The CFPB did not like the idea of some lenders using an Internet-based tool that aggregates employer data and estimates income based upon each consumer’s zip code, job title, and years worked…
Wells Fargo once again ranked first among all agency sellers with $17.6 billion sold to Fannie, Freddie and Ginnie. Quicken was second with $8.46 billion.
Barclays plc is reportedly working out a deal with the Department of Justice for a much lower settlement amount to resolve non-agency MBS and ongoing multi-agency investigations of other mortgage-related matters, according to a recent Bloomberg report. Citing a source “with knowledge of the situation,” the news service said the London-based bank has rejected an initial amount offered by the DOJ, aiming instead to limit the settlement to no more than $2 billion, possibly less. The report didn’t disclose the amount DOJ offered, although industry observers speculated it might be significantly more than what the firm is willing to pay. Like many U.S. and European banks, Barclays was...
The U.S. Department of Agriculture’s single-family guaranteed housing program provided $16.14 billion in guarantees to 116,684 rural housing loans during fiscal 2016, down $2.27 billion from FY 2015, according to the Housing Assistance Council (HAC). For the Section 502 direct guarantee loan program, lenders originated approximately $958.3 million in loans in FY 2016, about $58.4 million more than the previous year. Data compiled by HAC, a national nonprofit that helps build homes and communities in rural areas of the country, show...
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