Credit unions are currently prohibited from purchasing MSRs as an investment. The proposal was opposed by the Democrat on the NCUA's board.

In addition, the language includes a 365-day requirement, which essentially extends the short-term cash flow analysis.

A proposed rule regarding credit unions and MSRs is scheduled to be discussed late this week at an NCUA board meeting.

Call-report data analyzed by Inside Mortgage Finance show that banks, thrifts and credit unions housed $371.4 billion of HELOCs on their balance sheets, down 3.1% from the second quarter.

MBA: “Compared to the last two months, more homeowners exiting forbearance are using a modification – a sign that they have not been able to fully get back on their feet, even if they are working again.”

The “alternative methods for documenting income” for self-employed borrowers includes the use of unaudited income statements. But borrowers will now have to provide three months of bank statements instead of the traditional two.

VA lending, like much of the home origination market, has been on a tear this year, surpassing FHA production...

The CARES Act established a mandate for forbearance but the Conference of State Bank Supervisors said it’s not clear when residential servicers should stop offering new relief plans.

Under the new language, a loan meets the general QM definition if its annual percentage rate exceeds the average prime offer rate (APOR) for a comparable transaction by less than 2.25 percentage points.

Justice Stephen Breyer raised eyebrows by characterizing the net worth sweep as a nationalization of the enterprises. “That’s what they did,” he said. “If you look at their giving the net worth to Treasury, it’s nationalizing the company.”