Although there hasn’t been a lot of good news on PHH of late, one analyst we spoke with noted a positive: “They still have plenty of cash on their books…”
Wells Fargo last week reached an agreement to pay $1.2 billion to the federal government to resolve certification and reporting violations in connection with FHA-insured loans. The settlement is the largest recovery for loan-origination violations in FHA history, according to Housing and Urban Development Secretary Julian Castro. The April 8 court filing details an agreement in principle, which Wells Fargo announced in February, that resolves not only a pending lawsuit filed by the U.S. Attorney for the Southern District of New York, but also a number of potential claims dating as far back as 15 years in some cases, according to a statement issued by Wells Fargo. According to the settlement, Wells Fargo “admitted...
Real estate agents find realty websites more useful in generating homebuyer leads than websites operated by mortgage lenders, according to the results of a new survey conducted by Campbell Surveys and sponsored by Inside Mortgage Finance. “Real estate information available online is causing a fundamental shift in lead sources for homebuyer agents,” said Tom Popik, research director for Campbell Surveys. “Real estate agents prefer online home-buying platforms over mortgage lenders for homebuyer leads.” An agent’s “sphere of influence/personal reputation” remains...
The source continued: “Fannie and Freddie have the right to put non-compliant loans back to the originator. Eventually, someone will ask whether they knowingly bought loans that had TRID violations…"
To date, the CFPB has declined to issue formal guidance on assignee liability and TRID. Instead, the regulator has held several informational webinars on the rule.
Because of continuing problems in implementing the TRID integrated disclosure rule, lenders have not been able to focus on the new HMDA requirements...
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