The Consumer Financial Protection Bureau is on the lookout for lenders that facilitate occupancy fraud as a way to avoid the agency's ability-to-repay rule.
There is a tradeoff between taking on more higher-risk loans and raising g-fee prices, FHFA official Bob Ryan noted, and the calculation has to take into account other players in the market, such as the FHA.
Correspondent mortgage originators accounted for a little over a third of the single-family mortgages securitized by Fannie Mae, Freddie Mac and Ginnie Mae during the first quarter of 2014, but they are an unusually rich source of the industry’s most prized commodity, according to a new analysis by Inside Mortgage Trends. Some 68.7 percent of correspondent-originated loans were purchase-money mortgages, the highest such ratio for ... [Includes one data chart]
If the mortgage industry can ever get around to actually adopting eMortgages from stem to stern, it could save $1 billion annually, according to an “Advancing eMortgages” team at Fannie Mae, a squad given the mission of improving the mortgage process, including getting more elements of it done online. “In addition to improving the customer experience, the team estimates that an electronic mortgage process could shave 30 days off of the average 52 days it takes…
Even though the wholesale/broker channel is a shadow of its former self in terms of market share, that isn’t stopping LoanDepot of Irvine, CA, from sticking its toe in the water. In fact, the company acknowledged the problems the sector faces when it announced to the world two weeks ago that it was entering the space. “There is no segment in the mortgage industry facing greater challenges today than mortgage brokers,” said Jeff Walsh, president of LDWholesale, the unit LoanDepot ...
The increased incidence of occupancy fraud by borrowers in 2013 poses risks for lenders, but the industry also needs to be aware that the Consumer Financial Protection Bureau is on the lookout for lenders that facilitate occupancy fraud as a way to avoid the CFPB’s ability-to-repay rule. Occupancy fraud risk increased by 24 percent in 2013, according to Interthinx, a firm that provides fraud prevention services. “In previous years, when refinances dominated the market, we saw higher ...
Sources contend that three other top executives also have left Nationstar Mortgage. At press time, Nationstar’s media department had not returned telephone calls and emails on the matter.
“FHFA hasn’t dropped the ball on the issue,” said one MI consultant who has met with the agency over the topic. “They now know that the [GSE reform bill] is dead and they want to make sure they get it right.”
The new survey of more than 2,000 real estate agents found that respondents recommend specific mortgage providers for 59 percent of their homebuyer transactions.
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