It Looks Like New HMDA Requirements Will Proceed. Earlier this year, the mortgage industry made a concerted push for either the CFPB, or failing that, Congress, to delay implementing all the new data collection and reporting requirements lenders will face under the Home Mortgage Disclosure Act regime.... Feds to Amend CRA Regs to Conform to CFPB’s HMDA Changes. The Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency on Wednesday issued a joint notice of proposed rulemaking to amend their respective Community Reinvestment Act regulations, mostly to conform to the changes the CFPB made to Regulation C, which implements the Home Mortgage Disclosure Act....
In a research note published Friday, Cowen & Co. notes the letter is an indication these groups believe allowing the GSEs to retain capital will prolong the conservatorships.
ATTOM’s Daren Blomquist: “In markets where distressed discounts have largely dried up, flippers are showing more willingness to leverage financing when acquiring properties…”
The wholesale-broker channel accounts for a relatively small amount of new business in the jumbo mortgage market, according to a new Inside Mortgage Trends analysis of lender surveys. Brokers accounted for just 4.6 percent of jumbo originations during the second quarter of 2017, although volume was up 13.7 percent from the first three months. The problem is that jumbo lending by a diverse sample of mortgage lenders was up 19.9 percent overall, meaning ... [Includes three data charts]
A number of lenders outside of the mortgage market are starting to rely on alternative data to help make underwriting decisions. The Consumer Financial Protection Bureau is also encouraging use of such alternative data sources, which could prompt adoption by more lenders. Speaking at the ABS East conference produced by Information Management Network this week in Miami Beach, Joanne Gaskin, a senior director at FICO, said some lenders are relying on ...
CMG Mortgage, San Ramon, CA, has launched a new service called HomeFundMe that is geared toward helping loan applicants gather up enough money for a downpayment – using the Internet, of course. There’s a catch though: applicants who use the “crowd funding” platform have to take out a mortgage with CMG, which bears the name of its founder and CEO Chris George. In a recent interview with Inside Mortgage Trends, George was reluctant to estimate how much money ...
Lenders with better-than-average origination practices tend to produce mortgages with less default risk across different loan products, according to a new study sponsored by the Mortgage Bankers Association. “Managing Mortgage Product Development Risk” focuses on several key issues in risk layering, including the morphing of loan products designed for one type of borrower to a different population, and the added risk of sloppy processing systems. The paper, authored by Clifford Rossi ...
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