Although some lenders love having a desk in a high-volume Realtor’s office, others loathe the practice. “I lost so much business to those places over the years,” he said. “I refused to pay $5,000 for a desk…”
CFPB Director Richard Cordray had his turn next: “Prophets of doom have warned of delays in closings and the need for consumers to buy longer rate locks because of their failure, or perhaps refusal, tounderstand the requirements of the three-day waiting period,” he said.
Michael Fratantoni, chief economist at the Mortgage Bankers Association, said the GSEs’ back-end risk-sharing deals do not represent the type of reform most industry participants would like to see.
The fear for MI firms, and the analysts who cover them, is that another cut in the MIP would eat into policies that might be written by the private mortgage insurance sector.
Some observers believe the CFPB is questioning whether certain LOS vendors are qualified to serve the industry, fearing a potential crackdown on such companies.