Links in “Lending”
- CFPB’s Deputy Director Speaks to Mortgage Bankers Association
Sharp words spoken by Deputy Antonakes who doesn't mince remarks to mortgage industry citing failures of the past and expectations of the future. CFPB boldly affirms the need for paradigm shift as "business as usual is over." [2/20]
- Not Worth It: Lenders Leaving the Non-QM Market
A growing number of lenders are reporting that they are no longer offering non-Qualified Mortgages due to the added costs of compliance and risks of Department of Justice referrals. [2/19]
- FDIC Goes After 8 Executives and Directors of Failed Bank
The FDIC is seeking $15 million from eight former executives and board members of Habersham Bank, alleging they breached their fiduciary duty by approving negligent commercial real estate loans, leading to the failure of the Georgia bank in 2011 and a loss to the insurance fund of $141 million. [2/19]
- Have New QM Rules Doubled the Cost of Loan Origination?
While new qualified mortgage rules may bring stability to loan manufacturing, that stability will come at a cost. [2/18]
- Homeowner Seeks Class Action Lawsuit Against Banks for Delays in Processing Mortgage Payments
Tampa homeowner sues B of A and U.S. Bank alleging that the banks delayed applying extra mortgage payments until the next mortgage payment was due. [2/17]
- FHFA’s Inspector General: Need to Tighten Ship on Overseeing Services
Watchdog finds FHFA not sufficiently enforcing its rules to ensure services respond to borrower requests for assistance within specified timeframes and meeting established procedures and deadlines for loan modifications and foreclosures. [2/14]
- NY Regulator Concerned About Growth of Non-Bank Servicers
In 2011, the 10 largest servicers were traditional banks. Today, four of the top 10 are non-banks, and that concerns Benjamin Lawsky, New York's top regulator, who said regulators should step in when necessary. [2/14]
- CFPB’s Cordray to CUs: Don’t Exit Mortgage Business Because of New Rules
In an online town hall with credit unions, CFPB Director Richard Cordray stresses that he does not want its rules leading to credit unions exiting the mortgage business. [2/14]
- Fewer Americans Are Behind on Their Mortgage Payments
A combination of rising home values, an improving economy, and the availability of mortgage modifications has finally resulted in a decline in the percentage of Americans that are 60-days or more behind on their mortgage payments. At the end of 2012 the mortgage delinquency rate was 5.08%.As of the end of 2013, that rate had dropped to 3.85%, which is definitely a trend in the right direction. [2/12]
- Sound Advice for Private Student Lending
NCUA provided marching papers to its examiners late last year when the agency issued a supervisory letter addressing private student loans. From that letter there are three key takeaways on which credit unions that offer private student loans or those that are considering offering private student loan need to focus. [2/12]
