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Inside Mortgage Finance

July 22, 2010

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New Financial Reform Law a Confusing Mess of Effective Dates as Industry Tries to Develop Compliance Strategy

President Obama this week signed into law financial reform legislation which will result in thousands of pages of new regulations and likely create new regulatory burdens, raise compliance costs and increase litigation risk for many mortgage industry participants. Implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act will require a multitude of rulemakings... Read More

House May Launch Mortgage Market Reform Effort This Fall, Preempt Administration Study and Elections

House Financial Services Committee Chairman Barney Frank, D-MA, reportedly plans to hold more hearings on the subject of reforming the housing market and the government-sponsored enterprises and begin writing legislation in a few months. Moving forward with legislation this fall would preempt the Obama administration, which has promised a detailed legislative proposal by January, as well as... Read More

Mortgage Originations Appeared to Increase Slightly in Second Quarter, Earnings Robust

Four of the top five mortgage lenders in the market reported modest increases in new loan production volume during the second quarter, but earnings from their mortgage banking operations generally trended lower. According to second-quarter earnings reports from Wells Fargo, Bank of America, JPMorgan Chase and Citigroup, the four companies generated a combined $196.3 billion in home mortgages... Read More

June Produces Mixed Bag in HAMP Trends as Treasury Weighs Options for Punishing Underperforming Servicers

Despite a modest increase in the number of new trial modifications offered to homeowners in June, the government’s Home Affordable Modification Program continued to see a slowdown in the pace of new trial mods taking place. A total of 21,545 new trial mods were offered to distressed borrowers last month, up 10.9 percent from May. But only 15,153 homeowners... [Includes one chart] Read More

Senate Weighs Stand-Alone Bill Extending National Flood Insurance Program to 2015

The Senate is considering legislation passed by the House of Representatives last week to improve and reauthorize the National Flood Insurance Program for five years after a series of program lapses and short-term extensions that hampered mortgage lending in flood-prone areas of the country. H.R. 5114, the Flood Insurance Reform and Priorities Act of 2010, was passed in the House... Read More

Credit Union Mortgage Volume Dipped In Early 2010, Market Share Declines

Federally insured credit unions originated $18.44 billion in home mortgages during the first three months of 2010, a 17.9 percent drop from the previous quarter that left the industry with a slightly smaller share of the overall market. Credit unions saw their share of mortgage originations climb to a record 6.7 percent back in 2008, a level they came... [Includes two charts] Read More

HUD Launches Probe of Lenders Suspected Of Discriminating Against Expectant Mothers

The Department of Housing and Urban Development said it will launch investigations into the lending practices of mortgage firms accused of denying credit to prospective borrowers because a female borrower is pregnant or another member of the family has a short-term disability. The Fair Housing Act prohibits discrimination in lending based on gender, familial status... Read More

HUD Appropriations Bill Approved

The House Appropriations Committee this week approved a fiscal 2011 funding measure for the Department of Housing and Urban Development that mostly keeps the status quo in various FHA programs. The FY 2011 appropriations bill would give HUD $72.0 million for the agency’s fair housing and equal opportunity programs, the same amount currently funded... Read More

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