About 70.4 percent of the home loans originated in 2017 were sold to secondary market investors, according to a new Inside Mortgage Trends analysis of Home Mortgage Disclosure Act data released this week. According to the preliminary HMDA data made available by federal regulators, lenders reported $1.738 trillion in first-lien single-family mortgage originations in 2017. HMDA data cover about 96 percent of the market. The biggest buyers were Fannie Mae ... [Includes one data chart]
The Consumer Financial Protection Bureau’s ability-to-repay requirements yielded higher costs for lenders and revealed flaws with vendors’ loan originations systems, according to a recent survey of lenders. The ATR rule and standards for qualified mortgages took effect in early 2014. Strategic Mortgage Finance Group surveyed 122 lenders about the regulation earlier this year. Lenders estimated that ATR/QM added $139 per loan to their ongoing origination costs. Only $44 of ...
Former CFPB Director Richard Cordray challenged PHH’s captive reinsurance program, ruling that any referral of settlement business that involves payments is prohibited under RESPA…
Neither PHH Corp. nor the Consumer Financial Protection Bureau will ask the Supreme Court of the United States to review a lower court decision that overturned the agency’s controversial interpretation of anti-kickback provisions in the Real Estate Settlement Procedures Act.
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