In yet another cost-cutting move, loanDepot is halting 401(k) matches while some of its top brass will get raises. Meanwhile, is there relief on the way for low-balance mortgages? HUD is trying to lend a helping hand.
Hearings in Congress with the CEOs of seven megabanks stretched for more than nine hours across two days. The executives touted mortgage programs for minorities and listed their regulatory concerns.
The private pow-wow revealed broad agreement between government, industry and advocacy groups on how to deal with the nation’s affordable housing shortage.
Jonathan Kolodziej, an attorney at Bradley, believes the RFI is a significant opportunity for the mortgage industry to have a say in any future regulatory framework related to refinances and loss mitigation.
Lenders say the 15-bp surcharge on broker loans penalizes low- and moderate-income borrowers and flies in the face of the principle of the level playing field.
The Appraisal Foundation is pushing back against calls for appraisal reform legislation that would strip the group of its authority to set industry standards and criteria.
Servicing sales remain brisk but there’s been a deal slowdown of late and more discriminate buyers. Meanwhile, new Ginnie Mae capital rules could rock the boat further.
Wells Fargo isn’t trying to be the largest player in the mortgage market. Instead, the bank plans to focus on wealthy borrowers and customers that already have a relationship with the bank.
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