Links in “Mortgage Lending”
- ‘Tis the Season: CFPB & DOJ File Discrimination Complaint
CFPB and DOJ file $35 million joint complaint against National City Bank (through successor PNC Bank) for seven-year span (2002 to 2008) of charging higher prices on mortgage loans to African-American and Hispanic borrowers than similarly creditworthy white borrowers. [12/24]
- Improvement in Mortgage Lending Observed
OCC's 3rd quarter mortgage industry report notes ongoing overall improvement. Key elements include increase in current mortgages (91.4% up from 88.6% in 2012), decreases in early stage delinquency (2.6% down from 15.5% a year ago), and foreclosures (48% reduction). [12/24]
- Mortgage Fee Increases Delayed
New Federal Housing Finance Director, Mel Watt, announced on Friday that he plans to delay implementation of planned mortgage fee increases. The FHFA had announced earlier this month a plan for a 10-basis point increase in guarantee fees (g-fees), along with an increase to the loan-level price adjustment. [12/23]
- NAFCU’s Response to FHFA Loan Guarantee Increases
NAFCU warns that an increase of 14 basis points for a typical 30-year mortgage may further contribute to a slowdown in the recovery. For perspective, the association points out that a 10-basis-point increase would cost a borrower $4,000 over the life of a 30-year, $200,000 mortgage. [12/20]
- Consumers Move from Refinances to Purchase Money Mortgages
Mortgage industry expert Tracy Ashfield says that rising interest rates are slowing the demand for mortgage refinances, but credit unions should be seeing an increase in purchase money mortgage applications. Ashfield shares advice on how credit unions should position themselves to take advantage of this shift. [12/19]
- To QM or Not to QM: Is There a Safety & Soundness Consideration?
Agencies release statement on supervisory approach for qualified and non-qualified mortgage loans; agencies' statement indicates that loans will not be subject to criticism based solely on whether they are QM or non-QM. [12/18]
- FHFA Proposes to Lower Loan Limits 4%
Agency seeks comments on plan to reduce maximum size of loans that Fannie Mae and Freddie Mac can purchase from mortgage lenders by 4% to $400,000 for most purchases and $600,000 in high-cost areas. [12/17]
- Bad Mortgage Service Practices Leads to $6.25 Million Settlement
New Jersey settles with PHH Mortgage for inaccurate statements about the time it would take to process loan modification requests and inaccurate statements to consumers about foreclosure proceedings and assessments of improper late fees and other fees. [12/16]
- NCUA Board Approves Charitable Donation Account Rule
At yesterdayâs NCUA Board meeting, action was taken on a number of items, including approval of a final rule on Charitable Donation Accounts (CDAs) that limits the CDA investments to 5% of a credit unionâs assets (an increase from the 3% cap set in the proposed rule); approval of a scaled-down budget for the Temporary Corporate Credit Union Stabilization Fund for 2014; a proposed rule concerning home-based credit unions; and approval of a final rule that exempts certain higher-priced mortgages from its Appraisal Rule. [12/13]
- Ring out the Bells: NCUA’s Final Board Meeting ’13
NCUA Board goes final for meetings and various actions including rules to allow FCUs to invest in hybrid accounts to fund charitable causes under certain conditions as well as a reduced budget for 2014. Proposal on examiner safety, member access, and privacy at home-based FCUs presented along with update on mortgage rules. [12/13]
