Due-diligence firms, which had hoped to prosper with the return of non-agency jumbo lending, have shown little growth in the non-agency space during the second half of the year.
RFC is privately held. One of its top executives is Barry Habib, a well-known mortgage trainer who has worked at GMAC Mortgage and other shops during his career.
Under the new guidance, lenders must report to FHA all findings of fraud and material misrepresentations concerning the origination, underwriting or servicing of a loan that the lender is unable to mitigate or resolve.
In a new letter to CFPB Director Richard Cordray, the ICBA and 41 state affiliates say they want a “reasonable transition period of nine to 12 months."
Mortgage professionals who work the M&A trade contend that interest in residential finance is not waning in the least, but potential buyers are being a bit more choosey these days.
In a sign of just how serious the CFPB is about steering and loan-compensation issues, the bureau last week pressed Castle & Cooke Mortgage LLC into a settlement involving $9 million in restitution and $4 million in civil penalties to resolve allegations the firm and two of its executives paid illegal bonuses for steering consumers into costlier mortgages. The CFPB alleged that Castle & Cooke, through actions taken by its president, Matthew Pineda, and senior vice-president of capital markets, Buck Hawkins, violated the...
The CFPB’s much-anticipated integrated mortgage disclosure final rule and related forms could be issued as early as Wednesday, Nov. 20, when the bureau plans to conduct a public field hearing in Boston on the mortgage aspect of its broader “know before you owe” initiative. The event will feature remarks by CFPB Director Richard Cordray and testimony from consumer groups, industry representatives and members of the public. The purpose of the forthcoming rule and forms is to integrate and harmonize the mortgage disclosures consumers receive...
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