It’s been a full three months since the Consumer Financial Protection Bureau’s ability-to-repay final rule and qualified-mortgage definition have been implemented. So far, there have been no significant changes to origination strategies on the part of lenders, according to a Standard & Poor’s survey of rated mortgage lenders. “In terms of projected regulatory impact on recent lending activity, 84 percent of 2013 mortgage production was QM compliant, with the remaining ...
A new report by Fannie Mae finds that second-home mortgage market activity is in the midst of a strong rebound, representing a small yet significant corner of the mortgage market. Fannie’s report – Second Homes: Recovery Post Financial Crisis – noted that the uneven economic recovery has a benefit to the second-home buyer, who tends to be older, earns more and consequently has the means to make a larger downpayment ... [Includes one data chart]
Some 30.0 percent of homes purchased in March avoided the use of mortgage financing, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. While mostly associated with investors, a fair share of current homeowners rely on cash for home purchases as a way to avoid the hassles associated with mortgage closings. The cash share of home-purchase financing has increased fairly steadily since August, when 26.5 percent of home purchases ...
There are a variety of components for a successful compliance-management program mortgage lenders should implement, but the primary goal needs to be preventing harm to consumers, according to bank examiners with the Federal Reserve Bank of Boston. “Given the challenges associated with the regulatory environment of today, we’d like to emphasize the importance of looking at bank operations while asking two questions from a consumer compliance perspective,” said ...
A New York state judge last week dismissed with prejudice a $567 million legal action brought by the Federal Housing Finance Agency against Deutsche Bank in 2012 over the bank’s refusal to repurchase hundreds of millions of residential mortgage-backed securities from Freddie Mac. Judge Eileen Bransten of New York’s State Supreme Court in Manhattan ruled the FHFA’s suit is barred by New York’s six-year statute of limitations.The FHFA sought to have the bank cover Freddie’s losses on defective MBS purchased from a $1.4 billion transaction.
The Dodd-Frank Act prompted major changes for mortgage joint ventures, with some firms striking out on their own and others sticking with the smaller market.
The investigation by the New York Department of Financial Services of nonbank servicers including Nationstar Mortgage and Ocwen Financial has put a halt to servicing sales.
Purchase mortgages securitized by Fannie, Freddie and Ginnie in the first quarter of 2014 were down by 76.3 percent compared with the first quarter of 2013.
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