Speaking during a recent public appearance in Washington, DC, Mark Calabria, chief economist in the Executive Office of the Vice President, discussed the Trump administration’s priorities when it comes to regulatory reform, and the CFPB’s ability-to-repay rule was one of the items on the list. “Looking at the mortgage finance system as a whole is critical, as is reviewing the substantive rule-makings that came out of the Dodd-Frank Act,” said Calabria, former director of financial regulation studies at the libertarian Cato Institute in Washington, DC, and a former Capitol Hill staffer involved in drafting the framework for the conservatorships of government-sponsored enterprises Fannie Mae and Freddie Mac. “We really did expand the regulatory framework with things like the qualified mortgage ...
A new report from the Office of the Inspector General of the Federal Deposit Insurance Corp. found that examiners in the agency’s Division of Depositor and Consumer Protection need to do a better and more consistent job of reviewing lenders’ compliance with the CFPB’s ability-to-repay and loan originator compensation rules. The ATR rule directed most mortgage lenders to make a reasonable and good-faith determination, at or before loan consummation, that a consumer would have a reasonable ability to repay a residential mortgage loan according to its terms. Some lenders and loan programs are exempt from this requirement. The LO comp rule placed limits on loan originator compensation and imposed new requirements on loan originators. Both rules took effect Jan. 10, 2014....
It’s Official: Cordray is Running for Governor in Ohio. After months of rumors and speculation, former CFPB Director Richard Cordray recently declared his candidacy for governor in his home state of Ohio. Although he faces at least four rivals for the Democrat nomination, at least one observer in the state considers him the instant favorite.... Mulvaney, Trump and Wells Fargo. Since Mick Mulvaney assumed the directorship of the CFPB, he has imposed a 30-day freeze on all new bureau regulations, and reportedly stopped all new contracting and all new lawsuits, has installed his aides into important positions at the agency, and temporarily froze all payments from the bureau’s civil penalty fund....
But the gain was largely attributable to one bank – Wells Fargo – which acquired an agency servicing portfolio of about $51.0 billion from Seneca Mortgage…
The statute requires the GSEs to serve three specific underserved markets: manufactured housing, affordable housing preservation, and rural housing by increasing secondary market liquidity...
Freddie Mac decided to dip its toes into the single- family rental market with a $161 million transaction with CoreVest Finance. The securities are backed by affordable single-family rental properties targeting low-income and working families. The SR01 certificates include 59 loans originated primarily by CoreVest. Freddie has been exploring the growing SFR market for the better part of the year. While Fannie Mae received some backlash for its one large $1 billion transaction earlier this year with Invitation Homes, Freddie’s focus was on the affordable housing market. Most of the 2,355 properties included in this transaction (94 percent) are affordable to families earning less than 100 percent of the area median income.
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