Many small and medium-sized nonbanks have been earning steady profits the past three years, but all that ended in the fourth quarter of 2015, thanks to the integrated disclosure rule known as TRID. At least that’s what some warehouse managers told Inside Mortgage Finance. These credit executives, who spoke under the condition their names not be used, were somewhat surprised by the development, but were quick to caution that about a third of their clients posted losses. The managers also noted...
The Mortgage Bankers Association and other industry groups are strongly urging the Department of Labor to reconsider a proposed rule updating overtime regulations that currently exclude mortgage loan officers and certain categories of employees from overtime compensation. Officials reiterated the MBA’s position, which it clearly spelled out in a joint letter with other financial services trade groups in September last year objecting to the DOL’s proposed rulemaking regarding overtime exemptions for executive, administrative, professional, outside sales and computer employees. Among other things, the MBA, American Bankers Association, Independent Community Bankers of America, Financial Services Roundtable and The Clearing House cited...
Private MIs finished third in agency refinance loans, partly because the Fannie/Freddie program for refinancing underwater borrowers continued to slow down.
“It is time to shrug off the naysaying consultants and lawyers who breed a culture of fear and hypothesized problems to hype their services,” Cordray added.
Meanwhile, Fairholme’s case against the government is still pending and Berkowitz said from a legal standpoint, “We’re getting closer to the finish line…”
Roughly 88 percent of lenders plan to grow their origination business this year, and many – 67 percent – will either increase the number of retail branches or add loan officers.
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