House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing Tuesday to consider legislation that would affect the mortgage industry and institutions regulated by the CFPB.
Panelists at an Urban Institute event this week concluded that there can’t be a housing finance reform discussion without including the FHA. Carol Galante, former FHA commissioner during the Obama administration, said it’s important to make sure changes to the government-sponsored enterprises don’t unintentionally impact the FHA.
tressler@imfpubs.com Homeowners and appraisers are closer to seeing eye-to-eye on home valuations than at any time in the last two years, according to new data from Quicken Loans. “Home appraisals were an average of 0.5 percent lower than what owners expected in December,” the lender said, “These two data points have moved closer together since November, when appraised values were 0.67 percent lower than homeowners’ estimates, and far improved from one year ago when there was…
The top five sellers to Fannie Mae and Freddie Mac posted a combined 14.1 percent increase in volume from the third to the fourth quarter, boosting their share of the market to 38.4 percent.
The origination of reverse mortgages fell by 7.3 percent on a sequential basis in the third quarter of 2017 in the wake of changes made to the program by FHA.
It’s possible that mortgage lenders and servicers will see the CFPB during the tenure of Acting Director Mick Mulvaney use the five-year “look back” the bureau is required to perform to make significant changes to a pair of major rulemakings: the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rule (TRID) and the ability-to-repay rule. Donald Lampe, a partner with Morrison & Foerster law firm in Washington, DC, explained, “In Dodd-Frank, there’s a five-year required regulatory review, and there are two of those regulatory reviews that are still under advisement: one for TRID and the other for the ATR/qualified mortgage rule. “If I’m thinking about 2018, I feel pretty confident to say that those processes bear careful attention ...
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