House Republicans were unmoved by pleas from HUD to soften the impact of sequestration and criticized the agency for a lack of commitment to fiscal reform.
Although the HARP program had record volume in the first quarter, the program is showing almost no growth, according to exclusive survey figures compiled by Inside Mortgage Finance.
The CFPB is a tough cop on the beat, no doubt. But is the agency and its rules causing certain banks in Oklahoma to exit the residential lending sector?
Democrats in Congress have raised concerns about how five banks have responded to new servicing standards included in the $25 billion national servicing settlement.
Although all of Bank of America earned $2.6 billion in the first quarter, its mortgage business lost money thanks to legacy problems. Also, it appears the bank is addicted to refis.
The final HUD regulation marks the first time the agency has made changes to the LI program, which enables high-performing lenders to insure forward mortgages without a pre-endorsement review.
Banks continue to press the CFPB on their request that the agency use its exemption authority to extend the ATR rule's compliance deadline from 12 to 24 months.