Among the changes on the table are disclosing the loan term, total points and fees, the length of any teaser or introductory rate, and the applicant or borrower’s age and credit score.
New York regulator Lawsky raised concerns about the servicing cost-savings long touted by Ocwen, which are achieved via technology and employees largely located outside of the U.S.
Mortgage originators note that because the rule is more than 1,800 pages long and was issued just 10 weeks ago, there has been little time to study it, let alone consider its implications.
Also, Morgan Stanley recently increased its stake in Arch Capital Group to 6.3 percent. Arch owns CMG Mortgage Insurance, which is being renamed Arch Mortgage Insurance Company.
The FHA allows low downpayments on loans that have credit scores as low as 580, but numerous lenders have established their own underwriting overlays to protect against poor performance.
The new service from Freedom Mortgage will handle all aspects of the mortgage transaction, from the initial customer call to closing and servicing of the loan.
One executive familiar with the practice of signing bonuses noted that typically the money is paid out over 12 months, but if the LO does not repeat their past performance the bonus can terminate in a given quarter.
The new judge presiding over Bank of America’s $8.5 billion settlement with MBS investors this week countermanded, for the moment, last week’s approval of the deal by her predecessor, giving a major opponent of the agreement another chance to argue against it. New York State Supreme Court Justice Saliann Scarpulla agreed to delay approval of the deal until at least Feb. 19 to hear American International Group’s appeal. Last week, Justice Barbara Kapnick approved the settlement agreement, except for loan modification claims, as one of her last acts before she took a promotion to the state’s Appellate Division. BofA agreed...
The mortgage market is just one month into the world of qualified mortgage lending under the Consumer Financial Protection Bureau’s ability-to-repay rule. But behind the scenes, investors, legal advisors and technology vendors are working to get ready to enter the non-QM space. “I can tell you, at least from the investor side, from the number of investors that I talk to – and some of these are cradle-to-grave guys that have originating arms in their organizations, or maybe correspondent networks for which they’re buying – they are building infrastructure and capability to process and buy these non-QM type loans,” said Dave Hurt, vice president at CoreLogic. “So there is genuine interest and significant enough confidence that there will be a market that they’re making investments both in technology and infrastructure to do that.” And it’s not...
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