As the mortgage industry prepares for a substantially expanded Home Mortgage Disclosure Act data collection and reporting environment from the Consumer Financial Protection Bureau, compliance experts are getting a clearer sense of some of the biggest challenges lenders will face – most notably on the technology front as well as fair lending scrutiny.
PennyMac Financial Services is set to launch broker-direct originations, complementing its correspondent production and retail originations. Officials note that in-house technology development plays a major role in the nonbank’s efforts to increase originations and servicing.
Tax reform legislation detailed last week by Republican leaders in the House would have a nega-tive impact on the housing market, according to some industry analysts. The bill prompted a strong re-action from industry participants, who are hoping for a variety of changes in the legislation.
The House Financial Services Subcommittee on Housing and Insurance convened a third hearing on housing-finance reform this week, this time hearing from Washington think tanks. A staffer said the hearings are meant to lay “a groundwork for legislation the committee is working on to finally build a housing finance system that is sustainable for homeowners, for hardworking taxpayers, and for our economy.”
Capital One this week announced that it’s throwing in the towel on mortgage finance, laying off staff and shuttering offices in an attempt to improve profits. And now comes the big question: will other banks follow in its wake?
A few mortgage lenders are offering a purchase-loan option that provides protection to borrowers who make a downpayment on their house and later have to sell at a loss due to a decline in value.
A corporate tax cut, now being debated on Capitol Hill, could wreak havoc on the government-sponsored enterprises’ deferred tax assets and result in Fannie Mae and Freddie Mac having to take draws from the U.S. Treasury.
Two of the nation’s largest reverse mortgage lending platforms are on the auction block with a third contemplating an exit via a servicing sale. Coupled with higher upfront premiums on the product, all is not well with the sector.
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