One official described the situation: “Just more house cleaning now that Harold [Lewis] is gone. Most of the senior people leaving were his supporters.”
The regulator said Guarantee – which is in the process of liquidating – paid its LOs, in part, based on the interest rate of the loans they were bringing in.
They called on policymakers to “embrace” nonbanks and address unintended regulatory impacts that are seen as driving banks out of portions of the mortgage market.
A statement issued by MBA president David Stevens does not comment on the merits of the two cases but blames the CFPB for issuing LO comp rules that are not clear.
Fannie Mae and Freddie Mac issued $74.10 billion of single-family mortgage-backed securities during May, down 8.0 percent from April, a new Inside the GSEs analysis reveals. The purchase-mortgage market picked up some last month, but not enough to offset a sharp 15.7 percent drop in the volume of refinance loans securitized by the GSEs. Purchase-mortgage business was up 7.2 percent from April and reached a combined $28.25 billion – the highest monthly volume since the end of last year’s homebuying season in October. For the first five months of 2015, purchase-mortgage activity totaled $105.15 billion, up 19.0 percent from the same period last year. Most of the big gain in overall GSE business has come from refinancing, which is up 94.4 percent on a...(charts included)
Several well-known actors, including Henry Winkler, Robert Wagner and Fred Thompson, have appeared in such ads over the past few years, vouching for the products and their safety.
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