Mortgage lenders in the U.S. seem to be in a better frame of mind when it comes to their ability to comply with new regulations and to operate in the post-election environment, according to a study from Lenders One, a cooperative of independent mortgage bankers, correspondent lenders and suppliers of mortgage products and services. “Lenders are ready for new regulatory requirements, such as updates to the Home Mortgage Disclosure Act, with two-thirds (65 percent) indicating they are very prepared for HMDA changes,” Lenders One said. However, the biggest HMDA compliance challenge for lenders involves the additional resources needed to report transactional data, such as home equity lines of credit and dwelling-secured loans for apartments, the survey found. “While lenders are ...
The cost of complying with the plethora of mortgage regulations, including the high-profile rules promulgated by the CFPB, consume nearly a quarter of lenders’ operating revenue and hurt both sellers and buyers with extended closing delays. Those were some of the chief findings of a survey performed by mortgage market research expert Tom Lamalfa, president of TSL Consulting, Cleveland Heights, OH, at the Mortgage Bankers Association National Secondary Market Conference in May. The results were distributed to MBA members last week via email. Among the questions posed to survey participants was, “Compliance costs consume about what percentage of your total operating expenses?” Of the 31 executives who responded, the average was 21.4 percent of total operating expenses. “The ranges were ...
Oral arguments in PHH Corp. et al. v CFPB were recently held by the U.S. Court of Appeals for the District of Columbia Circuit, and reactions to the proceedings were all over the map, suggesting to some that the event functioned like a legal Rorschach test. FBR Capital Markets & Co. analyst Edward Mills said in a client note he thinks the case is bound for the U.S. Supreme Court, probably sometime next year. “Given the makeup of the en banc panel [mostly Democrat appointees], we would give a bias to the previous ruling to be overturned,” Mills said. “Despite the headlines from the ruling, we fully expect that either party will appeal the case to the Supreme Court, which ...
CFPB Web Site Still Insecure, OIG Finds. Despite the work the CFPB has done to secure its consumerfinance.gov website, it hasn’t been enough, according to a report released last week by the bureau’s Office of Inspector General, which found that several control deficiencies need to be mitigated to protect the website from compromise.... Mortgage Complaints Among the Top for Older Consumers. Debt collection, home equity conversion mortgages (or reverse mortgages) and credit reporting were the top three most-complained-about consumer financial products and services among seniors, collectively representing about 60 percent of older consumer complaints submitted in March 2017, the CFPB said in its latest monthly consumer complaint report....
Capital Alpha projects that the “emerging reform thrust” might emulate ideas promulgated by the Mortgage Bankers Association, which is adamantly opposed to recap and release.
A few years ago, ComplianceEase was chosen to provide the technology platform that enables regulators and licensees to cooperate and share the electronic files necessary to facilitate e-exams.
Some $247.0 billion of subprime mortgages were outstanding at the end of the first quarter of 2017, according to estimates by Inside Nonconforming Markets.
Fannie DUS Provides Additional Data for Multifamily. Fannie Mae announced the creation of DUS Disclose, a new MBS disclosure website that will enhance the transparency and increase the data available for multifamily securities in alignment with the industry. The new platform will replace the existing Multifamily Securities Locator Service and is expected to be available in the fourth quarter of 2017. Fannie Headquarters to Morph into High-End Grocer. As Fannie Mae prepares to vacate its iconic headquarters with a move to downtown Washington in 2018, plans are coming along for the soon-to-be former site of the GSE. Roadside Development announced...
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