Most of the mortgage provisions in the recently enacted Dodd-Frank reform act will not take effect immediately and will require action by the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau and Freddie Mac released separate reports in May suggesting that potential borrowers should talk to multiple lenders when seeking a mortgage. The organizations noted that a significant share of borrowers are missing out on thousands of dollars in savings by neglecting to consider offerings from a variety of lenders.
Attorneys at the Consumer Financial Protection Bureau this week formally threw in the towel on the agency’s controversial interpretation of anti-kickback provisions in the Real Estate Settlement Procedures Act.
The trade group argues that if lenders organized as pass-through entities do not receive the new deduction, they will be at a competitive disadvantage...
Interim CFPB chief Mick Mulvaney: “We are still closely associated with Sen. Elizabeth Warren. We are her baby. That’s not where a gold-standard regulator should be.”
Over the years it seems as though commercial banks have basically ceded the multifamily market to nonbanks that use the GSEs as their secondary market takeout…
MBA: “An important recent example is the use of a single vendor for various aspects of a major enterprise technology project, thereby forcing many lenders to choose whether to retain their existing vendors or switch to the lone ‘approved’ vendor.”
Ginnie said it is issuing these time-sensitive restrictions “in the interest of providing additional clarity and transparency to Ginnie MBS investors…”
RSS