The presidential campaign of Democrat Hillary Clinton issued a fact sheet indicating that the candidate supports allowing small institutions to enjoy the qualified mortgage safe harbor for portfolio loans. “Before the crisis, Wall Street promoted dangerous mortgage products, even when they knew borrowers might get into trouble, harming countless communities in the process,” said the fact sheet. “But when community banks and credit unions offer mortgages, they’re looking to invest in their neighborhoods and communities to help them grow and prosper. “Clinton supports a proposal put forward by Senate Democrats to expand the safe harbor for QM liability protection to include all mortgages made by community banks and credit unions with under $10 billion in assets – so long as the ...
Industry observers are weighing in on the redesigned Uniform Residential Loan Application, an industry standard that has largely remained the same for the past 20 years, until now. The GSEs published the new form last week to give lenders ample time to get familiar with it. The updated form won’t officially be in use until Jan. 1, 2018. The URLA is for single-family loans submitted to Fannie Mae and Freddie Mae, as well as mortgages insured by the FHA, VA or U.S. Department of Agriculture’s Rural Housing Services. The redesigned form falls under the larger Federal Housing Finance Agency and GSE initiative to standardize single-family mortgage data in the U.S.
Price is paramount to buyers purchasing a mortgage company, but equally important is bringing over the salesforce – namely loan officers – and making sure they stay happy under the new owners. That’s one of many insights contained in a new “In-Focus” report from The Stratmor Group, a consulting firm that plies its trade in the M&A circuit as well as other sectors of the industry. “While the numbers and related analysis are fundamental to the negotiating process, there is an ...
Fix-and-flip lender California Capital Real Estate Advisors, Pasadena, late last month raised $10 million in capital through its CALCAP Income Fund 1. The company hopes to add at least $15 million more by the time September ends. Its eventual goal: to raise $100 million. Started by industry veteran Mark Mozilo and others in the wake of the financial crisis, the company’s forte is lending money to contractors who purchase homes and fix them up for a quick resale. In 2015 ...
Proponents of the mortgage interest tax deduction point out that the real estate and mortgage industries employ thousands upon thousands of workers with spillover to other sectors...
Originators were asked if TRID has affected their willingness to originate small loans. Roughly 53.8 percent said “no change,” while 46.2 percent said “yes, moderately.”
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