Inside FHFA Lending also found another interesting trend: The top 50 HECM lenders are dominated by nonbanks, some of which are relatively new to the space.
As for the new GSE bill from Rep. Maxine Waters, D-CA, the research firm notes that the legislation will not even be considered in the Republican controlled House.
To date, the use of eminent domain to restructure residential loans has garnered a ton of headlines in the financial press, but has posted little in the way of success.
No purchase price on the sale of Allonhill assets to Stewart was ever disclosed. According to the bankruptcy filing, the sale price cannot be revealed for at least 12 months after the sale and will require approvals from both parties.
Whatever happened to the sale of Cole Taylor Mortgage, which has been in the works for nine months or so? Good question. When we asked one source close to the deal, his response was this: “Think of the Energizer Bunny but with fairly old batteries.
Small community bankers told CFPB officials many of their colleagues are wary of making mortgages that fall outside the parameters of the qualified mortgage definition or are exiting the mortgage business entirely. Addressing two top regulators from the CFPB during the tail end of a session at the American Bankers Association’s government relations conference in Washington, DC, last week, one community banker from Oklahoma reported survey findings that one third of respondents in the state are no longer offering residential mortgages.
The CFPB is continuing its work to develop a final rulemaking to add certain data elements to the Home Mortgage Disclosure Act reporting requirements. However, a final rule will not come out this year, a top bureau official told industry representatives last week. Speaking at the American Bankers Association’s government relations conference in Washington, DC, last week, Kathleen Ryan, deputy assistant director in the bureau’s Office of Regulations, reminded attendees that Dodd-Frank required the CFPB to add…
The CFPB is beginning to look into abandoned properties and the phenomenon known as “zombie” foreclosures, a top bureau official indicated recently. “The term zombie foreclosure refers to a situation in which a borrower has moved out of a home after the lender has started a foreclosure,” according to attorney Michael Waldron, a partner and practice leader of the mortgage banking unit at Ballard Spahr. However, “because the lender did not complete the foreclosure, title was never officially transferred and remains with the borrower, who may be unaware that the foreclosure was never completed.”
House Republicans have found – or been given – yet another axe to grind against the CFPB: the confidentiality or downright secrecy associated with the bureau’s advisory council meetings. Currently, the CFPB has four such groups: the Community Bank Advisory Council, the Credit Union Advisory Council, the Academic Research Council and the Consumer Advisory Board. The groups are made up of industry representatives, consumer activists and academics.
Nearly a quarter (24 percent) of all purchase loans funded by Fannie Mae and Freddie Mac have a debt-to-income ratio greater than the qualified mortgage limit of 43 percent, according to the February 2014 National Mortgage Risk Index released by the conservative American Enterprise Institute’s International Center on Housing Risk. Researchers found no discernible impact on the purchase loan market from the CFPB’s QM regulation.“In February, half of agency loans had a down payment of 5 percent or less, nearly one-in-four agency loans had a DTI ratio greater than 43 percent, and one-in-eight agency loans had a FICO score of less than 660,” the AEI said.
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