The Internal Revenue Service is rejecting some lender requests for tax-return transcripts due to a recent data breach, warned the U.S. Department of Agriculture’s Rural Housing Service in a lender alert. According to the RHS, the IRS action is meant to deter any fraud that might result from identity theft. The IRS has not responded to a request for confirmation or comment as we went to press. An IRS tax transcript is required as part of a complete loan-application package submitted to a mortgage lender to request a conditional loan commitment. The transcript contains the borrower’s tax record for the current tax year and three prior processing years. The RHS, which guarantees rural housing loans under its Single Family Housing Guaranteed Loan Program (SFHGLP), has issued guidance if a transcript request from a lender returns with the following message: “Due to limitations, the IRS is unable to ...
From the beginning of 2014 through the end of 1Q15, roughly 16 percent of the loans securitized by Fannie and Freddie had DTI ratios exceeding 43 percent...
Franklin Codel of Wells Fargo noted that while it’s a challenging time in the economy and for lenders, many agree that quality and clarity of who owns the risk matters.
Nonbank mortgage lenders accounted for 43.3 percent of the total originations produced by the top 100 lenders during the first quarter of 2015, according to a new Inside Mortgage Finance ranking and analysis. That was up from a 42.7 percent share of production by the top 100 in the fourth quarter of 2014 and a 38.0 percent share a year ago. The 48 nonbanks that ranked in the top 100 originators had a combined $133.35 billion in first-quarter production, up 13.0 percent from the fourth quarter. Banks and thrifts still play...[Includes one data table]
A number of recent headline-generating fair lending settlements may have focused largely on issues of pricing disparities, but there has been a sea change among policymakers these days moving in the direction of greater access to mortgage credit, some industry experts say. During an Inside Mortgage Finance webinar this week, Jeffrey Naimon, a partner in the Washington, DC, office of the BuckleySandler law firm, said the industry is seeing a pendulum swing from the focal point of concern being loan pricing to loan access. “Especially during the time when subprime loans were available, there was a lot of concern that minority borrowers were being steered into higher-cost subprime loans,” he told attendees. “The adoption of the loan originator compensation rule by the Consumer Financial Protection Bureau affected...
An increase in existing home sales during May offers further evidence of an improved housing market, thanks in part to first-time buyers taking advantage of recent mortgage initiatives. The National Association of Realtors said the number of existing home sales rose to 5.35 million, up from 5.09 million in April, and up 9.2 percent from the 4.90 million transactions reported a year ago. That was the strongest sales rate since 2009. “We have seen...
J.P. Wieske, legislative liaison and public information officers for the WIC, confirmed that the state has made an information request, but would not address content.
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