When Wells Fargo recently pulled the plug on its remaining loan-production joint ventures, it downplayed the significance of the move, explaining that in the scheme of things these unique partnerships – mostly with real estate companies – account for just 3 percent of its total production. But for some of the eight JVs that were shoved aside, it could be a big deal because it means they may now have to find either a new partner or raise additional capital. Still, not all of the JVs are fretting...
The Federal Housing Finance Agency withdrew a proposed rule it was forced to issue regarding Property Assessed Clean Energy programs after prevailing in court.
The CFPB filed a civil suit last week against Castle & Cooke Mortgage and two top executives, accusing the Utah-based nonbank of illegally giving bonuses to loan officers who steered consumers into mortgages with higher interest rates. Overall, the firm paid 500 quarterly bonuses – roughly $4 million in compensation – to its retail loan officers, based on a compensation structure that rewarded them for bringing in mortgages at higher note rates, the government charges.In its suit, filed in U.S. District Court for the Central District...
Two industry groups have jointly written the CFPB requesting the bureau reconsider a final rule that requires lenders to disclose and deliver appraisals to consumers for both residential loans and commercial loans. The American Bankers Association and the Mortgage Bankers Association said the rule is going to create challenges for lenders when a dwelling is securing business credit, asserting it would place large burdens on lenders, as they may have to deliver thousands of appraisals to non-consumers in commercial settings...
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