Tal Frank, president of the company, noted that mortgages made to physicians maintain a near zero delinquency rate, even those without a downpayment.

Quicken is the first major lender in the nation to challenge the government in this regard by filing a lawsuit.

The lender says government investigators have conducted lengthy depositions with numerous Quicken leaders…

Days after the full House of Representatives passed legislation that would amend the points-and-fees calculation in the CFPB’s ability-to-repay rule, the bill ran into some sudden resistance on the other side of Capitol Hill. H.R. 685, the Mortgage Choice Act, is a bipartisan bill that would clarify that certain affiliated title costs do not count against the “qualified mortgage” 3 percent cap on points and fees under the bureau’s ATR rule. H.R. 685, introduced by Rep. Bill Huizenga, R-MI, with dozens of co-sponsors from both parties, would exclude from the definition of points and fees all title charges, regardless of whether they are charged by an affiliated company, provided they are bona fide and reasonable. Lawmakers in the House passed ...

The odds that the CFPB will publicly announce or tacitly concede some degree of soft enforcement of its integrated disclosure rule, known as TRID, may have improved recently when two Republican Congressmen called on the bureau to give the mortgage industry such a break when the rule kicks in Aug. 1, 2015. “We strongly encourage you to make the August 1, 2015, to December 31, 2015, timeframe a ‘hold harmless’ period of restrained enforcement and liability,” said Reps. Blaine Luetkemeyer, R-MO, and Randy Neugebauer, R-TX, in a letter recently sent to CFPB Director Richard Cordray. “This would allow all parties to better understand the changes associated with TRID and help ensure consumer confidence and stability in the nation's housing market,” ...

The CFPB brought an enforcement action against RMK Financial Corp., a California-based mortgage lender, for allegedly using deceptive mortgage advertising practices, including ads that led consumers to believe that the company was affiliated with the U.S. government. According to the CFPB, RMK used the names and logos of the Department of Veterans Affairs and the FHA in mailed advertisements in such a way as to falsely imply that the ads were sent by the VA or FHA, or that the company or the mortgage products it advertised were endorsed or sponsored by those agencies. RMK’s ads also allegedly misrepresented the loans’ interest rates and estimated monthly payments, including whether the interest rate was fixed or variable. Consumers who called the ...

A group of investors who purchased more than $8 billion in loans from mini-correspondents in 2014 responded to the CFPB’s “mini-corr” guidance and suggested the bureau use somewhat different questions when trying to determine if an entity under review has in fact made the transition from mortgage broker to correspondent lender. According to a copy of the materials sent to the bureau and obtained by Inside the CFPB, the first question the investors suggested was, when does the sales transaction take place when a loan is sold by a lender to an investor? To ensure that a transaction in question truly occurs as a sale in the secondary market, as opposed to a table-funded transaction, several steps should transpire, the ...

Mortgage-related complaints to the CFPB are falling through the floor on just about every key metric, according to the latest analysis of bureau data by Inside the CFPB, fueled mostly by a plunging in gripes about loan modifications. The data reflect the depressed levels of mortgage originations in recent years as well as a continued rebound in home price appreciation. The plunge is most notable when comparing first-quarter 2015 numbers with the same period last year. For instance, total consumer gripes about their home loans fell 33.5 percent in 1Q15 versus 1Q14. The fall in belly-aching about loan mods was even more dramatic, down 38.6 percent, the data show.Consumer criticisms about mortgage servicing also declined markedly but not quite ...

CFPB Community Bank Advisory Council Meeting April 22. CFPB Director Richard Cordray plans to discuss credit scores and credit reporting and the related implications for community banks when the bureau convenes the next meeting of its Community Bank Advisory Council on April 22, from 3:00 p.m. to 4:30 p.m., in Washington, DC. The event is scheduled to be held at the bureau’s location at 1275 First Street, N.E., and is open to the public, but an RSVP is required to attend. CFPB to Hold Research Conference May 7-8. The CFPB plans to host its first research conference May 7-8, 2015. The conference will focus on high-quality consumer finance research, with academic and government researchers presenting their research papers. “The goal ...

The trend reflects the surge in VA home loan originations over the past few years at a time when the FHA has lost market share to private mortgage insurers.