Links in “Mortgage Lending”
- CFPB’s Final Mortgage Rule Amendments Anything But Minor
While the CFPB characterized the amendments to its final mortgage rules as "minor adjustments," the final rule contains several major changes from its proposal. [10/24/14]
- Certain Nonprofits Added to the CFPB’s Ability-to-Repay Exemption
Tweaks to mortgage rules include hammering out the definition of nonprofit small servicers, the extension of the Ability-to-Repay exemptions to include certain nonprofit groups, and cases in which refunds to a consumer for excess points and fees may occur. [10/23/14]
- New QRM Rules an Improvement, But Big Penalty Climate Persists
Despite the greater alignment of qualified mortgage rules, there is still an environment of heavy government lawsuits, which conflicts with the government's message to mortgage lenders that they need to lend more. [10/22/14]
- FNMA, FHLMC to Offer More Certainty About Warranty Requirements
Federal Housing Finance Agency Mel Watt announced that mortgages lenders will soon be provided with more certainty regarding covering losses on loans sold to Fannie Mae and Freddie Mac. According to Mary Dunn, Deputy General Counsel at CUNA, the changes could mitigate some concerns that credit unions have about the need for flexibility in their mortgage lending practices. [10/22/14]
- QRM Rule to Align with CFPB’s QM Rule
FDIC adopts the interagency qualified residential mortgage rule changes that brings it in alignment with the CFPB's qualified mortgage rule, which suits industry groups that had lobbied for alignment just fine. [10/22/14]
- FHFA Chief to Bankers: Be More Aggressive in Making Responsible Loans
Federal Housing Finance Administration's chief tells bankers the agency is working to expand availability for mortgage credit in an effort to give the housing market a lift and is looking for bankers to do their part "to fulfill both sides of our shared responsibility." [10/21/14]
- HUD Chief: Credit Pendulum Has Swung Too Far
Speaking to the Mortgage Bankers Association, HUD Secretary Julian Castro says that credit, which was too loose in the years leading up to the economic crisis, has swung too far the other way. "There's been a vacuum in the market and it needs to be filled." [10/21/14]
- Report: GSE Agreement That Would Jumpstart Mortgage Activity Close
The two GSEs, Fannie Mae and Freddie Mac, and their conservator are reportedly nearing an agreement with lenders that would provide greater assurances that lenders would not be at risk of being pressed to repurchase loans sold, a move that could give a boost to sluggish mortgage activity. [10/20/14]
- How Much Have Your Mortgage Compliance Costs Risen This Year?
Survey finds lenders report a 30% increase in mortgage compliance costs over 2013. Compliance risk was identified as most lenders' top area of focus in 2014. [10/17/14]
- Long Anticipated QRM Regulation on the October Agenda
The Federal Reserve Board is planning to vote on a final regulation on qualified residential mortgages at its October 22nd board meeting. The Wall Street Journal is reporting that the expectation is that the standards for mortgages that are packaged into mortgage-backed securities will be loosened in order to make credit more available. [10/16/14]
