Is Bill Foley, the 75-year-old non-executive chairman of title insurance giant Fidelity National, pondering retirement? Don't bet on it. He's shaking the mortgage vendor M&A tree big time.
One of the challenges with borrowers getting forbearance in this category is a lack of clarity regarding which entity holds legal authority to decide terms of loss mitigation.
The new regulatory category would allow non-QMs to obtain QM status as long as they meet certain performance requirements and other standards during the first three years after origination.