The House Financial Services Committee has passed a number of mortgage-related bills designed to ease lenders’ liabilities by simplifying rules, reducing complexity and compliance costs, while a streamlined regulatory relief package gained new momentum in the Senate. Late last week, the committee reported out the following bills: H.R. 1210, (Portfolio Lending and Mortgage Access Act); H.R. 1941 (Financial Institutions Examination Fairness and Reform Act); and H.R. 3192 (Homebuyers Assistance Act). H.R. 1210 would modify...
Fannie Mae and Freddie Mac both reported significant increases in net income during the second quarter based largely on hefty gains on their hedging activities. The two government-sponsored enterprises earned a combined $8.81 billion during the second quarter, up from just $2.41 billion for the first three months of 2015. As a result, the Treasury Department will sweep a combined $8.26 billion from Fannie and Freddie into its coffers. Rising interest rates played...
Among the findings of the eClosing pilot project run by the Consumer Financial Protection Bureau is the need for greater coordination and cooperation between lenders, technology vendors and settlement agents, pilot participants revealed this week. Speaking at a CFPB forum to announce the results of the bureau’s recently concluded eClosing initiative, Jim Connell, chief information officer for Sierra Pacific Mortgage, said one of the biggest lessons his company learned was the importance of coordinating with the settlement agents. “We had already passed...
Two Harbors is starting to offer “expanded credit” mortgages via its conduit, including allowing for lower credit scores and higher loan-to-value ratios.
The case caught the attention of many loan officers and managers because it centered around the basic issue of what type of client information an LO can take with them when they depart one organization for another.
Residential lenders funded $445 billion in the second quarter, one of the best readings in two years, according to figures compiled by Inside Mortgage Finance.
One analyst familiar with the case noted that $109.2 million “is a big chunk” for PHH, adding that the case shows “the CFPB is crazy and doesn’t want to be questioned or challenged…”