Up until recently, if a mortgage joint venture of Wells Fargo asked its partner if the megabank was still feeling the love for joint ventures, the answer would’ve been yes. At least that’s the word from one JV executive who received the news recently that Wells was tossing all of its origination JVs overboard. Earlier in the year, the bank told its two largest JVs – HomeServices Lending and Prosperity Mortgage – that everything was hunky dory. Well, apparently not. Of course, both Home and Prosperity needn’t worry...

With the prospect of the qualified mortgage right around the bend for the mortgage lending industry, it could be easy for lenders to be so focused on getting their points-and-fees calculation to a point of near-perfection. But don't lose sight of your third-party vendors. Michael Chan, vice president at ComplianceEase in Burlingame, CA, gave some attendees at a recent Inside Mortgage Finance webinar on the QM a list of features and characteristics that should be part of a lender's every due diligence effort to vet and review a...

Even though the CFPB has yet to release its final rule and related forms under its consolidated consumer disclosure project, Fannie Mae and Freddie Mac recently announced they are working on a standardized dataset to support the forms when the rule is finalized by the bureau, which is expected in October. The government-sponsored enterprises’ dataset is called the Uniform Closing Dataset, and is a component of Fannie’s and Freddie’s Uniform Mortgage Data Program, an ongoing effort to enhance the accuracy and quality of loan data...

The Federal Trade Commission plans to ask the Office of Management and Budget to extend through Nov. 30, 2016, the current Paperwork Reduction Act clearance for the FTC’s shared enforcement with the CFPB of the information collection requirements in Regulation N (Mortgage Acts and Practices – Advertising). That clearance expires Nov. 30, 2013. The FTC is inviting public comments on a handful of related issues, the first of which is whether the proposed collection of information is necessary for the proper performance of the...

Lenders would be well served to periodically re-assess the fair lending impact of their policies especially in regard to the qualified mortgage rule.

Fannie Mae said that, assuming publication of the CFPB final rule comes in the fall, more information will be available later in 2013 on implementation plans.

The three government MBS agencies issued $144.26 billion of single-family MBS last month, down 3 percent from June’s level. It was the lowest monthly production level so far in 2013.

Industry reaction to Obama’s speech was generally favorable, particularly as it related to his call for continued, unfettered access to the 30-year FRM.

Stated-income loans are being offered at 5.49 percent as long as the borrower puts down 20 percent. Meanwhile, Walter wants to keep its contract terms with Fannie Mae secret.

The Department of Housing and Urban Development will implement new guidelines spelling out changes to the Home Equity Conversion Mortgage program on Oct. 1. The guidelines will establish additional requirements to reduce losses and improve the fiscal safety and soundness of the HECM program, which has been hit hard by massive losses due to borrower default and steep home price declines. An FY 2012 actuarial audit projected $2.8 billion in HECM losses. However, the audit also projected a steady improvement of the Mutual Mortgage Insurance Fund’s HECM portfolio over the next seven years, becoming negative ...