The CFPB’s final rule to integrate the consumer mortgage disclosures under the Real Estate Settlement Procedures Act and the Truth in Lending Act is now projected to be issued sometime in October, a month later than had previously been indicated, according to the bureau’s semi-annual regulatory agenda update. The RESPA/TILA disclosure rule will be the last significant mortgage-related rulemaking as stipulated by the Dodd-Frank Wall Street Reform and Consumer Protection Act for the foreseeable future. All of the...

Banking Industry Reps Ask CFPB to Delay Implementing Mortgage Rules. The CFPB should delay the January 2014 effective dates of several pending mortgage rules, a number of banking industry representatives said in a letter to CFPB Director Richard Cordray late last week. “These rules will dramatically refocus the entire lending process,” wrote the American Bankers Association and their state association affiliates. “Every participant in that process, from lenders to borrowers, service providers, appraisers, escrow agents, title...

Fannie Mae and Freddie Mac both saw production slow during the second quarter, by 7 percent and 2 percent, respectively.

Wells Fargo and JPM posted strong mortgage results for the second quarter. But what lies ahead for the industry?

The issue of whether mortgage loan officers should be eligible for overtime pay has long been a bone of contention between companies and LOs.

Hedge funds continue to salivate over mortgage servicing rights. Meanwhile, the Hensarling GSE bill goes down like a Led Zeppelin.

Correspondent lenders working to sell originations to Redwood Trust are particularly comfortable with how the jumbo conduit handles appraisals. Redwood offers validation of appraisal values early in the underwriting process, providing lenders with some assurance that disagreements regarding an appraised value won’t prevent a delivery to Redwood. During a recent webinar hosted by Inside Mortgage Finance Publications, Jonathan Groesbeck, a managing director at Redwood, said appraisal validation is one of ...

The Republican leadership of the House Financial Services Committee this week unveiled a comprehensive housing finance reform bill, including a series of proposals to “right size” the FHA, redefine its mission and reestablish it as a stand-alone agency. At the same time, Senate Banking Committee Chairman Tim Johnson, D-SD, and Ranking Member Mike Crapo, R-ID, announced they have reached a bipartisan agreement on legislation that would ensure the solvency of the FHA. Both lawmakers expect to introduce a bill next week. The House FHA reform measures were introduced in tandem with reform proposals for ...

The FHA has proposed measures to strengthen its oversight of FHA lenders and each measure could potentially increase lenders’ liability and compliance risk, compliance experts warned. Published for comment in the July 9 Federal Register, the proposals are part of a new enforcement regime that the FHA is considering to monitor and sanction lenders. They cover statistical sampling, origination quality standards, annual reviews, compare ratios, and indemnification and other remedies for loan defects. The proposed enforcement measures, however, raise a ...

The New York State Department of Financial Services has directed FHA lenders to refrain from applying the FHA’s higher mortgage insurance premiums in calculating a loan’s annual percentage rate and fully indexed rates for 60 days to prevent loans from becoming “high cost” or subprime. At the same time, the department issued guidance to conventional lenders on how to interpret existing provisions in state banking law regarding subprime loans. Statutory changes were made in 2009 to prevent some loans from becoming “subprime,” as defined by state law. Spikes in mortgage interest rates in the past few weeks plus ...