The moves are part of a comprehensive plan presented by Thomas O’Brien, Sun Bancorp’s new president and CEO who was brought on board as a consultant in April to restructure the company.
Others believe thesecases could have a chilling effect on FHA lending to the detriment of first-time homebuyers and borrowers with insufficient cash for a downpayment.
He may know how to run a decent race, but does economics professor David Brat – the man who beat Rep. Eric Cantor in the GOP primary in Virginia – know the history of the mortgage meltdown?
At the FHFA, Singh was involved in strategic planning to help attract private capital to the mortgage industry, a key goal of former Acting Director Edward DeMarco…
Spot loans are currently prohibited, but the agency is said to be reevaluating the product because of reports of first-time homebuyers having difficulty in obtaining FHA financing for condo unit purchases and seniors seeking reverse mortgages to tap the equity in their units.
The Mortgage Bankers Association said the proposed cure would allow loans intended to be QMs to qualify as such regardless of an inadvertent excess in points and fees.
The 16.4 percent increase was more likely due to the fact that a huge number of reverse mortgages closed in November and December but were not insured by FHA until January, said one lender.
Individual accountability is the regulatory catchphrase of the moment not only at the CFPB but at the Securities and Exchange Commission and state regulatory agencies as well.