Mortgage loans with a Section 502 guarantee are a great deal for first-time homebuyers in rural areas, said Michelle Corridon, deputy director of the Single Family Housing - Guaranteed Loan Division with the U.S. Department of Agricultures’ Rural Development. No downpayment is required on a 30-year fixed-rate, USDA-backed mortgage loan, Corridon noted. Loan closing is fast because closing is fully automated, she added. Approximately 99 percent of USDA lenders are using paperless, automated loan closing, for which they pay a certain fee. Loan-note guarantee is also available online. USDA loans are typically purchase transactions. Of these, 85 percent are first-time homebuyers. There are few refinances, Corridon noted. Approximately 10 percent of purchase loans are for new construction. The product caters to low- and moderate-income households in ...

The IG was actually looking into possible down payment assistance violations at another lender and decided to audit loanDepot because of its high volume of loans with those features.

One industry observer who anticipates a big-margin vote indicated he expects the bill will split rank-and-file Democrats from their leadership caucus.

The deal includes a provision allowing Bayview to sell loans out of the MBS one year from now.

Another noticeable shift from 2013 to last year was the further deconsolidation of originators...

An earlier version of the bill that Corker tried to fast-track through the Senate did not include the prohibition on using g-fees to pay for unrelated government spending.

One source, angered by Cordray's comments, said, "No, Mr. Director. Those concerns have eliminated non-QM loans, which come with protection against frivolous lawsuits. That’s why no one except a perfect borrower can get a loan…”

Officials at the Consumer Financial Protection Bureau and the Federal Reserve have gone on the offensive to refute claims from lenders and their advocates regarding the ability-to-repay rule. At a hearing this week by the House Financial Services Committee, CFPB Director Richard Cordray noted that he recently met with the CEOs of the top 40 mortgage companies as part of an event hosted by the Mortgage Bankers Association. Cordray said the CEOs revealed that none of the lenders have faced lawsuits alleging violations of standards for qualified mortgages. “All this foaming at the mouth about legal liability did not...[Includes one data table]

CFPB Director Richard Cordray believes the mortgage industry overreacted on the issue...

David Lykken, managing partner of Transformational Mortgage Solutions, said he welcomes PIMCO’s investment, believing that it’s a huge positive for the industry.