When Fed Chair Janet Yellen was subsequently asked to define what the committee meant by the term “considerable time,” she replied that it is “hard to define” but “probably means something on the order of around six months.”
W.J. Bradley Mortgage Capital announced a number of new jumbo mortgage products this week. Among the offerings is a loan with a 10 percent downpayment requirement for balances of up to $850,000.
In asking for the SCOTUS review, the DOL argues that the court of appeals erred in holding that an interpretive rule that alters the agency’s previous interpretation of a substantive regulation must be promulgated through notice-and-comment rulemaking.
When survey participants were asked to what extent the QM rule would affect their business, the most frequent responses were 10.1 percent to 20 percent and 90.1 percent to 100 percent, each of which snagged 20 percent shares of the responses.
The ATR survey was sent to 53 mortgage-originating entities, mostly mortgage bankers with some independent mortgage brokers and other originators. No credit unions or savings and loans responded.
Walter Investment, the parent of Green Tree, said it anticipates meeting with the regulator in the near future to get a better understanding of its concerns and to see if the matter can be resolved.
The Consumer Financial Freedom and Washington Accountability Act, sponsored by House Financial Services Committee member Rep. Sean Duffy, R-WI, would, among other things, replace the single CFPB director with a five-member commission appointed by the president and confirmed by the Senate.
Although some industry groups said it is too soon to get into another massive overhaul, others pointed to the forest of overlapping and confusing documents as a good place to start.