The mortgage industry welcomed legislation passed by the House Financial Services Committee last week to clarify the seasoning requirements of certain VA streamlined mortgage loans and resolve the problem of VA “orphan” loans.

Mortgage fraud is a growing problem, especially income misrepresentation, according to a recent CoreLogic report. All loan segments showed increased risks, except for the jumbo loan segment, which actually witnessed a decline in application fraud.

Five regulators, including the Consumer Financial Protection Bureau, recently clarified that supervisory guidance is not regulation and won’t be the sole basis for enforcement actions. Industry attorneys said the statement would benefit the mortgage industry overall, but lenders still need more guidance to help with tricky compliance issues.

First Alliance issued a statement calling the license idea a “desperate revenue grabbing” practice.

The central bank could lose its kingpin status if commercial banks continue buying…

Jumbo production by correspondent lenders increased by 63.7 percent on a sequential basis…

Three nonbank lenders, all owned by PE firms, are key contributors to the deal…

The agency specifies that a two-year testing period would be the norm.

Steve Skolnik, an industry veteran with a long career in nonprime lending, was recently hired as CEO…

Dealmakers, including Mark Garland of MountainView Financial Solutions, expect a flurry of activity this fall.