The Consumer Financial Protection Bureau is considering revising income documentation standards to help borrowers that have nontraditional sources of income, according to Richard Cordray, the director of the agency. At a hearing last week by the Senate Committee on Banking, Housing and Urban Affairs, Sen. Mark Warner, D-VA, raised concerns about the income documentation standards included in Appendix Q of the CFPB’s ability-to-repay rule. Non-agency lenders ...
Parkside Lending recently “re-introduced” a non-qualified-mortgage product aimed at financing for investment properties. The lender said the “new and improved” Parkside Collateral Loan is available via the wholesale channel. Parkside said there is no borrower-related debt-to-income ratio calculation for the product. Instead, qualification is based on the property DTI ratio with a maximum of 90 percent. The loan allows for credit scores as low as ... [Includes three briefs]
In a statement, company CEO William Shepro said of new clients: “…our sales pipeline is strong and we are in varying stages of discussions with larger prospects.”
The mortgage market cranked up new originations significantly during the second quarter of 2015, lifting production to its highest level in nearly two years, according to a new analysis and ranking by Inside Mortgage Finance. Lenders produced an estimated $445 billion of first-lien single-family mortgages during the second quarter, an increase of 23.6 percent over the first three months of 2015. It marked the strongest origination volume since the second quarter of 2013, when the industry was in the middle of a refinance boom that generated over $2 trillion in new production over a 12-month period. The party this time around doesn’t look...[Includes two data tables]
Several large servicing portfolios of $1 billion or more hit the market in the past few weeks, but dealmakers and investors continue to wonder about the largest prize of them all: RoundPoint Mortgage, Charlotte, NC, which owns roughly $52.18 billion of receivables and ranks among the top 25. Investment banking officials who claim to have knowledge of the RoundPoint situation maintain that its owner, The Tavistock Group, is hell-bent on selling the nonbank, but as far as coming to final terms with a buyer, any buyer, that’s a different matter. It’s...
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