Impac Mortgage Holdings will continue to focus on originating non-qualified mortgages after a change in leadership at the nonbank. Joseph Tomkinson, the longtime chairman and CEO of Impac, is scheduled to step down in July, with George Mangiaracina taking over as CEO. Mangiaracina has been an executive vice president and managing director at Impac since early 2015. Since then, Impac has boosted its non-QM production while focusing on refinances of conforming mortgages ...
The Senate last week approved a regulatory relief bill that would grant qualified mortgage status to certain loans held in portfolio by smaller banks even if the mortgages would otherwise be non-QMs. The portfolio QM provision also has support in the House, but it has prompted concerns from some industry analysts. Moody’s Investors Service noted that if the provision becomes law, small banks won’t have to meet certain documentation requirements included in the Consumer ...
A Washington, DC, appellate court recently overturned a Federal Communications Commission ruling that restricted the use of “autodialers,” including cell phones, to communicate with consumers.
The Senate bill to roll back various parts of the Dodd-Frank Act has been stalled in the House, where leading Republicans have asked for additional provisions that would further relax regulations.
An appeals court ruling this month against Bank of America regarding compliance with a state law on escrow accounts has broad implications for banks that rely on federal preemption of state laws, according to industry attorneys.
“On previous occasions when the bureau has issued guidance, its value has been negated by disclaimers making the guidance non-binding on the bureau,” the Mortgage Bankers Association said.
The 4,710 small mortgage lenders wouldn’t have to report new data points sought by the Consumer Financial Protection Bureau for originations in 2018 and beyond, according to an analysis by Inside the CFPB.
The Senate voted 67-31 last week to pass the Economic Growth, Regulatory Relief, and Consumer Protection Act, S. 2155, moving the deregulation debate to the House, which will look for more aggressive changes to roll back the Dodd-Frank Act. House Financial Services Committee Chairman Jeb Hensarling, R-TX, said the House would not pass the bill without additional provisions that would further relax regulations introduced after the 2008 financial crisis ...
Proposed changes to the Home Mortgage Disclosure Act have become a key flashpoint of controversy in the advancing effort to reform the Dodd-Frank Act. The Senate last week passed legislation that would exempt depository institutions that have relatively small mortgage operations from new HMDA disclosure requirements – and some existing ones – that were mandated by the Consumer Financial Protection Bureau. The expanded HMDA reporting regime is taking effect for mortgage (include one data chart) ...
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