Officials at the Consumer Financial Protection Bureau and the Federal Reserve have gone on the offensive to refute claims from lenders and their advocates regarding the ability-to-repay rule. At a hearing this week by the House Financial Services Committee, CFPB Director Richard Cordray noted that he recently met with the CEOs of the top 40 mortgage companies as part of an event hosted by the Mortgage Bankers Association. Cordray said the CEOs revealed that none of the lenders have faced lawsuits alleging violations of standards for qualified mortgages. “All this foaming at the mouth about legal liability did not...[Includes one data table]

CFPB Director Richard Cordray believes the mortgage industry overreacted on the issue...

David Lykken, managing partner of Transformational Mortgage Solutions, said he welcomes PIMCO’s investment, believing that it’s a huge positive for the industry.

Cordray is pushing hard to see the guidance released before the Oct. 3, 2015, effective date of the TRID rule, which is Saturday.

Or as Marc Savitt of the National Association of Independent Housing Professionals put it: “Nothing will pass as long as Obama still has a pen…”

MBA chief Stevens said he and a “certain group of individuals” met with the HUD secretary last Friday to discuss the topic.

Some 71 lenders are contributing loans to the deal, led by Stonegate Mortgage with a 6.9 percent share.

The CFPB alleged that expense accounts were really “point banks” and that payments in the form of bonuses and commissions were based on mortgage profitability...

The Texas Republican blamed the CFPB and DFA for raising prices and “cutting off" access to mortgages…

Last year, loan production turned out better than many anticipated...