The Consumer Financial Protection Bureau’s ability-to-repay requirements yielded higher costs for lenders and revealed flaws with vendors’ loan originations systems, according to a recent survey of lenders. The ATR rule and standards for qualified mortgages took effect in early 2014. Strategic Mortgage Finance Group surveyed 122 lenders about the regulation earlier this year. Lenders estimated that ATR/QM added $139 per loan to their ongoing origination costs. Only $44 of ...
The weighted average coupon for new issuance of FHA refinancing loans is much lower than FHA purchase loans due to a combination of factors, according to an analysis by Wells Fargo Securities. Wells analysts led by senior analyst Vipul Jain compared collateral characteristics of FHA purchase and refi production for 2017 based on the weighted average loan age (WALA) of newer collateral issuance. The team found that purchase-loan production in FHA carries higher-than-average ...
Most mortgage lenders have been primed to focus on the home-purchase market and there is plenty of borrower demand, but housing supply remains a sticking point.
Former CFPB Director Richard Cordray challenged PHH’s captive reinsurance program, ruling that any referral of settlement business that involves payments is prohibited under RESPA…
Margins in the correspondent channel took a hit in the first quarter, according to officials at a number of large lenders. Some nonbanks with significant servicing portfolios are expecting profits to shift to the servicing segment as interest rates increase.
Federal regulators broke with tradition this week and released annual Home Mortgage Disclosure Act data roughly four months earlier than they have in the past.
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