VA to Scrutinize Loan Closing Delays, Wants to Shorten Wait Times June 3, 2015 George Brooks The average closing time for a VA mortgage was 41 days, a reading taken in as of March of this year. A year ago it was 39 days.Read More
CFPB to be Sensitive to Lenders on TRID Compliance June 3, 2015 Thomas Ressler The reassurance on TRID was given Wednesday morning to Richard Hunt, president and CEO of the Consumer Bankers Association...Read More
Short Takes: FHFA Official Spills the Beans on LPMI, More / But Comments Made Behind Closed Doors / Mortgage Applications Down Modestly / Loans With MI Have Good Closing Record / A New Hire for Clayton June 3, 2015 Paul Muolo Not only is the FHFA scrutinizing lender-paid mortgage insurance products, but the agency might require higher capital standards...Read More
ATR Rule Has Done Little to Crimp Mortgage Activity by Banks June 2, 2015 Brandon Ivey Portfolio holdings of mortgages also have increased at a faster rate for smaller banks than larger ones.Read More
Short Takes: CFPB Fines of $1 Million a Day? / A Boon for Second-Lien Investors? / Billions of Dollars in HELOCs? / HARP Goes to Arizona / A New Hire for Hamilton June 2, 2015 Brandon Ivey and Paul Muolo According to one trader, secured nonperforming seconds sell in the secondary market for one penny on the dollar to 20 cents on the dollar…Read More
Blackstone’s ‘New’ Mortgage Company Can’t Take Apps Over the Web Until…the NYDFS Says So June 2, 2015 Paul Muolo In partnership with former Lehman Brothers Managing Director Brian Libman, Blackstone is trying to carry out a “roll-up” strategy...Read More
The Latest Lender to Pay Up via the FCA for FHA Violations: First Tennessee June 2, 2015 George Brooks The FHA loans were originated through the bank’s mortgage subsidiary, First Horizon Home Loans, which was sold to MetLife Bank in August 2008.Read More
FHA Proposes Clarification of DE Rules but Industry Wants More June 1, 2015 George Brooks By signing the addendum, the borrower certifies that he or she will make payments on the mortgage or become indebted to the federal government...Read More
Provident Says it Has ‘No Knowledge’ that its Brokers Were Allegedly Overcharging June 1, 2015 Paul Muolo Although Provident entered into a consent order, it said in a follow-up statement that it has no knowledge that brokers “were allegedly overcharging certain borrowers.”Read More
Short Takes: Two Harbors Readies a Jumbo MBS / Available: A Large Pool of Subprime Loans? / LenderLive Buys Walz / A Done Deal: The Merger of Two FHLBs / A New Hire for ZAIS June 1, 2015 Brandon Ivey and Paul Muolo We understand that a large pool of nonprime mortgage loans is looking for a home...Read More