Although the HARP program had record volume in the first quarter, the program is showing almost no growth, according to exclusive survey figures compiled by Inside Mortgage Finance.
Bank of America entered into a massive buyback settlement with Fannie Mae in January, but has yet to sell any 'purchase' loans to the GSE in 2013. However, this may change soon.
The long-awaited slowdown in residential originations may finally be at the doorstep of the nations largest banks, according to first-quarter results released over the past week by the giants of the industry including Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp. In general, gain-on-sale margins eroded or held steady, but most megabanks hiked the asset value of their mortgage servicing rights. And some, like Wells and U.S. Bancorp, continued to hold some of their agency-eligible mortgage originations on their books instead of selling them to Fannie Mae and Freddie Mac. Revenues have peaked for everyone, Brian Foran, an analyst with Autonomous, told...
The Consumer Financial Protection Bureau last week issued a small-entity compliance guide on its groundbreaking ability-to-repay rule promulgated in January. Its a document that may help smaller firms but leaves big players wanting more. Our goal with this guide is to provide a comprehensive rule summary in a plain language and Frequently Asked Questions format, which makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff, the CFPB said. The bureau recommended...
Although all of Bank of America earned $2.6 billion in the first quarter, its mortgage business lost money thanks to legacy problems. Also, it appears the bank is addicted to refis.
The final HUD regulation marks the first time the agency has made changes to the LI program, which enables high-performing lenders to insure forward mortgages without a pre-endorsement review.
The CFPB is a tough cop on the beat, no doubt. But is the agency and its rules causing certain banks in Oklahoma to exit the residential lending sector?