Coester filed suit against the Virginia Real Estate Appraiser Board, charging that the regulator is engaged in “a conspiracy to restrain and monopolize trade” and is operating in violation of antitrust laws.
Jumbo originations have increased sharply since 2008 but only about 5 percent of the loans have been included in jumbo MBS, which means the product is residing in bank portfolios...
Members of the U.S. Senate and House of Representatives are returning to Washington, DC, this week, after their August recess concluded with the Labor Day holiday weekend. That means mortgage industry officials have less than one month to convince Congress and the Obama administration to sign off on regulatory relief from the CFPB’s pending TILA-RESPA Integrated Disclosure (TRID) rule, which kicks in Oct. 3, 2015. Last week, the Mortgage Bankers Association began a grass-roots lobbying campaign urging its members to get in touch with their respective members of Congress to support legislation that would establish a temporary enforcement grace period and legal safe harbor under the TRID. “A temporary legal safe harbor for lenders will ensure the new requirements are ...
The requirements associated with the CFPB’s pending TILA/RESPA Integrated Disclosure (TRID) rule will likely prompt a majority of Realtors to alter their purchase contracts, according to the results of a new survey from the National Association of Realtors. “When asked about their plans to deal with the new TRID rules, 55.9 percent of Realtors plan to change their purchase agreements to reflect a longer timeline, while 31.2 percent will add contingencies to the contract,” the survey said. Also, 37.0 percent of respondents indicated they have put together plans with their lender or title company to help even out the process, while a significant share plan to perform final inspections earlier (32.5 percent) or will provide contracts and amendments to the ...
The CFPB and the Federal Housing Finance Agency jointly released two technical reports recently about the development of the National Mortgage Database (NMDB) and the quarterly National Survey of Mortgage Borrowers (NSMB). The NMDB project is a multi-year project being jointly undertaken by the two agencies. “The project is designed to provide a rich source of information about the U.S. mortgage market based on a five percent sample of residential mortgages,” the first technical report stated. The NMDB will enable the FHFA to meet current statutory requirements to conduct a national mortgage market survey, collect data on the characteristics of individual mortgages, including those eligible for purchase by Fannie Mae and Freddie Mac and those that are not, and including ...
FDIC Official Calls for Broader QM Parameters. Federal Deposit Insurance Corp. Vice Chairman Thomas Hoenig recently came out in support of congressional legislation to expand the kinds of loans that can be deemed qualified mortgages under the CFPB’s ability-to-repay rule. However, with Congress coming back from its annual August recess this week, the biggest hurdle facing such measures may be whether lawmakers feel enough urgency to act by year’s end. Among other provisions, Hoenig called for mortgages held in portfolios of certain banks to be defined as QMs and receive the protections established by the bureau for such mortgages. To qualify, under Hoenig’s proposal, banks would have to be “more traditional” institutions that emphasize the core commercial banking model and ...
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