Links in “Mortgage Lending”
- CFPB to Would-Be Mortgagors: Better Shop Around
New CFPB report finds that almost half of consumers do not shop around for a mortgage when purchasing a home. The report also found that informed consumers are more likely to shop, especially if they are familiar with available mortgage rates. The CFPB is seeking to overcome this through a new initiative that includes an interactive, online toolkit called âOwning a Home,â that is designed to help consumers as they shop for a mortgage. The goal of the effort is to give consumers the information and confidence needed to get the best deal. [1/13/15]
- FHA Cuts Mortgage Insurance Premiums
By 37%! For the typical first-time home buyer this could mean a reduction of approximately $900 per year in their monthly payments and make the difference in qualifying for a loan. [1/8/15]
- NCUA Announces Supervisory Priorities for 2015
In a recent Letter to Credit Unions (15-CU-01), NCUA announced that its top three areas of supervisory focus for this year will be cyber security, interest rate risk, and Bank Secrecy Act compliance. The letter also notes that there will be increased focus in the lending area to ensure compliance with new mortgage rules, as well as increased scrutiny in the areas of indirect lending and subprime lending. [1/7/15]
- The CFPBâs New Cure: Final Revisions to Certain Mortgage Rules
In our most recent blog post, AffirmX's Jane Pannier delivers the CFPB's prescription for curing overages to the points and fees limit for qualified mortgages. While not a cure-all, the amendments may help relieve the pain related to undiscovered and unintended overages, maintain a loanâs qualified mortgage status, and avoid regulatory violations. [1/6/15]
- Quiet Close to 2014 for Agencies
After a quiet close to 2014, agencies acted quickly to ensure that modifications to Basel III capital rules would not significantly affect community banks. In addition, dollar adjustments were made to thresholds under the Truth in Lending Act and Community Reinvestment Act. [1/6/15]
- Attorneys Take FDCPA Where It Was Never Intended to Go
New breed of lawsuits stretches Fair Debt Collection Practices Act beyond its original intent of shielding borrowers from abusive and unfair debt collection practices. Now attorneys are challenging the validity of the venue of lawsuits brought where lenders have moved outside the state where the collateral for the mortgage is located. [1/5/15]
- HUD Compliance Failures Cost Mortgage Lender $36 Million
New York-based Golden First Mortgage's authority to originate, underwrite and certify mortgages for FHA insurance was abused on more than 1,000 mortgage loans. The company has settled for $36 million. [1/5/15]
- Fed Announces Higher Threshold for Higher Priced Mortgages
The Federal Reserve Board announced that the threshold for the small loan exemption to the definition of a higher priced mortgage is increasing from $25,000 to $25,500 effective January 1, 2015. [12/30/14]
- Judge Orders Credit Suisse to Face the Music
New York's Supreme Court rejects Credit Suisse's request to dismiss a $10 billion lawsuit by the state's attorney general accusing the Swiss bank of fraud in the sales of mortgage-backed securities before the 2008 financial crisis. The move is expected to strengthen NY's hand in punishing other banks for bad behavior tied to the recession. [12/29/14]
- NCUA Sues Two More Banks for MBS Fraud
In its continuing effort to recover losses from the failure of a number of corporate credit unions, NCUA has filed suits against the U.S Bank National Association and the Bank of America National Association. The suit claims that the banks failed to fulfill their duties under both federal and state law as trustees for 99 residential, mortgage-backed securities. [12/18/14]
