The issue of the recess appointment of Richard Cordray as director of the CFPB may finally have been put to rest now, after the U.S. District Court for the District of Columbia dismissed the last remnants of a case brought by the watchdog group, Judicial Watch, under the Freedom of Information Act. Back in September, the court ruled that the CFPB had properly discharged its FOIA obligations in the case for all the documents at issue except one, an e-mail from a White House staffer to a CFPB employee. At the time, “the court agreed with the CFPB’s position that it was entitled to rely on the deliberative process privilege, the attorney client/attorney work product privilege, or the presidential communications...
The National Association of Realtors also urged the FHA to use its “granted discretion” to adjust loan limits for areas that have experienced significant declines.
The MBA said applications for purchase-mortgages with high loan balances have increased in recent months while applications for lower-balance mortgages has declined…
But Wells also offers up disappointing news on its mortgage gain-on-sale results. Its GOS fell to 161 basis points in the first quarter compared to 177 bps in 4Q and 256 bps in 1Q13.
The EXPIRE Act also includes a provision to extend the mortgage insurance premium tax deduction. In a letter supporting the tax extensions to the committee, the Mortgage Bankers Association estimated that for a $200,000 home, homeowners would be able to deduct between $600 and $1,000 from their taxes.
FHFA Director Mel Watt may have something to say soon on the topic of Fannie Mae/Freddie Mac loan level price adjustments, commonly known as LLPAs. As for the GSE 'Scorecard'...
Demand from borrowers for loans that aren’t “qualified mortgages” has prompted many banks to continue to offer non-QMs such as interest-only mortgages or non-agency mortgages with debt-to-income ratios above 43 percent. “We’ve pretty much made the decision that the risk of there being any kind of a kickback from an individual – if we underwrite that thing and document ourselves and do the things we need to do – is a risk worth taking,” said Derek Williams ...
Ethos Lending was looking for an investment from Fenway Summer and ended up merging with Fenway Summer’s mortgage unit. The combined operation plans to start originating agency mortgages in the second quarter of this year and offer prime non-qualified mortgages via the wholesale channel by the end of 2014. Raj Date, the founder of Fenway Summer and the former deputy director of the Consumer Financial Protection Bureau, will serve as chairman of ...
A number of lenders increased their originations of interest-only mortgages in 2013, according to a new ranking and analysis by Inside Nonconforming Markets. IOs with loan applications of Jan. 10 and beyond will subject lenders to greater liabilities due to the Consumer Financial Protection Bureau’s ability-to-repay rule, but many lenders note that they will continue to offer IOs to well-qualified borrowers. Lenders reported ... [Includes one data chart]
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