The idea is to offer “a space where businesses can test innovative products and processes without risk of regulatory consequences,” according to the Mortgage Bankers Association…
House Financial Services Committee Chairman Jeb Hensarling, R-TX, has renewed his call for the Senate to negotiate with the House regarding several bills Republicans want to add to the regulatory relief package. The Senate earlier cleared S. 2155, which would roll back various parts of the Dodd-Frank Act and give relief to community banks, sending it to the House. But the GOP faithful in the House have their own bucket list of relief bills and want the Senate to negotiate with the goal of creating a final ...
Equifax, which is under investigation by the CFPB – and other government agencies – for a massive data breach that came to light last year, this week named investment banker Mark Begor to be its new CEO effective April 16. He will replace interim CEO Paulino do Rego Barros, who will step down but assist Begor as part of the transition. Back in the fall of last year, Barros was named interim CEO following the departure of several top executives at the credit rating agency after it was revealed a major ...
Fannie Mae and Freddie Mac in the second half of last year saw a rapid growth of loans with high debt-to-income ratios, thanks in part to the so-called GSE patch. The government-sponsored enterprises enjoy a special exemption under the qualified mortgage rule of the Consumer Financial Protection Bureau. To achieve QM status, a loan must have a DTI ratio of 43 percent or less, but if a mortgage is sold to Fannie or Freddie, DTI ratios can be higher. In the second half of 2017, loans with DTI ratios ...
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