The potential end of publication of the London Inter-Bank Offered Rate hasn’t yet prompted a significant shift by lenders. Many new originations of adjustable-rate mortgages continue to be linked to LIBOR as industry participants determine how to respond to the potential demise of the index.
"If mortgage rates doubled overnight, our model indicates a decline of just 300,000 sales, a mere 5 percent decrease,” said Mark Fleming, chief economist at First American.
The 4,710 small mortgage lenders wouldn’t have to report new data points sought by the Consumer Financial Protection Bureau for originations in 2018 and beyond, according to an analysis by Inside the CFPB.
“Borrowers continue to move away from applying for loans fully in-person, as they look for a process combining both high-tech and high-touch,” according to Ellie Mae.
The IRS recently formed a working group comprised of industry participants to address problems with the Income Verification Express Service, according to the Mortgage Bankers Association.
The Senate voted 67-31 last week to pass the Economic Growth, Regulatory Relief, and Consumer Protection Act, S. 2155, moving the deregulation debate to the House, which will look for more aggressive changes to roll back the Dodd-Frank Act. House Financial Services Committee Chairman Jeb Hensarling, R-TX, said the House would not pass the bill without additional provisions that would further relax regulations introduced after the 2008 financial crisis ...
Proposed changes to the Home Mortgage Disclosure Act have become a key flashpoint of controversy in the advancing effort to reform the Dodd-Frank Act. The Senate last week passed legislation that would exempt depository institutions that have relatively small mortgage operations from new HMDA disclosure requirements – and some existing ones – that were mandated by the Consumer Financial Protection Bureau. The expanded HMDA reporting regime is taking effect for mortgage (include one data chart) ...
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