The purchase mortgage share of originations is expected to increase significantly, from 30 percent in 2012 to 79 percent in 2015, according to Freddie Mac.
Wells Fargo once again ranked first among issuers with a market share of 29.6 percent, followed by Chase Home Finance (12.1 percent), and U.S. Bank (3.8 percent).
The CFPB has come up with a new three-page loan estimate form ("Ficus") that must be given to borrowers within three business days after they submit a loan application.
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.
The Consumer Financial Protection Bureau had previously indicated that the industry could expect the rule sometime in September, then October, and now, sometime before years end.
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.
The CFPBs ability-to-repay rule and qualified mortgage standard will have wide-reaching implications for both the primary and secondary U.S. mortgage markets, according to a new report from Fitch Ratings. The ATR rule, which goes into effect Jan. 10, 2014, was drafted to protect borrowers by ensuring that lenders have adequately assessed a borrowers ability to repay a residential mortgage loan. As a result, creditors will need to adjust underwriting practices to conform to new QM guidelines and new practices will need to be created and...
The CFPBs 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...