Currently, residential lenders only have to report information on a closed-end reverse mortgage if the transaction involves a home purchase, home improvement or refinancing.

The second-quarter rebound in mortgage profits was linked to an increase in new lending and loan sales.

In its statement announcing the settlement, BofA stressed, “The claims relate primarily to conduct that occurred at Countrywide and Merrill Lynch prior to Bank of America's acquisition of those entities.”

The average loan officer makes a $4,000 commission on each reach reverse mortgage they originate. Really?

Among the banks reporting that the rules had no effect on their approval rates, half indicated that lending policies would have been tighter without the safe harbor for mortgages that pass the GSEs’ automated underwriting models.

Another concern was that out-of-state call center lenders might not know the local lending laws, which can result in delayed closings.

“I’m wondering how many people buy homes outside of buying them with cash,” Ryan said during the webinar. “To me it’s that serious.”

Investors Unite now boasts almost 1,000 members, which include both common and preferred stakeholders in Fannie Mae and Freddie Mac.

An agency spokesman told IMFnews that as a “general matter” the CFPB considers transfers significant if they involve at least 5,000 loans.

A big deal or ho-hum: Fannie Mae in late July said it will allow for shorter waiting periods involving mortgage debt charge-off accounts and mortgage debt that is discharged through a bankruptcy.