Many mortgage lenders continue to fret about the Consumer Financial Protection Bureau’s integrated disclosure rule, but the bureau’s latest report to Congress suggests they should also pay attention to fair lending issues, including Home Mortgage Disclosure Act data integrity, along with mortgage servicing. “Mortgage lending continues to be a key priority for the [CFPB’s] Office of Fair Lending for both supervision and enforcement, with a focus on HMDA data integrity and potential fair lending risks in…
Although still in its infancy, the number of mortgage loans originated by online marketplace lenders is growing and should be monitored, according to a white paper released by the U.S. Treasury Department this week. The paper, which includes research and industry recommendations in the online lending space, including mortgage loans, was based on responses to Treasury’s request for information on the topic. Acknowledging the benefits and risks of online lending, the study emphasized the need for…
Quicken Loans CEO Bill Emerson ruled out any possibility of settlement with the Department of Justice over allegations of filing false claims on flawed FHA-insured mortgage loans, preferring instead a jury trial. During a recent interview with CNBC’s Squawk Box, Emerson said settlements are a business model that has worked well for the DOJ in its effort to recover taxpayer losses due to questionable FHA lending practices. Quicken Loans, however, will not cave in to agency…
Trade groups involved in home sales and appraisal issues are calling for a hearing in Congress regarding the future of appraisal regulation. The American Bankers Association, the Appraisal Foundation, the Appraisal Institute, the National Association of Home Builders and the National Association of Realtors made the requests in letters to Congress. …
Recent studies suggest reduced pricing and declining costs have given conventional mortgages with private MI an edge over FHA in the battle for high-quality borrowers...
Investor Unite’s Tim Pagliara said that a stay would prejudice him under Virginia law, where the case is to be “expedited” and could be resolved on the merits…
Industry participants are gearing up for non-agency MBS backed by non-qualified mortgages, but don’t expect a flood of volume anytime soon. Four non-agency MBS backed by new nonprime mortgages were issued in 2015, the largest of which was a $150.35 million deal from Angel Oak Capital Advisors. None of the deals were subject to risk-retention requirements that took effect at the end of 2015 and none were rated. A rating on a non-QM MBS could improve...
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