The Federal Communications Commission recently promulgated final rules that restrict how companies can attempt to collect on delinquent agency mortgages, federal student loans and other debts owed to the federal government, including through the use of so-called robocalls. The new rules limit the number of robocalls to wireless numbers, including text messages, to three per month. The new rules also only allow robocalls concerning debts that are delinquent or at imminent risk of default, unless there is prior express consent otherwise. The new rules require that, absent consent, callers only call the individual who owes the debt, not his or her family or friends. This includes limiting the number of robocalls allowed to reassigned numbers. The new rules reiterate that ...
A National Association of Realtors survey of mortgage originators during the second quarter of the year found that lending outside the parameters of the qualified mortgage standard remains in the doldrums, even though there appeared to be a slight improvement in demand from investors for such loans. Survey participants were asked to provide the percentage share of their production for safe-harbor QM loans, rebuttal-presumption QM loans, and non-QM loans. Respondents indicated that a whopping 93.2 percent of production was in the safe-harbor QM space during 2Q16, up from 89.9 percent in 1Q16. That gain came at the expense of the other two categories. Production of rebuttable-presumption QMs fell from 9.9 percent in the first quarter of the year to 6.7 percent ...
The CFPB’s TILA/RESPA Integrated Disclosure Rule continues to have mixed results, at least from the perspective of the nation’s mortgage originator community. According to the recently released results of a survey by the National Association of Realtors of mortgage originators during the second quarter of 2016, delays attributed to TRID eased between the first and second quarters of the year, as did lenders’ reluctance to offer pre-approval letters, while cancellations ticked up. Originators were asked, since April 1, what share of their company’s mortgage transactions had been delayed or cancelled due to a TRID-related issue versus non-TRID issues. Mortgages delayed due to TRID ticked barely down, from 1.8 percent in 1Q16 to 1.7 percent in 2Q16. In the fourth quarter ...
The top revenue generator for MBA was membership dues at $18.24 million. Its annual convention took in $7.5 million while all other conferences generated revenue of $17.70 million.
GSEs Offer Forbearance for Flood-Damaged Homes. With more than 40,000 homes hit by deadly flooding in Louisiana this week, Fannie Mae and Freddie Mac are offering temporary mortgage suspensions. Fannie Mae said servicers can grant forbearance of up to 90 days to borrowers they believe were impacted by the flood, whether they make contact with them or not. When they make contact, the servicer can offer up to six months of forbearance, which can then be extended with approval. Also, lenders must verify the condition of the property of loans originated and sold to the GSE. Freddie’s policy allows for forbearance and foreclosure suspension up to 12 months. Penalties and late fees against disaster-damaged homes are also waived.
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