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CFPB Finalizes ATR Amendments for Small Creditors, Revises LO Comp Calculation

May 30, 2013
Thomas Ressler
The revised rule excludes from the calculation of points and fees paid by a consumer to a mortgage broker when that payment has already been counted toward the points-and-fees thresholds as part of the finance charge.
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White House Extends HAMP Program Through the End of 2015

May 30, 2013
Brandon Ivey
Through the first quarter of 2013, 1.1 million borrowers have received permanent HAMP modifications, well below the 3 million to 4 million the Obama administration projected when launching the program in 2009.
Read More

EverBank Has Bid List for Jumbo MBS, MountainView Sets Jumbo Auction

May 30, 2013
Paul Muolo and Brandon Ivey
The jumbo market is heating up with offerings from both EverBank and MountainView.
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First- Quarter Purchase-Mortgage Market Best Since 2008

May 30, 2013
John Bancroft
The estimated $119 billion in purchase-mortgage originations during the first quarter was up 15 percent over the level at the same point in 2012.
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Short Takes: Nonperforming Loan Prices Continue to Rise / CFPB Ready to Issue Rule for Small Lenders / Speculators Won’t Like Isakson’s GSE Bill / Applications Tank Again / LenderLive in New Mortgage Effort

May 29, 2013
Paul Muolo, Thomas Ressler, and Charles Wisniowski
The auction market for nonperforming mortgages is beginning to generate heat with prices rising nicely from last year.
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FHA Applicants Must Now Have a Minimum Net Worth of $1 Million

May 29, 2013
George Brooks
According to new FHA rules, no less than 20 percent of a lender’s required net worth must be in the form of liquid assets consisting of cash or an equivalent.
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Citigroup Settles GSE MBS Lawsuit with FHFA, No Terms Disclosed

May 29, 2013
Paul Muolo
Citigroup will pay Fannie Mae and Freddie Mac damages for the faulty MBS it sold to them but no one knows the cost of the settlement.
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PHH Subpoenaed by U.S. Attorney, HUD for FHA, GSE Foreclosures

May 29, 2013
Paul Muolo
Not only is HUD looking into PHH's underwriting practices, but the government has questions about the lender's foreclosure expenses.
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Mortgage Divisions of Banks Sold Less But Earned More in 1Q13

May 29, 2013
John Bancroft
Banks and thrifts reported $7.7 billion in mortgage banking income during the first three months of 2013, a 16 percent jump from the previous quarter.
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Coming June 1 From the CFPB: Ban on Mandatory Arbitration

May 29, 2013
Thomas Ressler
The CFPB's ban on mandatory arbitration provisions was part of the bureau’s final rule on loan originator compensation promulgated in January.
Read More
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