New residential loan applications fell 12.3 percent for the week ending Dec. 14 with the reading on its refinancing index dropping to the lowest level in just over a month, according to new survey figures compiled by the Mortgage Bankers Association. The refi share of all new business fell to 83 percent from 84 percent the week prior. MBA vice president of research Mike Fratantoni blamed the decline on rates which rose during the second…
Freddie Mac acquired $62.5 billion of mortgages from its seller/servicers in November, its best purchase month since June 2009, according to figures released by the secondary market giant.
ES Appraisal Services, Jacksonville, FL, has closed its doors, the second national appraisal management company to have gone bust in the past year. It also uses the trade name eValuation Solutions LLC.
Happy New Year? It is if you’re a mortgage attorney charging billable hours to lenders that are trying to make sense of an array of pending rules coming out of the Consumer Financial Protection Bureau and other agencies.
The CFPB has promulgated its loan originator compensation final rule, perhaps most notable for what it didn't include. Industry groups had urged the bureau to drop from the final rule its proposed "zero-zero alternative that would have required lenders to offer a loan option with no discount points or origination fees any time they offered a mortgage with such payment features. Industry representatives said...
The CFPB decided to exempt small entities that service fewer than 5,000 loans and service only mortgages that they or an affiliate originated or own from a number of the requirements of its new mortgage servicing final rule. For instance, the bureau exempted small servicers from having to create and maintain new general servicing policies and procedures, and from having to issue monthly statements that would include more information than most community banks currently provide. The new rule also permits...
The already deflated subprime market will likely stay depressed due to the Consumer Financial Protection Bureau’s new ability-to-repay rule, according to industry analysts. The rule singled out higher-priced mortgage originations, offering such loans fewer protections than similar prime mortgages in the form of a rebuttable presumption instead of a safe harbor from litigation. “Not many rebuttable-presumption loans will be made by lenders, and they will carry higher rates due to the ...
RSS