Links in “Mortgage Lending”
- A Look at the CFPB’s Technical Reports on Mortgages
The CFPB is issuing two technical reports on mortgage lending to support its policymaking activities. One is a national database of mortgages, and the other is a national survey of mortgage borrowers. [9/9/15]
- DOJ Hits Reverse Mortgage Servicer for $29 Million
The Department of Justice settles with Walter Investment Management for $29.6 million for its "knowing failure to comply with important HUD requirements" when servicing HUD-insured reverse mortgages. [9/8/15]
- Donât Make Us Tell You Thrice: The CFPBâs Homeownership Counseling Guidance
In 2013, the CFPB issued guidance on providing mortgage applicants with a list of homeownership counseling organizations. This spring, the bureau not only restated that guidance, but also added further guidance for mortgage lenders. With this further clarification we can expect to see greater scrutiny from the CFPB. Has your institution incorporated the new guidance on mortgage lending? [9/1/15]
- Dupaco Community Helps Woman Become First Homeowner in Her Family
Hereâs what credit unions are all about. Dupaco Community CU offers a MoneyMatch program that matches (dollar for dollar) the deposits a member makes to an individual development account (IDA) with grants from the Dupaco R. J. Hoefer Foundation and the Iowa Credit Union Foundation. Through this program Ermina Soler was able to break a generational-cycle of poverty and accumulate $4,000 to purchase a house, becoming the first person in her immediate family to be a homeowner. [8/28/15]
- Increasing Focus on Fair Housing and Disparate Impact
Fair housing will be getting some increased attention in Washington, D.C. next month when HUD hosts a conference called "A Call to Advance Housing Rights and Opportunities." Disparate impact is expected to be a key topic of discussion. [8/27/15]
- FNMA Launches New Program for Low-Income, Minority Borrowers
FNMA (Fannie Mae) is offering a new mortgage option, called HomeReady, that will take into consideration multi-generational and extended household income. To participate in this program, which permits downpayments as low as 3%, applicants must first complete an online education course to prepare them for the home-buying process. [8/27/15]
- Greater Link Between Credit Scores and Homeowner Insurance Rates
Insurers are putting greater emphasis on consumer credit scores. In fact, consumers with poor credit can pay twice as much for homeowner insurance than those with stellar credit. [8/27/15]
- CFPB Complaint Trifecta: Debt Collection, Credit Reporting, Mortgages
The CFPB's July complaint snapshot finds debt collection (with 31% of the complaints in July) in the top spot, credit reporting (25%) in the second spot, and mortgages (17%) rounding out the top three. Mortgages still hold the top spot overall, accounting for 28% of all complaints since the bureau opened in 2011. [8/26/15]
- Consumers are the CFPB’s Eyes and Ears, But Only When Convenient
With the CFPB's emphasis on its complaint database serving as its eyes and ears, one would think that payday lenders would be near the top of the complaint list, given the CFPB's proposals to nearly regulate the industry out of existence. But complaints against payday lenders constitute less than 1% of the bureau's complaint database. What's at the top? Complaints about mortgages (36%). [8/24/15]
- Three Weeks Later: FHA Neighborhood Watch Website is Back Up
The FHA's "early warning system" for monitoring mortgage defaults and lender performance crashed on July 27. The system is now back online. [8/19/15]
