Through the first quarter of 2013, 1.1 million borrowers have received permanent HAMP modifications, well below the 3 million to 4 million the Obama administration projected when launching the program in 2009.
The Consumer Financial Protection Bureau this week finalized amendments to its ability-to-repay rule to revise how loan origination compensation is calculated for certain purposes. The agency also provided exemptions and modifications for small creditors, community development lenders and housing stabilization programs. The Dodd-Frank Act generally provides that points and fees on a qualified mortgages may not exceed 3 percent of the loan balance, and that points and fees in excess of 5 percent will trigger the protections for high-cost mortgages under the Home Ownership and Equity Protection Act. Dodd-Frank also included a provision requiring that loan originator compensation be counted toward these thresholds, even if it is not paid upfront by the consumer directly to the loan originator. The revised rule excludes...
The long-awaited boom in nonperforming loan sales may finally be here, as megabanks such as Wells Fargo, Citigroup and HSBC have begun testing investor appetites by offering large packages in the open market. According to investors and advisors who play in the space, Wells recently auctioned off an $800 million NPL package and HSBC sold a $750 million portfolio. Recently, Popular Bank said that it entered...
Come next year, Freddie Mac will assess lenders a fee of $7,500 if they fail to deliver mortgage loans with an aggregate principal balance of more than $5 million.
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