“While we’re trying to lend fairly in an unfair world, the regulatory and enforcement apparatus have created this environment that we’re in and they will be looking to enforce based upon those rules,” said industry consultant Maurice Jourdain-Earl.
The InterLinc executive said there’s a great deal of interest from potential acquisition targets, but he cautions that, “Not everyone wants to make the move.”
The Obama administration is asking Congress for authority to charge FHA lenders an “administrative fee” to help pay for improvements to the FHA quality assurance program. FHA wants to build a new quality assurance framework that will provide lenders more clarity about the agency’s expectations regarding the loan production process, said FHA Commissioner Carol Galante during a media briefing on provisions in the administration’s fiscal 2015 budget proposal that affect the Department of Housing and Urban Development. The idea is...
Some mortgage technology consultants, speaking on-background, are prophesizing that the investment will lead to Google moving into the realty market and becoming a direct competitor to traditional Realtors.
“Revenues at some of these firms are going to take a nosedive over the next year or so,” said Anthony Garritano, founder of the Progress in Lending Association, an industry think-tank.
The year’s top five FHA lenders – Wells Fargo, Quicken Loans, JPMorgan Chase, Freedom Mortgage and Bank of America – combined for 21.9 percent, or $46.0 billion, of total agency production, down 34.6 percent quarter over quarter.
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