The trade group argues that if lenders organized as pass-through entities do not receive the new deduction, they will be at a competitive disadvantage...
Interim CFPB chief Mick Mulvaney: “We are still closely associated with Sen. Elizabeth Warren. We are her baby. That’s not where a gold-standard regulator should be.”
“There could be some sector consolidation down the road,” noted Allen Price, senior vice president in charge of business development for RoundPoint Mortgage…
Ginnie Mae this week warned that VA refinance loans, particularly Interest Rate Reduction Refinance Loans, may not be included in any new pool or loan package if they do not comply with the newly enacted law protecting VA borrowers from predatory lending. The agency announced new pooling guidance pursuant to the loan-seasoning provision in the Economic Growth, Regulatory Relief, and Consumer Protection Act, which President Trump signed into law last week (See details of the new law below ). The changes affect issuances of Ginnie mortgage-backed securities on or after June 1, 2018, but do not affect MBS issued before that date, according to the guidance. However, lenders seeking a guarantee after June 1 may have to recalibrate their loan-origination platforms to exclude refis that do not meet the new law’s seasoning requirements, said the Structured Finance Industry Group. The ...
Provisions to protect VA borrowers from abusive lending are now in effect after President Trump signed into law a broad regulatory relief package last week. The VA measures are part of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018, which the U.S. Senate passed on March 14 and the House approved on May 22. The bipartisan measures became effective for VA loan applications taken on or after May 25, 2018. They were part of the bipartisan Protecting Veterans from Predatory Lending Act, which Sens. Thom Tillis, R-NC, and Elizabeth Warren, D-MA, introduced in January and later incorporated in S. 2155. The bill was designed to protect VA borrowers from loan churning or serial refinancing and specifically targeted the VA’s Interest Rate Reduction Refinance Loan program, where the churned VA loans ended up. According to the agency, such practices not ...
Officials at the government’s mortgage programs said that major investments in technology will make their programs more efficient and pay for themselves, during a panel session at the Mortgage Bankers Association secondary market conference last week in New York. Michelle Corridon, deputy director in the single-family housing guaranteed loan division of the U.S. Department of Agriculture, said her program’s focus now is on infrastructure and innovation. The USDA is instituting a technology fee on every closed loan starting in October, she said. The enhanced online system will include new screens for housing, which now shares a landing page with other rural programs. When it’s complete, the new system will handle the process from guaranty commitment through loan delivery. In another efficiency move, rural housing is “rolling up” processing chores to fewer offices so it doesn’t have ...
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