More trouble for Walter Investment Management? Meanwhile, according to NTC, as many as 490,000 homeowners could be affected by faulty servicer database records.
State regulators recently proposed expanding the data that state-licensed lenders must report on the Nationwide Mortgage Licensing System and Registry’s mortgage call report. The State Regulatory Registry said the data help state regulators supervise licensees, determine examination schedules, monitor compliance and calculate assessments. The SRR was established by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. The SRR owns and operates the NMLS and has required state-licensed lenders to submit quarterly call report data since 2011. On Oct. 1, the SRR proposed...[Includes one data chart]
The Consumer Financial Protection Bureau last week proposed two narrow revisions to its complex mortgage origination disclosure rule, leaving the industry guessing what further changes could come as lenders gear up to implement a massive rule known as TRID: the Truth-in-Lending/Real Estate Settlement Procedures Act integrated disclosure. For most lenders, the most significant proposed change would relax the requirement that lenders provide a revised loan estimate on the same day that a consumer’s rate is locked. After considering industry feedback, CFPB staff concluded that such a short turnaround may be challenging for lenders that allow consumers to lock interest rates late in the day or after business hours. This could mean...
The Consumer Financial Protection Bureau’s high-profile ability-to-repay rule has had “little to no impact” on borrower access to mortgage credit, officials at the bureau said this week. But other regulations are certainly forcing compliance costs to go up while pushing the quality of customer service down, according to community bankers. Speaking during a meeting of the CFPB’s Community Bank Advisory Council in Washington, DC, this week, Brian Webster, program manager for the bureau’s Office of Mortgage Markets, said he was glad to see that mortgage lending did not grind to a halt the day after the ability-to-repay rule took effect in January. “Over the past months, we have heard...
Officially launched a year ago, the Bethesda, MD-based Common Securitization Solutions has no chief executive officer or chairman but continues to hire staff.
Under a “mini-corr” arrangement, a warehouse lender provides a line of credit to a loan broker, transforming that broker into an actual funder instead of just a loan facilitator.
When it comes to individual lenders, most of the top 50 targets of consumer gripes generally either stay in the same ranking or move up or down one or two levels.
Specialty servicer Wingspan is expected to issue a press release this week, providing some clarity about a change of control at the company and the future of its founder...
Given the wide gap between the initially unacceptable findings and the subsequent “refresh” results, some lenders may ask the FHA to discontinue its disclosure of initially unacceptable findings.
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