Trade groups that represent loan brokers are still analyzing the details of the Consumer Financial Protection Bureaus 500-plus page loan originator compensation rule, but at first glance officials are lukewarm on what they see.
What Were Hearing Certain mortgage bankers are using a four-letter word to describe the trifecta of final regulations unveiled by the CFPB the past two weeks, and as you might guess that word isnt love. The rules servicing, qualified mortgages and loan originator compensation will shape the industry for years to come... plus other mortgage industry happenings.
Mortgage firms that handle 5,000 or fewer loans will receive a significant exemption from servicing rules released today by the Consumer Financial Protection Bureau
Citigroup has joined the club of megabanks marking up the asset value of their mortgage servicing rights. Shares of Genworth spiked, and other mortgage news briefs.
A summary of the much anticipated loan officer compensation rule is set to be published by the CCFPB by close of business Friday, an industry official who was briefed on the mater told Inside Mortgage Finance.
The Consumer Financial Protection Bureau issued its final rules on residential servicing practices early Thursday morning, cracking down on dual tracking, and telling the industry it cannot engage in a foreclosure sale until all other alternatives are considered.
In a few weeks the White House will release its new budget and theres increasing speculation that it will ask for $3 billion to $5 billion for the beleaguered FHA Mutual Mortgage Insurance Fund
The FDIC approved a final rule this week that will set new appraisal requirements for nonprime mortgages. Its the third rule from federal regulators in the past six days aimed at subprime mortgages, largely prompted by the Dodd-Frank Act
The Consumer Financial Protection Bureau, which has a mortgage-related field hearing scheduled for Thursday in Atlanta, is expected to issue its final servicing rule this week.
Now that mortgage insurance claims are waning, and new business is on the rise again, theres increasing talk that Essent Guaranty might file papers to go public this year.