Trade groups believe the proposed rule will harm consumers by tightening credit standards. An association representing debt collection agencies warned that the proposal could lead borrowers to take on additional debt they can’t afford.
Interest rates on mortgages declined as the traditional homebuying season nears an end. Demand for purchase mortgages also continues to be limited by weak inventory of homes for sale and elevated home prices.
The servicing sales market has slowed this summer, but there are rumblings of activity. Freedom Mortgage, for instance, is peeling off a piece of its conventional portfolio. And a sale of SPS is in the works.
With mortgage originations coming off two challenging years — to put it mildly — now might be a good entry point for warehouse providers. At least that’s what Scotiabank is betting on.
Sellers repeatedly using contract-for-deed financing must assess a borrower’s ability to repay a loan and provide disclosures, the CFPB said in a new advisory opinion.
A Fannie survey of recent homebuyers shows a growing interest in digitizing the homebuying process. That includes finding a home, getting a mortgage and filling out the closing documents.
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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