The Obama administration announced increased incentive payments for borrowers in the non-agency Home Affordable Modification Program along with an increase in funds for borrowers that need relocation assistance as part of a short sale or deed-in-lieu of foreclosure. Meanwhile, there are concerns that the HAMP program for mortgages serviced by the government-sponsored enterprises hasn’t been extended to match the non-agency program. The changes to the non-agency HAMP were announced late last week by the Treasury Department and the Department of Housing and Urban Development. HAMP borrowers will be eligible...
If mortgage lenders thought fair lending compliance was tough now, the Consumer Financial Protection Bureau’s pending Home Mortgage Disclosure Act rulemaking may well turn enforcement into a hornet’s nest in the very near future, according to one top attorney. “The data to be reported under the CFPB’s proposal is likely to inflame the current fair lending regulatory environment,” said Warren Traiger, counsel at the BuckleySandler law firm, during a webinar this week sponsored by Inside Mortgage Finance. “The Dodd-Frank Act itself specified...
The Conference of State Bank Supervisors is working on capital requirements for nonbank servicers, a story first reported by Inside Mortgage Finance last month.
Sen, Menedez added: “These [programs] were not the drivers of the financial crisis. We’re going to hear the opposite of that in the next session of Congress.”
The new plea from the CHLA comes at a time when depositories are losing origination market share to fast growing nonbanks like Freedom Mortgage, United Wholesale Mortgage and others.
One source told IMF that in some instances, certain nonbanks have been asked by the agencies to hold “more capital” in reserve accounts than other seller/servicers.
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