Links in “Mortgage Lending”

“Some lenders became afraid of their own shadows" with the new mortgage rules, but others are discovering that there are still ways to make smart and sound loans to borrowers who don't fit the narrow box. [10/16/14]

Here's a look at what's behind the CFPB's two recently proposed changes to the TILA-RESPA Integrated Disclosure Rules and how they might impact financial institutions. [10/15/14]

Up until recently, the CFPB has seemingly been satisfied with imperfect compliance with the new mortgage servicing rules, so long as a “good faith effort” to comply with the rules is demonstrated. But the recent actions against Flagstar Bank seem to signify that the good faith effort isn’t enough anymore. In this video, AffirmX’s SVP and In-House Counsel Jane Pannier discusses what has happened and what it means for your institution. [10/10/14]

The Justice Department is preparing charges against a number of U.S. and foreign banks that the agency believes altered foreign currency prices. These new charges follow charges earlier this year that certain American and foreign banks manipulated the Libor and engaged in the sale of faulty mortgage-backed securities. [10/8/14]

Many thought that the increased loan demand from a recovering economy would offset the dampening effect of tighter mortgage regulation. However, over 70% of mortgage and housing professionals in a recent survey said that increased regulation has resulted in less money being made available for mortgage loans. [10/8/14]

The Federal Housing Finance Agency has approved a 60-day extension of the comment period for its proposed rule on membership requirements. The proposed rule would require FHLB members and applicants to maintain 1% of assets in home mortgages and 10% of assets in residential mortgages. [10/7/14]

It’s possible. Navy Fed has been offering a 100% LTV mortgage product for which they charge a rate of 5% due to the higher risk and the fact that they waive private mortgage insurance. However, the 5% rate has caused these loans to meet the definition of a higher rate mortgage with the end result being that Navy Fed was the largest higher rate mortgage lender in the country in 2013. [10/1/14]

The CFPB has released a report detailing apparent dissimilarities between homes built onsite versus manufactured homes. In 2012, 68% of manufactured homes were considered high-priced mortgage loans, whereas only 3% of site-built homes were classified as such. See the full report here. [10/1/14]

The OCC has released its Mortgage Metrics Report for the second quarter of 2014. Among other promising trends, first-lien mortgages are performing better than a year ago. [9/26/14]

Facing foreclosure? The HUD, Treasury, and The Ad Council want you to know that you have options through the Making Home Affordable (MHA) Program. [9/25/14]