At least two young mortgage insurance firms hope to go public by yearend. But how might the market receive these deals with so much uncertainty surrounding the GSEs?
Addressing the annual convention of the American Bankers Association, the CFPB chief stressed that his agency is proceeding full speed ahead with the January implementation of its mortgage rules.
As the mortgage lending industry continues to brace for qualified mortgage lending versus non-QM lending, and with the new qualified residential mortgage standard about to be put into play, it’s important lenders remember they don’t have to originate QM or QRM loans. “There is no legal requirement under [Dodd-Frank] to make QM or QRM loans,” Laurence Platt, a partner with the K&L Gates law firm in Washington, DC, told participants during a recent webinar sponsored by Inside Mortgage Finance, an affiliated newsletter...
Subject matter attorneys from the CFPB participated in a webinar sponsored by the Mortgage Bankers Association last week on the bureau’s mortgage origination rules to try to give industry representatives some detailed responses to a number of frequently asked questions the agency has received in recent months. “One of our key priorities has been to bring increased clarity, certainty and burden relief wherever possible and appropriate to address critical questions that we heard from industry,” said Lisa Applegate, the...
It may be hard to believe, but there are some companies considering early compliance with the CFPB’s mortgage servicing rules which take effect on Jan. 10, 2014. But one top official from the bureau urged taking a cautious approach. Answering some questions about the effective date of the bureau’s mortgage servicing rules during a webinar sponsored last week by the Mortgage Bankers Association, Marta Tanenhaus, senior counsel with the CFPB, reminded participants that “no servicer is required to comply with the rules before Jan...
More than one in five loans originated today would not satisfy the criteria for the qualified mortgage “safe harbor” legal protections under the ability-to-repay rule promulgated in January by the CFPB, according to an analysis by ComplianceEase, a provider of risk management solutions to the financial services industry. The company’s analysis also found that more than half of such loans – or at least 10 percent of recently originated mortgages – have fees that exceed the new 3 percent points-and-fees threshold. Further, “Loans...
The CFPB is putting into place a prioritization framework, apportioning examination, investigation and fair lending resources across product types, and it may well prove to be particularly significant for nonbank entities. “A specific charge of the bureau is to attempt to level the playing field between banks and nonbank entities relative to compliance with federal consumer financial laws,” said CFPB Deputy Director Steven Antonakes in a speech before the Federal Deposit Insurance Corp.’s Advisory Committee on Economic...
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