Links in “Mortgage Lending”
- Lawyer Opines on Cordray’s Assurances about Non-QM Lending
Assurances offered by CFPB's Cordray to mortgage bankers that non-qualified mortgage lending is "perfectly fine" provided they "perform well over time" and, "absent other factors," amount to a "trust us; we're the government" level of cold comfort, according to this bank attorney. [10/30]
- Tack on Another $5.1 Billion to JPM Settlements
JPMorgan Chase to pay $4 billion to Federal Housing Finance Agency and $1.1 billion to Fannie Mae and Freddie Mac to resolve mortgage-purchase issues. [10/28]
- Bright Side of Shutdown: Mortgage Rates Dip
Gridlock spooked investors, causing mortgage rates to drop. [10/25]
- Deceptive Interest Rate Practices Net Mortgage Lender $3 Million Fine from NY
New York state fines mortgage company $3 million for a number of violations, including charging borrowers upfront fees to reduce their interest rates, then failing to deliver the promised discounts. [10/24]
- Next Up for FHFA: BofA for $6 Billion
With talks underway with JPMorgan Chase to pay it $4 billion to settle faulty mortgage bond claims, the Federal Housing Finance Agency is expected to seek at least $6 billion from Bank of America. [10/22]
- Cordray: Rebuilding Economy and Confidence through Dodd-Frank
Speech with ABA's annual conference in New Orleans promotes efforts of CFPB to rebuild confidence in mortgage lending and economy through efforts via Dodd-Frank. [10/22]
- Majority of Credit Unions in Recent Survey Plan to Reduce Mortgage Offerings
A recent CUNA survey showed that about 60% of the respondents will likely offer fewer mortgage options as a result of the new mortgage regulations scheduled to go into effect in January 2014. About half of the credit unions surveyed indicated that they are undecided about whether they will offer mortgages that do not meet the definition of a âqualified mortgage.â Consumers could be the ultimate losers. [10/21]
- 1 in 5 Loans Today Wouldn’t Meet QM Standards
Fee levels and high APRs are the primary reasons that 20% of today's loans wouldn't qualify for qualified mortgage rules that go into effect in January. [10/21]
- Big 5 Servicers Report They Have Satisfied National Mortgage Settlement Requirements
Bank of America, Citi, Chase, Wells Fargo and Ally Financial report they have fulfilled their consumer relief obligations outlined in the National Mortgage Settlement. Review team monitoring the effort has yet to confirm. [10/18]
- EverBank Finalizes Consent Order and Payments
EverBank memorializes agreement to pay $37 million to more than 32,000 eligible mortgage borrowers affected by unsafe and unsound practices in mortgage loan servicing and foreclosure processing. Agreement calls for additional $6.3 million to organizations certified by the U.S. Department of Housing and Urban Development (HUD). [10/17]
