Despite opposition from industry members worried about legal implications, the Federal Housing Finance Agency decided to add a language-preference question to a redesigned loan application that will be required for Fannie Mae and Freddie Mac loans in February 2020. On Oct. 20, the FHFA announced that the question will be added to the loan application to enable borrowers who prefer to communicate in a language other than English to identify that language. The Fannie/Freddie regulator also ...
Among the standouts in terms of lending growth were Freedom Mortgage, Caliber Home Loans, United Wholesale, and Home Point Financial, Inside Mortgage Finance found…
In a development likely to further fuel speculation that his boss is on his way out the door, Anthony Alexis, the head of enforcement at the CFPB, will leave the agency for parts unknown after more than five years at the bureau. The exact date of his departure is to be determined, as he plans to remain until his successor is chosen. No official announcement was made, but a bureau official confirmed the news.CFPB Director Richard Cordray noted: “As our chief of enforcement, Tony has been my strong right arm, just as he was to Kent Markus who preceded him in that role. Together, they have earned the respect and admiration of many – including me – for their fierce integrity ...
It looks like the CFPB might be contemplating new disclosures for Home Equity Conversion Mortgages, otherwise known as reverse mortgages. The agenda for the Nov. 2 meeting of the bureau’s Consumer Advisory Board, which was posted online recently, indicates the panel “will discuss Know Before You Owe: Reverse Mortgages, financial well-being, trends and themes, and payday, vehicle title, and certain high-cost installment loans.” The use of the phrase “Know Before You Owe” suggests a new disclosure regime for reverse mortgages could be in the offing. The CAB meeting announcement also indicates that written comments will be accepted from interested members of the public. They should be sent to CFPB_CABandCouncilsEvents@cfpb.gov at least seven days before the meeting. “The comments will be ...
MBA chief Dave Stevens: “What happens if the president nominates a new [FHFA] director who thinks the government role in mortgage finance is too large and wants to scale it back?"
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