Links in “Mortgage Lending”

ICBA tells federal banking regulators that penalizing community banks for servicing the loans they originate will limit consumers' mortgage-servicing options and shift more business to riskier nonbank servicers. [5/22]

Florida’s Fifth Circuit Court of Appeals added much needed clarity to the question of when a foreclosure action is time-barred by the applicable statute of limitations. The Fifth District Court of Appeals stated, “we conclude that a foreclosure action for default in payments occurring after the order of dismissal in the first foreclosure action is not barred by the statute of limitations found in section 95.11(2)(c), Florida Statutes, provided the subsequent foreclosure action on the subsequent defaults is brought within the limitations period.” [5/21]

ABA lends its support to a bill that would allow banks who originate a loan and hold it in portfolio for the whole life of the loan to meet the Ability to Repay and Qualified Mortgage requirements. [5/21]

The CFPB has received more than 15,000 complaints submitted by older consumers, with one-third of those related to mortgages. The CFPB notes that older consumers are carrying more mortgage debt into retirement, with few older homeowners owning their home outright than in the past two decades. [5/19]

The 2014 annual report reviews market and regulatory developments and identifies emerging risks to the financial system. Among several new risks identified by the FSOC are those related to the increase in the transfer of mortgage servicing rights (MSRs) from banks to nonbank servicers. [5/12]

The FTC charges mortgage lead generator with violating the Mortgage Acts and Practices Advertising Rule (MAP) as a result of deceptive marketing and practices. [5/9]

The VA issues interim final rule that defines "qualified mortgages" and ability to repay. VA's interpretation allows flexibility designed to meet veteran mortgage needs. [5/9]

The CFPB released a 19-page report addressing the rising mortgage debt for older Americans. The Bureau recommends making mortgage payoff dates a part of retirement plans, avoiding long-term loans that could impact retirement, and considering post-retirement income and expenses. [5/8]

Here's why the CFPB's self-described "minor" changes to mortgage rules may not be so minor after all. [5/5]

Despite rising home prices and signs of a housing recovery, tight mortgage lending rules are inhibiting housing demand and economic growth, according a recent study by Urban Institute. [5/5]