The Conference of State Bank Supervisors urged the leadership of the Senate Banking, Housing and Urban Affairs Committee to enact legislation that would grant qualified-mortgage status under the CFPB’s ability-to-repay rule for loans held in portfolio, as part of a broader set of proposals to stimulate economic growth. The CSBS was one of a number of groups that responded to an invitation by the banking committee to provide ideas for stimulating economic activity. “State regulators have long supported a flexible approach to underwriting for institutions that retain mortgages in portfolio because interests are inherently aligned between consumers and lenders that retain 100 percent of the risk of default,” said the CSBS. “One solution that would tailor the requirement to the ...

Research by two economists in the CFPB’s Office of Research found that many homebuyers do not shop around for a mortgage, and that costs them a pretty penny. “Close to half of consumers did not shop before taking out a mortgage,” CFPB economists Alexei Alexandrov and Sergei Koulayev said in a new white paper. They cited the National Survey of Mortgage Originations, a representative survey conducted jointly by the bureau and the Federal Housing Finance Agency, which found that almost half of consumers “seriously considered” only one lender before making a choice. Also, “Barely any consumers considered more than three lenders,” the economists added. “Worse, many consumers do not seem to realize that there is price dispersion.” In other words, ...

Investors Unite: “We’re encouraged to see that MBA has changed its position on both of these issues and we also note that in their [sic] paper, MBA acknowledges the role of the Federal Housing Finance Agency … in stabilizing the companies during the conservatorship.”

Meanwhile, over at the Pasadena, CA-based CALCAP, its use of third-party brokers to make loans is just getting underway.

The Sterling loans tend to have tighter underwriting characteristics than Caliber’s contributions.

Arch Capital will issue its quarterly earnings this Wednesday, April 26. It will mark the first earnings release following the Arch Mortgage Insurance purchase of competitor United Guaranty…

Although most of the major non-agency segments posted solid increases, the scratch-and-dent market was the star of the show.

The pending issuance will largely be backed by purchase mortgages...

“Maybe we end up in the exact same spot as the last generation, maybe we end up with Corker-Warner,” said Calabria.

And now the obvious questions becomes: where does Ocwen go from here? The company can’t possibly be sold because of all the outstanding lawsuits and “legacy” problems...