Links in “Mortgage Lending”

Michigan lender requested an applicant for a mortgage loan get a note from his doctor proving his disability is permanent. HUD and the lender have just settled the case. "A person's qualifications to purchase a home should be the only criteria used to evaluate his or her loan application, not whether they are living with a disability." [11/18/15]

In 2013, banks made twice as many mortgages to whites as they did to African-Americans, even though the African-American population of Baltimore is twice that of whites, according to a report to be released by a consumer advocacy group. [11/18/15]

HUD is holding its first sale offering of FY 2016, SFLS 2016-1, with intention to sell unsubsidized single family mortgage loans without FHA insurance. The sale will be held today, November 18, 2015, and details of the sale can be found in a HUD released notice which outlines the bidding process and bidder ineligibility. [11/18/15]

OCC requests approval to collect more aggregate data on portfolio performance, such as outstanding loan count and unpaid principal balance, delinquency and liquidation ratios, and the number of loss mitigation actions completed. [11/16/15]

A survey shows the cost of a mortgage in the first quarter of 2015 was $1,600 higher than one in the fourth quarter of 2012. Loan balances also went up over that period by about $15,000. What factors contributed to those increases? [10/28/15]

CFPB focuses on mortgage complaints in its fourth volume of monthly complaint snapshots. "Despite strong protections that have been put in place to protect homeowners, this month's complaint report shows consumers are still having problems when dealing with their mortgages." [10/28/15]

The Housing and Urban Development Department (HUD) has proposed a new rule for use in investigations involving alleged harassment related to the Fair Housing Act, specifying how HUD would evaluate and handle complaints of quid pro quo and hostile environment harassment. [10/21/2015]

The current regulatory environment is an "enforcement regime," with a heavy handedness that lenders shouldn't just roll over and take. "Don't let strangers in Washington and state houses determine the direction of your companies." The Mortgage Bankers Association convention continues in San Diego. [10/21/15]

While what the CFPB had previously proposed would've been worse, the "new HMDA," with 25 new data points and 14 modified data points in addition to the existing 9 data fields already required under HMDA, "adds to the excessive burden for many community banks, which will further restrict access to credit in local communities." [10/16/15]

The CFPB finalized its HMDA rule aimed at improving information reported about the residential mortgage market. The rule has a five year full implementation phase that begins in earnest in year two (2017) with a reduction in reporting institutions (expanded exemption for small lenders) before 2018 requires a heavy expansion (doubling of data fields) of reported data fields. The new data is aimed at giving phenomenal insights into mortgage lending aspects and will inevitably lead to greater fair lending monitoring. [10/16/15]