Wells Fargo plans to increase originations by putting an emphasis on interest-only mortgages, according to John Shrewsberry, the bank’s CFO. “We are making some modest changes to generate new loan originations, including offering interest-only jumbo mortgage loans to high quality borrowers,” Shrewsberry said late last week during Wells’ earnings call for the second quarter. Wells had...
With the new data collection and reporting requirements under the Home Mortgage Disclosure Act now less than six months away, anxious industry calls for regulatory relief met with some limited success recently, while others continue to urge a broader extension of the implementation period. Late last week, the Consumer Financial Protection Bureau relented somewhat, proposing to temporarily ease HMDA reporting requirements for lenders that make a small number of home equity lines of credit. The agency proposed raising the threshold for HELOC reporting from 100 loans to 500 loans, starting in January 2018. Officials acknowledged they may have...
In late May, Walter disclosed in an SEC filing that some of its previously issued financial statements could not be relied upon because of what it called an “accounting error.”
Last week, the CFPB issued a proposal to temporarily ease reporting requirements under the Home Mortgage Disclosure Act for small banks and credit unions that issue home-equity lines of credit – but based on the number of such loans, not asset size of the institution. Under the CFPB’s HMDA rules scheduled to take effect in January 2018, financial institutions are generally required to report HELOCs if they made 100 such loans in each of the past two years. Under the proposal released last week, the bureau would increase that threshold to 500 loans through calendar years 2018 and 2019 in order to give the consumer regulator the time to consider whether to make a permanent adjustment. “Home-equity lines of credit worsened ...
The non-agency MBS market is off to what looks like one of its best years in terms of new issuance since the financial crisis, according to a new analysis by Inside MBS & ABS. A total of $15.30 billion of non-agency MBS were issued in the second quarter, representing a gain of 13.4 percent from the first three months of 2017. That brought year-to-date production to $28.80 billion, a 32.0 percent increase over the first half of 2016. As has been the case since 2009, most of the new production has been...[Includes three data tables]
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