The Consumer Financial Protection Bureau has issued a final rule to allow more lenders to qualify as smaller creditors doing business in rural and underserved areas. The final rule, which takes effect Jan. 1, 2016, amends certain mortgage rules issued by the CFPB in 2013 under the Dodd-Frank Act. Specifically, the final rule lifts the current origination limit to qualify for “small creditor” status from 500 mortgage loans annually to 2,000 mortgage loans per year – a limit that also excludes loans retained in portfolio from the 2,000-loan cap. In addition, the rule now includes...
Industry groups stepped up their pressure on Congress to block a proposed rule that would alter membership requirements in the Federal Home Loan Bank system. The latest letter came this week and was signed by the Mortgage Bankers Association, National Association of Real Estate Investment Trusts, Independent Community Bankers of America and Habitat for Humanity International. The Federal Housing Finance Agency proposed...
Ginnie Mae executive Michael Drayne raised concerns about the growing reliance on subservicers and whether there’s enough capacity at these companies...
The CFPB alleged that expense accounts were really “point banks” and that payments in the form of bonuses and commissions were based on mortgage profitability...
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