Smaller banks and nonbanks are rallying behind legislation recently introduced to relieve community mortgage lenders from some of the scrutiny placed on larger banks. Rep. Roger Williams, R-TX, authored H.R. 5907, the Community Mortgage Lenders Regulatory Act of 2016, and emphasized that community mortgage lenders engaged in traditional mortgage lending were not responsible for the recent mortgage crisis. Scott Olson, director of the Community Home Lenders Association, told...
The FHA this week clarified its policy on insuring mortgages with PACE (Property Assessed Clean Energy) senior tax liens to make it easier for borrowers to obtain FHA financing for such mortgages, but the mortgage and real estate industries continue to have concerns. The new guidelines address state programs where the PACE obligation is treated like a property tax with priority over an FHA lien. The program provides financing for home-energy improvements and water conservation, and is repaid through an assessment added to the property’s tax bill. The guidelines are designed...
Applications for refinances decreased slightly last week compared with the week prior, according to the Mortgage Bankers Association, as average interest rates on mortgages increased during the week.
“[The GSEs’] corrupt business model lets shareholders and executives reap huge profits while the taxpayers cover all losses,” according to the Republican platform.
To help address racial disparities in lending, the NCRC called for expansion of the Community Reinvestment Act, stronger enforcement of the CRA and strengthening of the government-sponsored enterprises’ affordable housing goals.
Officials at Wells Fargo said that in the first month of offering the non-FHA yourFirstMortgage, applications for more than $1.0 billion in production were received.
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