Links in “Mortgage Lending”
- How Can You Help Your Members Achieve Their Homeownership Dreams?
Some credit unions have found the answer through down-payment assistance programs. In the past 6 years, the average home purchase down payment has increased from $4,000 to $9,840 leaving many first-time home buyers out in the cold. Home down payment assistance programs provide means to overcome this hurdle. [8/19/14]
- HUD-Held Loans… Going Once, Going Twice, SOLD!
HUD's plan to sell three unsubsidized mortgage loan notes and one healthcare loan note in a competitive auction on Sept. 17, 2014. [8/19/14]
- FHA Official Jumps to CFPB to Monitor Impact of New Mortgage Rules
Federal Housing Administration's Patricia McClung will be leaving to join the CFPB to monitor the impact of rules and regs for lending and servicing that took effect earlier this year. [8/18/14]
- Regulatory Relief in Sight?
Perhaps not yet, but NAFCU is continually working to reduce the regulatory burden of several areas including mortgage rules, remittances, overdraft services, and prepaid cards. [8/12/14]
- The End of End of Draw Periods
During the Great Recession, home equity lines of credit were quite popular with consumersâthe majority of HELOC balances left at the end of 2013 were originated during this time. Those HELOCs created between 2005 and 2007 often had 10-year draw periods, which means the balances will come due soon. A study by TransUnion reveals these consumers may experience "financial" shock when their end of draw periods end. [8/11/14]
- New Mortgage Rules Squeezing Credit? Fed Says No (But…)
A Federal Reserve survey of loan officers concludes that ability-to-repay and qualified mortgage rules that went into effect earlier this year are not having a significant impact on residential mortgage loans. However, a closer look at the numbers reveals that only 47% of respondents at smaller institutions say that approval ratings for residential mortgages are "about the same," compared to 78% of large bank respondents. [8/6/14]
- Costs of Complying with New Mortgage Regulations Chasing Smaller Banks from the Market
A report finds banks losing an average of $194 a mortgage, leading smaller institutions to outsource their mortgages, creating an opportunity for industrious outsourcers. [8/4/14]
- Will CFPB’s HMDA Proposal Jeopardize Borrower Privacy?
The CFPB's proposed amendments to HMDA are designed to enhance the opportunities to analyze mortgage lending activity by including credit score, age, property value, and more. The proposed change also raises concerns about borrower privacy. [7/28/14]
- Ocwen Creates Community Advisory Council
The nation's fourth largest mortgage servicer has created a "Community Advisory Council" to provide a forum for Ocwen and community advocates to share ideas on those areas hit hardest by the economic downturn. [7/17/14]
- Costs of FHA Compliance Has JPM Thinking Twice about Its Participation
JPMorgan's CEO Jamie Dimon says the bank, the nation's second largest mortgage lender, is rethinking its participation in Federal Housing Administration mortgage programs, in light of its recent $614 million settlement. [7/16/14]
