Company CEO Brian Hale downplayed the news of an offering book, noting that it hired an investment banker because over the past 12 months Stearns has been approached by “a number of interested investors.”
Industry Tries to Rustle Up Support for QM Points-and-Fees Legislation. The Mortgage Action Alliance, the grassroots advocacy group of the Mortgage Bankers Association, recently issued a “call to action” to its members to get on the telephone and call their Senators and urge them to pass legislation that would make key changes to the way points and fees are calculated under the qualified mortgage definition in the CFPB’s ability-to-repay rule. S. 1577, the Mortgage Choice Act of 2013, introduced last year by Sen. Joe Manchin, D-WV, exempts any affiliated title charges and escrow charges for taxes and insurance from the QM cap on points and fees. Manchin’s bill is a legislative companion to H.R. 3211, the Mortgage Choice Act, which ...
If lenders think they have a full plate of regulations to digest, just wait. More appetizers and main courses are on the way, courtesy of the CFPB and the Dodd-Frank Wall Street Reform and Consumer Protection Act. For the real estate finance industry, there is more to follow all the mortgage-related rules that took effect in January of this year, or the integrated disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act, which takes effect in August of 2015. “This summer, we also issued a proposed rule to implement changes Congress made to the Home Mortgage Disclosure Act,” said CFPB Director Richard Cordray, in appearance before the Senate Banking, Housing and Urban Affairs Committee ...
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