The CFPB also said it is exempting servicers from being required to provide periodic account statements and certain early intervention contacts with borrowers who are in bankruptcy.
“Linking of qualified residential mortgages (QRM) in the risk-retention rules to the definition of qualified mortgage (QM) in the CFPB’s ability-to-repay rules will further deepen the divide between QM and non-QM loans in terms of pricing and availability,” said attorney Stephen Kudenholdt of Dentons LLC.
Over the past year, some lenders have complained privately about the presence of enforcement attorneys during examinations, telling Inside Mortgage Finance that it can be intimidating to staff.
What if the U.S. government actually defaults on its debt – what would that do to the value of MBS and Treasuries held on the balance sheet of banks? You may not want to know the answer.
Fannie Mae remains on track to securitize $30 billion in multifamily loans this year, compared with nearly $34 billion in 2012, which would meet the FHFA scorecard target.
However, if Fannie Mae determines through established delivery or quality-control review processes that any loan has ineligible term or amortization provisions, it will be subject to repurchase.
Some in the mortgage broker community have suggested that operating as a mini-correspondent could help brokers bypass points-and-fees complications with the qualified mortgage definition under the ATR rule.
“Our tool puts valuable information into the hands of the public in an accessible way," said CFPB Director Richard Cordray. But will consumers use this information against mortgage lenders?