Some in the mortgage broker community have suggested that operating as a mini-correspondent could help brokers bypass points-and-fees complications with the qualified mortgage definition under the ATR rule.
The government accused the San Diego-based Plaza Home of charging black and Hispanic borrowers higher fees than white borrowers on mortgages sourced through the wholesale channel.
FHA will continue to insure mortgages if the government closes but cautions that its commitment authority eventually will run dry. Potential homeowners "will be impacted," it warns.
Except for Title I property improvement loans, HUD proposes to adopt the statutory points and fees structure for all FHA-insured single-family mortgages as implemented under the FPB's QM/Ability-to-Repay final rule.