Few in the industry believe Quicken will actually bolt the FHA program, noting that similar saber-rattling was done by JPMorgan Chairman and CEO Jamie Dimon last year...
But not to worry: the FHFA said the projections were mandated under the Dodd-Frank Act, cautioning that its estimate is just that, and not an expected outcome….
Quicken Loans said it will be evaluating whether it should continue participating in the FHA single-family mortgage insurance program after the federal government formally accused the lender of improperly originating and underwriting mortgages that cost the FHA losses in paid claims. The Detroit-based mortgage lender two weeks ago took the unprecedented step of filing a lawsuit against the government for alleged harassment in what it deemed a long-running fishing trip to drum up charges against the company. Last week, the empire struck back. The Department of Justice filed...
Republican leaders in the Senate and the House plan to press ahead with legislation to provide regulatory relief for mortgage lenders, especially for small community banks. It’s likely that provisions to automatically designate mortgages held in portfolio as qualified mortgages will be included in a legislative package the Senate Banking, Housing and Urban Affairs Committee will mark up sometime in the middle of May. And Republicans might use...
It’s likely that provisions to automatically designate residential loans held in portfolio as qualified mortgages will be included in a legislative package...
Quicken made news earlier in the year when it heavily promoted to loan brokers a 60-hour LPMI “sale” committing coverage for $100 million in originations.
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