The decline in the use of proprietary loan mods also has outpaced a decline in foreclosure sales. Some 166,809 foreclosures were completed in the third quarter of 2013, down 2 percent from the first quarter of 2013.
The Consumer Financial Protection Bureau had previously indicated that the industry could expect the rule sometime in September, then October, and now, sometime before year’s end.
Under the new guidance, lenders must report to FHA all findings of fraud and material misrepresentations concerning the origination, underwriting or servicing of a loan that the lender is unable to mitigate or resolve.
In a new letter to CFPB Director Richard Cordray, the ICBA and 41 state affiliates say they want a “reasonable transition period of nine to 12 months."
Mortgage professionals who work the M&A trade contend that interest in residential finance is not waning in the least, but potential buyers are being a bit more choosey these days.
Republicans on the Senate Banking, Housing and Urban Affairs Committee appear to have thrown in the towel on trying to slow down the CFPB’s mortgage rulemaking locomotive. During a hearing last week, ostensibly to receive the bureau’s fourth semi-annual report to Congress, committee members from the Grand Old Party repeatedly tried to hammer CFPB Director Richard Cordray over the agency’s data-collection practices, with only a few brief mentions in passing of the bureau’s game-changing ability-to-repay rule with its...
Republic Mortgage Insurance Corp. – which hopes to re-enter the MI space sometime in the next year – on Friday agreed to a $100,000 settlement with the CFPB, settling allegations that it paid illegal kickbacks to lenders for at least 10 years. In a statement, the CFPB said RMIC “provided kickbacks to mortgage lenders by purchasing captive reinsurance that was essentially worthless but was designed to make a profit for the lenders. The kickbacks were in exchange for referrals of private mortgage insurance business from the lenders.”...
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