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Inside Mortgage Finance

January 13, 2011

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MA High Court Ruling on Validity of Foreclosures Significant Only Within the State, Legal Experts Say

Opinions vary on the significance of a recent Massachusetts Supreme Judicial Court decision invalidating two foreclosures due to procedural mistakes, but the decision may not have as big an impact in other states, according to industry attorneys. The decision nonetheless is a big win for the mortgage industry in the Bay State because it validated... Read More

Industry Group Files Lawsuit to Restore Loan Officer Exemption From Overtime Pay Rules

The Mortgage Bankers Association filed a lawsuit this week to block – or at least delay – a new U.S. Department of Labor ruling that loan officers will no longer be exempt from overtime compensation requirements. The MBA asked the U.S. District Court for the District of Columbia to invalidate... Read More

Banking Agencies Clash Over Proposal to Combine National Servicing Standards with Risk-Retention Rules

Federal banking regulators are at odds over whether new national mortgage servicing standards should be baked into the forthcoming rulemaking on risk retention and “qualified residential mortgages” – a wrinkle that could delay the implementation of risk-retention regulations. Regulators agree... Read More

Private MIs Make Pitch for Keeping A Role in Housing Finance System

If history is a guide, look for private mortgage insurance to play a significant, if not yet fully defined, role in mortgage lending going forward as lawmakers and policymakers are poised to reconstitute the U.S. housing finance system, according to authors of a new study on the PMI market. The Promontory Financial Group analysis noted... Read More

Lenders Remain Cautious About Home-Equity Market in 3Q10, HEL Performance Weakens

New home-equity lending held steady at historically low levels during the third quarter of 2010 as lenders held their ground on pricing and underwriting in a market still reaching for firm footing. Depository institutions held a total of $887.4 billion of home-equity lines of credit and closed-end second mortgages in their portfolios as of the end of September, down...[Includes two data charts] Read More

FHA Extends Its Approval for Loan Correspondents, Issues Quality Control Requirements for Lenders

The Department of Housing and Urban Development in late December granted a three-month reprieve for FHA correspondent lenders to continue closing loans in their own name under narrow circumstances, while moving separately to bolster quality control requirements for direct endorsement lenders. “After reviewing... Read More

Attorneys: DFA ‘Speed Bump’ Amendment Could Complicate Consumer Bureau’s Regulatory Ability

A little-noticed amendment to last year’s Dodd-Frank Act which binds the new Bureau of Consumer Financial Protection to an obscure 1996 federal small business rights law will fundamentally affect how the new agency will issue its regulations, according to two veteran regulatory lawyers. Speaking during a webinar sponsored... Read More

Appraisal Groups Ask Fed To Reconsider Rule On Fees; Trade Groups Counter High Fees Would Cost Consumers

A group of four real estate appraisal organizations has called upon the Federal Reserve to reconsider its interpretation of language in last year’s Dodd-Frank Act requiring appraisal management companies to pay appraisers “customary and reasonable” fees. The groups claim lower fees have, in some cases, resulted... Read More

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