Apollo's Commaroto said the REIT is bidding on loans, but is still considering whether to acquire non-QMs that way or partner with a lender to receive a more steady flow of product.
Now that the mortgage lending industry has had about three months to comb through the details of the CFPB’s proposed expansion of reporting requirements under the Home Mortgage Disclosure Act, it has found more cause to dislike it than upon first glance. “While we support the purpose of HMDA – to provide information on the availability of credit in the home mortgage market – we are concerned that the proposal to markedly increase HMDA data reporting and coverage goes beyond the law’s purposes in some areas and will unduly harm competition and increase costs in others,” a handful of leading industry groups told the bureau in a joint comment letter last week. “At the same time, we do not believe that the ...
Consumer advocacy groups say the CFPB isn’t going far enough to expand mortgage industry reporting requirements under the Home Mortgage Disclosure Act. The California Reinvestment Coalition and 41 other state organizations suggested a handful of changes to the proposal, each of which would likely add to the reporting burden for companies. Among the changes the California groups want is requiring loan modification data to be reported by banks and servicers, along with disaggregating the overly broad “Asian” race category to allow for more accurate reporting. They also would like to see the CFPB capture more information about languages spoken during a loan transaction, and have companies disclose if a borrower is going to own a property with somebody who is ...
Numerous mortgage banking trade groups from across the U.S. urged the Conference of State Bank Supervisors to hold off on making changes to the Nationwide Mortgage Licensing System mortgage call report (MCR) until after the CFPB’s Home Mortgage Disclosure Act rulemaking is final and the bureau’s integrated disclosures have been implemented. The MCR proposal, released Oct. 1, 2014, would expand the current data collected to create a new definition of “application,” and it would require reporting on the amount and count of closed loans classified as qualified mortgages under the CFPB’s ability-to-repay rule.Further, the proposal would require additional nationwide and state-specific servicing reporting, along with additional fields to capture changes in loan amount between the time of application and ...
There are a host of legal land mines that mortgage lenders must avoid if they want to keep from becoming the target of a CFPB enforcement action under its unfair, deceptive or abusive acts or practices (UDAAP) authority, according to top legal experts. Andrea Mitchell, a partner with the BuckleySandler law firm, told attendees at an Inside Mortgage Finance webinar last week that there are a number of representations lenders should stay away from in their marketing pitches. “Say what you mean and mean what you say,” Mitchell said. She then rattled off a list of potentially problematic terms to avoid, such as “free” or “no cost,” “best rates available,” “fastest” or “faster than…,” “improve/repair your credit” or “eliminate your ...
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