HUD has released its long-awaited disparate impact final rule, sending notification to the industry that housing policies and practices can be determined to be discriminatory not simply through their intent, but also by their effect.
GSE MBS issuance increased in January and the most likely explanation may be new, more seller-friendly repurchase policies at Fannie Mae and Freddie Mac.
Wells Fargo is contemplating selling some of its massive $1.906 trillion residential servicing portfolio while maintain a subservicing relationship with the end consumer.
The Department of Housing and Urban Development released its long-awaited disparate impact final rule last week, formalizing for the first time the long-held interpretation of the Fair Housing Act by HUD, which has repeatedly asserted that housing policies and practices can be determined to be discriminatory not simply through their intent, but also by their effect. As weve learned over the years, housing discrimination comes in many forms. Discrimination doesnt have to be intentional in order to have a damaging...
The CFPBs legal position on a borrowers right of rescission under the Truth In Lending Act again swayed the day for a consumer. This time, it was the Third Circuit Court of Appeals, in Sherzer v. Homestar Mortgage Services, that agreed with the bureaus legal argument that a lawsuit filed more than three years after a mortgage has been closed can be brought, so long as the borrower sent the lender a written notice of rescission within the three-year period.In this instance, borrowers Daniel and Geraldine Sherzer obtained...
Many in the mortgage finance industry were unsettled with the recent Canning v. National Labor Relations Board ruling, fearing compliance chaos could ensue right as the industry is about to be confronted with implementing a handful of critical new regulations that will transform the landscape of mortgage lending for decades to come, such as the new ability-to-repay final rule. However, some top industry compliance attorneys urged the industry to press on full-speed ahead with their compliance efforts, regardless of the uncertainty...
CFPB Director Richard Cordray told an assemblage of financial industry representatives last week that it would be a mistake for prudential regulators to examine institutions in such a way as to steer them toward providing only mortgages that can be defined as qualified under the bureaus ability-to-repay rule, according to one industry source in attendance. Cordray said the CFPB wants other types of mortgages to flourish as well, the source continued. Bureau staff added that they would expect the percentage of QMs in the...