It’s safe to say that many mortgage CEOs and their attorneys are cheering on Quicken. It’s not often that a lender fights back this strong against the government in an FHA.
Rising interest rates – as long as they don’t rise too much – could spark a boom in servicing sales, predicted Tom Piercy of Incenter Mortgage Advisors.
-“While plaintiffs did not begrudge defendant a reasonable time to review the court’s decision, it is apparent that the defendant has now settled on a legal strategy but is unwilling to disclose that strategy to the extent doing so would require it to produce documents prior to the D.C. Circuit’s anticipated ruling,” Fairholme argued in court papers.
Last week’s surprise presidential victory by Republican billionaire real estate developer Donald Trump means some big changes for rulemaking and enforcement activities at the CFPB, to the benefit of the financial services industry, according to the consensus of a variety of analysts and experts. The most likely changes have to do with replacing the bureau’s single director leadership structure a bipartisan commission, and subjecting the agency to the congressional appropriations process. But the tenure of the current director, Richard Cordray, also could come into play, some feel. FBR & Co. analyst Edward Mills and his team predict the agency will have a new director “following the D.C. Circuit Court of Appeals ruling [involving PHH Corp.] that allows the president to ...
Some of the public comments submitted to the CFPB regarding its TRID 2.0 clarifying rulemaking highlight tensions and rivalries that have emerged between different factions in the homebuying and mortgage-making industry since the original integrated disclosure rule took effect. In its comment letter on the bureau’s proposal, one point of emphasis that JPMorgan Chase raised is that lenders need better cooperation from settlement agents. “The success of the rule largely depends on the collaboration of a…
The Community Home Lenders Association told the CFPB that the existence of the bureau as a dual regulator along with state supervision of nonbank lenders is exacerbating the consolidation of such community lenders to the detriment of consumers. “In establishing and implementing mortgage rules, Congress and the CFPB have recognized the value of smaller community lender/servicers and created certain targeted exemptions, such as certain Regulation Z and Regulation X exemptions for smaller servicers,” the CHLA said. The trade organization’s remarks were delivered in a public comment letter submitted to the agency as part of the bureau’s TRID clarifying rulemaking process. The problem is, these exemptions generally are targeted towards community banks and credit unions, and legislation pending in Congress is ...
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