One executive, requesting his name not be used, said, “It completely wrecked our last day of the month. We were unable to sending closing packages, send disclosures, export files and such.”
A group called The 60 Plus Association has released TV and radio ads in seven states targeting Senate Banking Committee Members who are sponsoring GSE reform legislation. The group claims the bills “allow the government to take over the mortgage industry in an action 'disturbingly similar' to Obamacare.”
Although some jumbo market participants have called for a reduction to GSE loan limits, most of the mortgage industry – and members of Congress – prefer the current levels.
Inside FHFA Lending also found another interesting trend: The top 50 HECM lenders are dominated by nonbanks, some of which are relatively new to the space.
No purchase price on the sale of Allonhill assets to Stewart was ever disclosed. According to the bankruptcy filing, the sale price cannot be revealed for at least 12 months after the sale and will require approvals from both parties.
Whatever happened to the sale of Cole Taylor Mortgage, which has been in the works for nine months or so? Good question. When we asked one source close to the deal, his response was this: “Think of the Energizer Bunny but with fairly old batteries.
Small community bankers told CFPB officials many of their colleagues are wary of making mortgages that fall outside the parameters of the qualified mortgage definition or are exiting the mortgage business entirely. Addressing two top regulators from the CFPB during the tail end of a session at the American Bankers Association’s government relations conference in Washington, DC, last week, one community banker from Oklahoma reported survey findings that one third of respondents in the state are no longer offering residential mortgages.
The CFPB is continuing its work to develop a final rulemaking to add certain data elements to the Home Mortgage Disclosure Act reporting requirements. However, a final rule will not come out this year, a top bureau official told industry representatives last week. Speaking at the American Bankers Association’s government relations conference in Washington, DC, last week, Kathleen Ryan, deputy assistant director in the bureau’s Office of Regulations, reminded attendees that Dodd-Frank required the CFPB to add…
Nearly a quarter (24 percent) of all purchase loans funded by Fannie Mae and Freddie Mac have a debt-to-income ratio greater than the qualified mortgage limit of 43 percent, according to the February 2014 National Mortgage Risk Index released by the conservative American Enterprise Institute’s International Center on Housing Risk. Researchers found no discernible impact on the purchase loan market from the CFPB’s QM regulation.“In February, half of agency loans had a down payment of 5 percent or less, nearly one-in-four agency loans had a DTI ratio greater than 43 percent, and one-in-eight agency loans had a FICO score of less than 660,” the AEI said.
The CFPB and five other federal financial regulators issued a proposed rule last week that would implement minimum requirements for state registration and supervision of appraisal management companies. The minimum requirements would apply to states that voluntarily elect to establish an appraiser certifying and licensing agency with the authority to register and supervise AMCs. Under the proposed rule, participating states would require that an AMC register in the state and be subject to its supervision, and use only state-certified or licensed appraisers for federally related transactions, such as real estate-related financial transactions overseen by a federal financial institution regulatory agency that require appraiser services.
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