Former Ginnie Mae President Ted Tozer wants FHA to consider adjusting or eliminating its minimum downpayment requirement to put homeownership in the reach of more consumers.
The regulator said in an amicus brief Wednesday that home equity investments can be considered credit and subject to Truth in Lending Act requirements.
“We’re still not at the level of profitability where we should be in home lending, just given as we continue to wind down that servicing book,” said Charlie Scharf, CEO of Wells.
Mortgage-banking revenue was off due to lower originations and hedges tied to MSRs.
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