Nationstar's new filing with the Securities and Exchange Commission offers little in the way of information on the terms of the new $1 billion facility.
The CFPBs ability-to-repay qualified mortgage rule is steaming full speed ahead with January implementation, and that has anxious lenders appealing to sympathetic ears on Capitol Hill for relief, one way or another. During a hearing earlier this month before the House Financial Services Committee, Rep. Shelley Moore Capito, R-WV, raised with CFPB Director Richard Cordray concerns shes been hearing from some of her mortgage lender constituents about the bureaus pending mortgage rules, including the ATR/QM. During a roundtable she held...
Mortgage lending trade group representatives are ramping up the crescendo of industry calls for the CFPB to make even more changes to its pending mortgage rules, or for an implementation delay, or both. Its not easy to satisfy them, though, which some industry participants will privately concede. On the one hand, the industry keeps pressing for numerous changes and revisions, yet on the other hand, complains that each new change or revision further complicates their efforts to get into compliance. Be that as it may, the calls...
Its now being said that consumer complaints may be the biggest regulatory threat companies face in the era of the CFPB, perhaps especially so for those operating in the mortgage sector. So a fully competent compliance management system will be essential for companies striving to comply with the bureaus mortgage servicing requirements; otherwise, they likely face fines and/or disgorgement. But a solid CMS is only the means to an end, and it all boils down to better communication with the borrower, top industry and vendor...
Staff and members of the Mortgage Bankers Association met with the CFPB in recent weeks to discuss how to determine the interest rate without any discount that is used to calculate the starting point at which bona fide discount points can be used to reduce the rate and are eligible for exclusion from the qualified mortgages points-and-fees cap. Specifically, MBA asked if the interest rate to be used is the rate unique to each consumer or is simply a rate from a standard rate sheet. The trade group also wanted to know what the...
Bank holdings of home-equity loans continue to decline, with mixed performance trends. Regulators warn that home-equity lines of credit originated before the financial crisis are a particular concern as the loans are set to reach their amortization periods. Banks and thrifts held $1.05 trillion in HELOCs, HELOC commitments and closed-end seconds as of the end of the second quarter of 2013, according to the Inside Mortgage Finance Bank Mortgage Database. The holdings declined by 1.9 percent ... [Includes one data chart]