Real estate agents are frustrated with lenders missing closing deadlines and providing unreliable pre-approvals for homebuyers, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The survey of about 2,000 real estate agents completed in early October found that some lenders routinely extend their deadlines due to loan processing issues, causing problems for homebuyers. “Some lenders move...
A mortgage lender’s strategic decision to originate only qualified mortgages, in and of itself, will not heighten its fair lending risk, according to joint interagency guidance issued earlier this week. The agencies said they have received numerous inquiries from lenders about whether they would be liable under the disparate-impact doctrine of the Equal Credit Opportunity Act if they originate only QMs as defined under the Consumer Financial Protection Bureau’s ability-to-repay rule. Based on their view that the requirements of the ATR rule and ECOA are...
Speaking at the Bipartisan Policy Center in Washington Thursday afternoon, FHFA Acting Director Edward DeMarco gave no hint how much of a reduction might be in store. He also took no questions from the audience.
The survey of almost 2,000 real estate agents found that lenders routinely extend their deadlines due to loan processing issues, causing problems for homebuyers
Based on their view that the requirements of the ATR rule and ECOA are compatible, regulators said they “do not anticipate that a creditor’s decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution’s fair lending risk.”
Marc Savitt, president of National Association of Independent Housing Professionals, a broker/appraiser trade group, noted that the short-term outlook for the sector looks difficult.
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