Although 10 servicers have agreed to shell out $8.5 billion as part of the OCC/Federal Reserve foreclosure settlement, it won’t be known for up to a month exactly how much it will cost each bank.
The U.S. Court of Appeals for the District of Columbia has reinstated a lawsuit that could place a widowed spouse of a deceased reverse mortgage borrower at risk of foreclosure.
The Consumer Financial Protection Bureau is expected to unveil its long-anticipated 'Qualified Mortgage’ rule this evening to certain parties with an official release coming Thursday morning, industry officials told Inside Mortgage Finance.
The Consumer Financial Protection Bureau likely will not publish a final rule on the integrated and simplified consumer disclosures under the Real Estate Settlement Procedures Act and the Truth in Lending Act until sometime in September, according to the agency’s newly released semiannual regulatory agenda.
The Federal Trade Commission this week shut down a mortgage assistance scam operated out of the Dominican Republic while claiming to be headquartered in Chicago and affiliated with President Obama.
Impac Mortgage, one of the fastest growing funders among the top 100, has hired Mike Casey and Matthew Dismore to bolster its correspondent lending division.
Although the ink is barely dry on the new ‘Qualified Mortgage’ rule, mortgage bankers are already voicing concerns about how it will hurt compensation and affect the jumbo market.
Promontory Financial this week laid off between 750 and 1,000 workers in the Denver area, many of them working on loan reviews tied to delinquent and foreclosed mortgages, industry sources told Inside Mortgage Finance.
Competition in FHA lending may get a boost following the easing of reporting requirements for insured depository institutions with $500 million or less in total assets.
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