With multiple mortgage rulemaking implementation dates just a few months away, and the industry clamoring for a formal delay or an informal enforcement holiday from the CFPB, the bureau is considering hosting a few webinars to provide guidance for at least some of the rulemakings, most notably the new mortgage servicing rules, one industry source confided. The Department of Housing and Urban Development did something similar with its 2010 Real Estate Settlement Procedures Act final rule, the source continued. That...
Federal regulators issued a revised credit risk retention/qualified residential mortgage proposed rule late last month, one that tilts heavily in the direction of the qualified mortgage provisions established in the CFPB’s ability-to-repay rule – and that close proximity concerns the bureau’s director, Richard Cordray. “The proposal released Aug. 28 we see as another key step in obtaining further certainty for the mortgage market going forward,” said Cordray, who as one of the four members of the Federal Deposit...
Nonbanks are stepping up to the plate on agency MBS. Meanwhile, a handful of large "term" loans are being put together, allowing investors to finance MSRs.
Publicly traded REITs like Redwood Trust would fill the void if Fannie Mae and Freddie Mac lower loan limits next year. But they will be competing against portfolio lenders.
It appears the House of Representatives is giving up on GSE reform this year. However, the Senate could move forward, even though passage is considered a long shot, at best.
A compare ratio north of 150 percent will land a lender on HUD’s watch list. A ratio greater than 200 percent could result in disciplinary action and potential loss of FHA approval.
VA Loan Guaranty: New Percentage to Determine Net Value of Collateral. The Department of Veterans Affairs has revised the percentage lenders and mortgage holders in the VA loan guaranty program use in calculating the purchase price of a property that secured a terminated loan. Effective Oct. 8, 2013, the new percentage is 14.95 percent, up from 11.87 percent, which has been in place for the past 12 years. North Carolina Amends Anti-Predatory Lending Law. The Tar Heel State enacted HB 692 on Aug. 23 to strengthen current consumer protections against ...
The Department of Veterans Affairs has announced it will accept electronic signatures in closing home loans with a VA guaranty. The VA said lenders are not required to use electronic signatures in VA loans but if they choose to, they must comply with the Federal Electronic Signatures in Global and National Commerce Act, or the E-Sign Act. The measure was signed into law in June 2000. The E-Sign Act establishes the baseline rules for Internet commerce, including nondiscrimination between handwritten and electronic signatures. The law also requires that electronic records be ...
Many of the lenders with high default rates are smaller companies while those with larger portfolios tend to perform better than the national average, according to Inside FHA Lending’s analysis of compare ratios on two-year FHA loan portfolios. The compare ratio is the percentage of a lender’s default and claim rate compared to the national average. It is shown as a numerical value, which HUD uses to determine lender performance. A compare ratio of over 150 percent will land a lender on HUD’s watch list and a ratio greater than 200 percent could result ... [1 chart]
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