Should the CFPB fail to convince the court for a rehearing, or win a rehearing but lose the argument at that point, it would unlikely be able to receive the authorization needed from the Trump administration’s Office of Attorney General to appeal to the U.S. Supreme Court.
According to the Mayer Brown law firm, “Financial services companies that hoped for immediate regulatory relief when the Trump administration assumed control may have to wait a bit longer…”
To be sure, individual lenders were all over the map in their reported production trends. A handful of top producers reported significant increases from the third quarter, including loanDepot, which was up 13.4 percent…
The Citadel CEO noted that his shop is receiving many unsolicited resumes from mortgage workers employed at conventional shops, a sign that some firms are about to cut staff.
With interest rates on mortgages expected to go up this year, some lenders are putting an emphasis on loan originators who can close purchase mortgages. Economists at the Mortgage Bankers Association predict that the average interest rate on a 30-year fixed rate mortgage will climb from 3.70 percent last year to 4.50 percent in 2017. The higher rates will help prompt a 47.7 percent decline in refi volume in 2017 compared with the estimated $901.0 billion in refi originations last year, according to the MBA. Dave Stevens, president and CEO of the MBA, said...
The states argue that the current ruling in the PHH case, if permitted to stand, will undermine the power of the Attorneys General to effectively protect consumers…