Real estate agents put an emphasis on local lenders over call center lenders, according to qualitative survey results from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. Real estate agents indicated that delayed closings are much more common when a buyer is obtaining a mortgage from a call center lender than from a lender with a local office. “Agents crave information and certainty of closing,” said Tom Popik ...
In July, the Consumer Financial Protection Bureau proposed adding 40 new data fields for collection under the Home Mortgage Disclosure Act. Industry attorneys advised lenders to look at their current operations through the data fields the CFPB will likely see and make adjustments before the federal regulator completes new in-depth analysis. Warren Traiger, counsel at the law firm of BuckleySandler, said the new HMDA data will be a fair lending “game changer” ...
Homebuyers with less-than-stellar credit as well as those with low income are finding it easier to purchase a house with an FHA mortgage than affluent buyers, according to recent research by an independent housing research and consulting firm. Based on Department of Housing and Urban Development data and interviews with industry executives, researchers at John Burns Real Estate Consulting concluded that ...
Currently, residential lenders only have to report information on a closed-end reverse mortgage if the transaction involves a home purchase, home improvement or refinancing.
In its statement announcing the settlement, BofA stressed, “The claims relate primarily to conduct that occurred at Countrywide and Merrill Lynch prior to Bank of America's acquisition of those entities.”
Among the banks reporting that the rules had no effect on their approval rates, half indicated that lending policies would have been tighter without the safe harbor for mortgages that pass the GSEs’ automated underwriting models.
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