It appears that lenders were encouraging their loan officers to get applications in before the Oct. 3 implementation of the new RESPA-TILA integrated disclosure rule.
When the news broke about Stonegate this past summer, FBR issued a note to its clients saying that, “We expect the company has two options: hire a replacement CEO quickly, or sell the business altogether.”
The former CFPB official said non-W-2 borrowers – like the self-employed, retirees and people with seasonal income – account for 30 to 40 percent of applicants for jumbo mortgages...
Not only are Fannie Mae and Freddie Mac spending more money than they were a few years ago, but their proposed budgets are being submitted late, says the IG.
In his rebuttal to the IG’s findings, FHFA acting deputy director of conservatorships, Bob Ryan, concurs with some of the IG’s recommendations but takes issue with other aspects of the report.
Movement's attorney declined to identify the lender's MSA partners, but said “no enforcement action” was taken against the privately held company, which was started in 2007 by former NFL player Casey Crawford.
The flow of FHA purchase mortgages jumped 37.7 percent from the second to the third quarter, and VA purchase mortgages rose 37.9 percent over the same period.
Consumer Complaints Tick Slightly Upward From Year-Ago Levels. A small 3.9 percent drop in overall consumer complaints to the CFPB during the third quarter helped keep a lid on rising complaints at the nine-month mark versus a year ago, according to an analysis by Inside the CFPB. (See chart on previous page.) The data show a modest 4.3 percent uptick in consumer criticisms at the end of September 2015 compared with the same nine-month period in 2014. The biggest drops were seen in the payday lending space (down 18.7 percent quarter to quarter and 7.1 percent year over year) and in the residential mortgage space (down 10.9 percent and 7.5 percent, respectively)....
Was Industry “Foaming at Mouth” Over ATR Liability Much Ado About Nothing? “All this foaming at the mouth about legal liability [on qualified mortgage standards] did not pan out. It was an over-reaction,” CFPB Director Richard Cordray said last week. During a hearing held by the House Financial Services Committee, the director 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 these lenders have faced lawsuits alleging violations of standards for qualified mortgages. One industry veteran later said that Cordray took “the disingenuous position that since no lawsuits have been filed, all the concerns about legal ...
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