Gordon Albrecht, executive vice president for FCI Lender Services, said, The less the banks lend, for whatever reason, the more goes to private-money firms.
On Tuesday the Fed will hold an open meeting to discuss final rule-making tied to the Basel III accords, which affects the value of mortgage servicing rights.
Now that the U.S. Supreme Court has decided to take on the presidential recess appointment issue in Noel Canning v. National Labor Relations Board, the odds are high that Richard Cordrays appointment will also be reviewed and perhaps declared unconstitutional, according to the consensus expectations of a number of industry representatives. And if that happens, it could be a real mess for the mortgage lending community, according to one top industry lobbyist. In Canning, the D.C. Circuit Court of Appeals...
In response to a significant amount of public input and private bellyaching from the mortgage finance industry, the CFPB last week issued a number of proposed clarifications and revisions to several mortgage rulemakings finalized in January 2013, including changes to those having to do with loan originator compensation. The proposed changes would, among other things, clarify the definition of a loan originator. Under the CFPBs January 2013 loan originator compensation final rule, persons classified as loan originators...
The Consumer Financial Protection Bureau this weekend proposed limited revisions and clarifications to a number of its mortgage rules. The CFPB proposed allowing originations of certain high-cost balloon mortgages by small lenders to receive qualified mortgage status regardless of where the lenders operate. The CFPB also proposed slightly tweaking an exemption from escrow requirements on certain higher-priced mortgages originated by lenders in rural and underserved areas. To prevent ... [Includes two briefs]