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Inside Mortgage Finance

July 1, 2010

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Reg Reform Bill Enshrines Current GSE Practices, Not Expected to Stimulate Non-Agency Activity

The massive financial regulatory reform legislation nearing enactment on Capitol Hill will cement in place the current risk-averse, government-baptized approach to mortgage lending, according to a number of industry observers. House and Senate negotiators late last week thought they had finished the heavy lifting on the re-christened Dodd-Frank Wall Street Reform and Consumer Protection... Read More

Compliance Experts Fear BCFP’s Pro-Consumer Stance Could Raise Cost, Disrupt Mortgage Lending

There is a growing perception among compliance experts that the Bureau of Consumer Financial Protection, the new federal agency charged with protecting consumers against harmful financial products and practices, will implement overly stringent regulations that could kill innovation and harm lenders’ ability to make mortgage loans. Although it will still be a good 16 to... Read More

Treasury Has Its Hands Full in Implementing New Principal Reduction Feature for HAMP

Obama administration officials face a tall order trying to implement new principal-reduction options for the high-profile foreclosure-mitigation program, especially with a number of loose ends still compromising the program’s effectiveness, according to a new government report. The new principal reduction option under the Home Affordable Modification Program is scheduled to be... Read More

Financial Reform Bill Will Set New Appraisal Standards, But Probably Similar to HVCC

The financial reform package forged by House and Senate lawmakers late last week would impose new appraisal requirements of mortgages designated as “higher risk,” bolster appraiser independence requirements and make a variety of changes to the appraisal guidelines established by federal banking regulators. The Dodd-Frank Wall Street Reform and Consumer Protection Act... Read More

Financial Reform Bill Adds More Transparency To HAMP’s NPV Model and Borrower Results

The financial reform legislation now pending in Congress would require servicers to give borrowers more detailed data about why they were denied a mortgage modification under the Obama administration’s Home Affordable Modification Program. The Treasury Department would also be forced to establish a mortgage resolution program for multifamily properties... Read More

HUD Issues Interpretive Rule on Compensation Arrangements Between Home Warranty Providers and Real Estate Brokers

The Department of Housing and Urban Development published an interpretive rule in the June 25 Federal Register essentially warning that certain compensation paid by home warranty companies to real estate brokers or agents could violate the anti-kickback provisions of the Real Estate Settlement Procedures Act. The interpretive rule took issue with compensation... Read More

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