Links in “Mortgage Lending”
- Cordray: Everything’s Fine
Head of CFPB says new mortgage rules are working fine. Concerns that they would choke off credit were the result of "a cottage industry of lawyers and consultants" sowing fear. See also here. [2/24/16]
- Can Congress and the CFPB Protect Both Consumer and Credit Unions?
In an op-ed featured in CUToday, CUNA Chief Advocacy Officer Ryan Donovan presented his opinions regarding certain CFPB rules involving mortgage lending. These adjustments would provide credit unions with the needed relief to service their members in a better capacity and prevent negative choices that currently impose themselves on financial institutions. [2/23/16]
- Mortgage Servicers Describe “Incredible Impact” of Regulatory Requirements
MBA official says he has seen the cost of servicing a loan go from $130 to $195 this year, not because of increased defaults, but due to increased expense associated with new regulation. [2/19/16]
- New York Going Undercover to Root Out Discrimination
New York's "Fair Housing Enforcement Program" will use undercover "testers" posing as prospective homebuyers to root out housing discrimination. [2/16/16]
- More Heat for Rocket Mortgage’s Superbowl Ad
"Rocket Mortgage: Let's do the financial crisis again, but with apps!" was one tweet from the economic commentariat about the controversial Superbowl ad. But Quicken Loans counters that it's not about lowering credit standards, it's about making the process of applying for a loan easier. [2/10/16]
- Teaching Consumers How to Avoid Mortgage Fraud
If you're told to exaggerate  your income, assets or credit to help you get your loan approved, that's a red flag. Freddie Mac's efforts to teach consumers to identify other red flags of mortgage fraud are featured in a video aimed at consumers. [2/10/16]
- Should Buying a Home Really Be Like Buying a Pair of Shoes Online?
Superbowl advertiser Quicken Loans promoted its "Rocket Mortgage" service, which supposedly makes it super easy and super fast for buyers to get a mortgage. Here's the ad as well as some of the criticism it got after it aired. [2/9/16]
- DOJ, HUD, CFPB and 49 States Hit HSBC
Abuses in mortgage originations, servicing and foreclosure will cost HSBC $601 million. [2/8/16]
- Time to Forgive and Forget Strategic Defaulters?
They walked away from their underwater mortgages, even though they could still afford them. Now they're back, this time as prospective borrowers. The question is, are lenders ready to lend to these boomerang buyers? [2/8/16]
- Online Lender Jumps Into Superbowl
Competition from non-bank lenders for mortgage loans continues to grow. Quicken Loans will jump into the Superbowl commercial big leagues with its Rocket Mortgage tool ("Push button, get mortgage"). Here's an advance peek at its ad. [1/28/16]
