Recently, rumors were making the rounds in Washington that Fannie and Freddie might be pondering an increase in their net worth minimums for seller/servicers...
The Federal Housing Finance Agency issued interim final rules last week on fraud and civil penalties that are open for comment through Aug. 1.The interim final rule amends rules of practice and procedure and other agency regulations to adjust each civil money penalty within its jurisdiction to account for inflation. This was done pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements of 2015. FHFA noted that the Adjustment Improvements Act provides that the initial catch-up adjustment must be implemented by an interim final rule.
Some lenders are generating extra revenue by providing a valuable service to real estate agents: providing leads on potential homebuyers. Real estate agents report mixed feelings about the services offered by Quicken Loans and others, according to a recent survey conducted by Campbell Surveys and sponsored by Inside Mortgage Finance. Interactions between lenders and real estate agents typically relate to homebuyer referrals by agents to lenders. However, some lenders also sell homebuyer leads to real estate agents. “There is...
Warehouse lenders that supply credit to nonbank originators have seen usage rates and new line requests increase significantly in the past few weeks, thanks in part to plunging interest rates brought about by the “Brexit” vote. David Frase, president of warehouse lending for Southwest Bank, said, “Any warehouse bank that isn’t seeing record volume is probably malfunctioning in some way. We’ve been pretty darn busy.” Other warehouse managers have reported...
Mortgage lenders may get greater clarity on the legal question of just who may sue them for alleged racial discrimination, after the Supreme Court of the United States announced recently it would take on separate lawsuits filed by the city of Miami against Bank of America and Wells Fargo. The city accused the pair of perpetrating discriminatory mortgage lending within its jurisdiction over a long period of time. The city alleged that the banks’ conduct violated the Fair Housing Act in that they intentionally discriminated against minority borrowers and that their conduct had a disparate impact, resulting in an unbalanced number of foreclosures on minority-owned properties. The precise legal issue before the high court is...
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