Links in “Mortgage Lending”
- CFPB Serves it Up for Consumers
CFPB releases new resources for consumers to educate on protections from mortgage rules. Guidance includes sample letters that consumers can send to their mortgage servicers when suspecting errors, more FAQs and other help tips. [1/8]
- Program Lets Customers Use Rewards to Pay Down Loans
Wells Fargo offers customers option of using their credit card rewards to pay down mortgage, auto loans or home equity lines. [1/7]
- Liabilities and Opportunities Created by New Servicing Rules
Industry observer foresees the cost of compliance with new mortgage servicing rules will drive some servicers to exit the market, but others will grow by providing servicing for small lenders or credit unions unable to handle their own servicing. [1/3]
- One Week Left: NCUA Issues Regulatory Alert on Mortgage Rule
NCUA has issued Regulatory Alert 14-RA-01 to provide further guidance in complying with the upcoming Ability-to-Repay/Qualified Mortgage Rule. In the Guidance, NCUA points out that since the underwriting criteria required under the ATR/QM Rule is broader than the requirements under Part 701 of the NCUA Rules and Regulations and most state rules, that compliance with the ATR/QM rule should ensure compliance with Part 701. However, compliance with Part 701 may not ensure compliance with the ATR/QM Rule. [1/3]
- CFPB Wants to Know Consumer’s Pain
CFPB seeks information on key consumer âpain pointsâ associated with mortgage closing and how those pain points might be addressed by market innovations and technology. Comments are requested from all sectors associated with loan closing. [1/3]
- Next on CFPB’s Radar: Closing Process
The next phase of the CFPBâs âKnow Before You Oweâ initiative will be to identify ways to improve the mortgage closing process for consumers and includes 17 questions about âwhat consumers find most problematic about the current closing process.â The CFPBâs questions appear to proceed from the assumption that any closing âproblemsâ stem from the lenderâs actions. [1/3]
- Last-minute Checklist for Dodd-Frank Day (Jan. 10) Preparations
Kudos to you if you've dealt with the big things, such as ability to repay and qualified mortgage rules and the new RESPA servicing requirements. But there are a myriad of small things to deal with, too, before Jan. 10th's rules go into effect. Here's a checklist. [1/2]
- Watt Delays G-Fees Increase
Mel Watt, who is set to take the reins at FHFA January 6, said he intends to delay implementation of the agencyâs guarantee fees and risk-based pricing plan for Fannie Mae and Freddie Mac. The increases spelled a likely hike in mortgage rates, causing an outcry from some groups. [12/31]
- 2014 Forecast: Housing Recovery to Struggle Due to Underemployment and Stricter Mortgage Rules
Forecast sees unemployment and under-employment among the 25- to 35-year-old cohort as having a chilling effect on the number of first-time homebuyers, the group that historically has fueled growth in the housing ecosystem. Also, new qualified mortgage (QM) and ability-to-repay rules will exclude somewhere between 10-20% of borrowers who would have qualified for a loan in 2013. [12/30]
- Lumps of Coal: Regulators on a Roll with Large Money Judgments
Recap of recent regulatory actions against Ally Bank for illegal discrimination in purchasing loans from dealers, and Ocwen Financial for its illegal practices in addressing delinquent mortgage loans. [12/24]
