One mortgage executive had this to say about the W.J. Bradley case: This is fascinating for the implications of whether the LO or the company owns the customer. As you know, LOs have their little black books (or thumb drives) of all their customers and their information."
In fact, the ATR rule does not require lenders to offer any specific type of mortgage, the guide says. Lenders can offer any mortgage they believe a consumer has the ability to repay, as long as they have documentation to back up their assessment.
Through the first nine months of 2013, an estimated 22 percent of the $1.59 trillion in mortgages originated (including second liens) had non-agency execution.
Jeff Detwiler, president and chief operating officer of Long & Foster Companies, noted that that higher interest rates are playing a big role in the lower home sales realtors are seeing in the Washington DC metro area.
A spokesman for WJB told IMF that the lender/servicer may send out an additional 2,000 data breach notifications, pending the results of a computer forensic review.
The former House Democrat has already halted for now certain DeMarco-era directives, including the FHFAs December announcement of a 10-basis point guaranty fee increase.
Your fathers mortgage lending industry is about to be unofficially laid to rest at the end of the week. Four significant rules from the CFPB set to kick in on Friday, Jan. 10, seem poised to forever change the mortgage lending and servicing landscape. The rule that has gotten far and away the most negative publicity is the bureaus new ability-to-repay/qualified mortgage rule, which creates two versions of a QM loan a safe harbor QM and a rebuttable presumption QM as well as a 3 percent points-and-fees cap. The rule also features...