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Inside Mortgage Finance

October 22, 2009

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House Panel Approves Change to CFPA Bill Allowing Limited Preemption of State Laws

The House Financial Services Committee this week moved closer to approving legislation creating a new federal watchdog agency that would protect consumers from abusive and predatory financial products and services, with support appearing to be split down party lines. The committee is on its fourth business day marking up a discussion draft, the working version of H.R. 3126... Read More

With Trial Mod Benchmark Met, Big Challenges Still Ahead for Full HAMP Implementation

The government’s Home Affordable Modification Program met the Obama administration’s goal of 500,000 trial mods, but experts this week said the real hurdle to the program’s success lies ahead in the path of both borrowers and servicers. Speaking on an audio conference hosted by Inside Mortgage Finance, experts said the sheer scope and complexity of HAMP has contributed to the skeptical outlook many... Read More

Credit Unions Post Measurable Gains in Mortgage Market Share, Especially in Home-Equity Lending

Credit unions have proven to be immune to the contraction in the U.S. mortgage market over the past few years, posting increases in production volume driven largely by their home-equity lending programs, according to a new ranking and analysis by Inside Mortgage Finance. In 2008, federally-insured credit unions reported their highest mortgage origination volume... [Includes two charts] Read More

FHA Follows GSEs by Tightening Condo Rules; Groups Say Strict Regulations Will Hurt Market

The FHA this week announced a two-week delay in controversial guidance that tightens underwriting requirements for insuring condominium mortgages. But with Fannie Mae and Freddie Mac already having made condo financing more expensive, industry participants are warning that the condo market could take a beating. The Department of Housing and Urban Development announced the... Read More

Growth in Cash Deals Cast Cloud Over Home Purchase Mortgage Market Heading into 2010

With the refinance mortgage market expected to run out of steam by the end of this year, industry players are increasingly looking to a recovering home purchase market to fuel mortgage lending growth in 2010 and beyond. But there is one potential speed bump in the road ahead: cash transactions. According to the Campbell/Inside Mortgage Finance Monthly Survey of Real Estate... [Includes one graph] Read More

Momentum Grows for Extending Homebuyer Credit But Other Mortgage Industry Concerns Remain

Industry groups are trying to drum up support to extend the first-time homebuyer tax credit that officials say has helped shore up the precarious purchase-mortgage market. Sen. Chris Dodd, D-CT, chairman of the Senate Banking, Housing and Urban Affairs Committee, this week made a big public push to extend the credit beyond its current Nov. 30, 2009, expiration date and expand... Read More

Servicers Face Increased Fair Lending Risk in Loss Mitigation, Loan Modification, Experts Warn

Mortgage loan servicers are facing increased compliance risk as federal regulators begin to scrutinize loss mitigation, loan modification and servicing for any potential discrimination and consumer protection issues, according to fair lending experts. Compliance specialists at a fair-lending conference hosted by the Consumer Bankers Association this week warned that servicers are... Read More

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