Bank of America led all residential firms in cumulative mortgage complaints: 23,004 at the end of September. Wells Fargo was a distant second with 12,261.
CFPB chief Richard Cordray believes "the QM space has been drawn quite broadly" and estimates that more than 95 percent of the loans made in the current market will be deemed qualified mortgages.
Based on their view that the requirements of the ATR rule and ECOA are compatible, regulators said they “do not anticipate that a creditor’s decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution’s fair lending risk.”
Addressing the annual convention of the American Bankers Association, the CFPB chief stressed that his agency is proceeding full speed ahead with the January implementation of its mortgage rules.
At least two young mortgage insurance firms hope to go public by yearend. But how might the market receive these deals with so much uncertainty surrounding the GSEs?
More than one in five loans originated today won’t satisfy the criteria for safe harbor legal protections as qualified mortgages under the ability-to-repay rule from the Consumer Financial Protection Bureau, according to an analysis by ComplianceEase.
Golf is for slackers. Inside Mortgage Finance knows of at least four veteran mortgage banking executives who, after “retiring,” are looking to reenter the business.