Who might replace Lawsky? How about: Rohit Chopra, assistant director and student loan ombudsman for another agency that’s highly popular with mortgage executives: the CFPB.
Warehouse banks increased their commitment levels to $40 billion at the end of the first quarter, a 14.3 percent sequential gain and a sign that all is well in residential originations, at least for now. Not only did warehouse providers benefit from stronger originations in early 2015, their business was boosted by the fact that nonbanks continue to gain origination market share. Compared to the same quarter a year ago, commitments are up a mouth-watering 42.9 percent, according to exclusive survey figures compiled by Inside Mortgage Finance. Then again, at $360 billion, the first quarter of 2015 was...[Includes one data table]
Mortgages with uncured TRID violations will have higher losses if they default, owing to the potential for increased legal costs and damages, said Moody's.
In response to its anxiety, the Inspector General plans a series of audits that will study the risks posed by an increasing volume of nonbank loan sales.