Links in “Mortgage Lending”
- Happy HMDA Day: 2014 Data Now Available
Total mortgage originations declined by 31% from 2013 to 2014. Among the 7,062 financial institutions that reported data in 2014, home purchase loans increased slightly, while mortgage refinances declined by 55%. Black and Hispanic white applicants are still being declined at a higher rate than Non-Hispanic white applicants. [9/23/15]
- More People Are Taking Out Mortgages
The FFIEC released the Home Mortgage Disclosure Act (HMDA) data for 2014, which shows that more consumers took out mortgages to purchase a home in 2014 than during the previous year. [9/23/15]
- Consumers Complaints Highlight Continued Issues with Mortgage Servicing
The latest CFPB consumer compliant snapshot highlights issues consumers continue to have with their mortgages, including continued problems preventing foreclosure, lack of information when loans are transferred, and trouble making payments. [9/23/15]
- FFIEC Releases 2014 Data on Mortgage Lending
The FFIEC has released data on 2014 mortgage lending transactions at financial institutions covered by HMDA. [9/23/15]
- HMDA Data Show CUs Gaining Mortgage Market Share
Credit unions accounted for more than 9% of all mortgage originations in 2014. [9/23/15]
- Expanding the Small Lender QM Exemption
The CFPB has finalized several changes to mortgage rules; the most important change for credit unions is the increase of the small creditor exemption from qualified mortgage rules from 500 total loans per year to 2,000. [9/22/15]
- Industry Cheers QM Rule Changes
ICAB applauds the final rule that broadens the small-creditor designation under the CFPB's Qualified Mortgage rule from those that make 500 loans annually to 2,000 loans annually. The final rule also expands access to credit for rural customers. [9/22/15]
- Rural and Underserved Areas to Have Greater Access to Credit Following CFPB Rule Changes
On September 21, 2015, the Consumer Financial Protection Bureau made changes to its mortgage rules that will enable small lenders to provide greater credit opportunities in rural and underserved areas. Among other things, the new rules increase the loan origination limit for small-creditors to 2,000 from 500 and broaden the definition of "rural areas." [9/22/15]
- New Tools for “Know Before You Owe”
With the new mortgage disclosure rules pending, the CFPB has released new online tools as part of its "Know Before You Owe" initiative aimed at consumers seeking mortgage loans. See also here. [9/18/15]
- Similarities Between Online Lender Marketplace and Mortgage Lending Pre-2008
Online lenders don't operate with the same regulations that govern mainstream banks. Hence, they are more nimble and can make credit decisions quickly. But some industry observers says the online lending industry bears some troubling similarities to mortgage lending in the period leading up to the 2008 financial crisis. [9/14/15]
