Mandatory risk-retention requirements will severely limit non-agency mortgage originations and securitization, according to market participants. Even portfolio originations could be hindered due to the pending rule from federal regulators. Loan availability is likely to be quite restricted in the...
Good news for mortgage brokers: the FHA has eliminated the statutory 1 percent origination cap on 203(k) rehabilitation mortgages. This means that loan originators may set and collect fair, reasonable and customary fees and charges above 1 percent for originating fixer upper mortgage ...
Mortgage origination activity dropped sharply in early 2011 and momentum is pointing toward further declines as the housing market limps into a new buying season. Mortgage lenders generated an estimated $325.0 billion in single-family originations during the first three months of the year, a decline of... [Includes two data charts]
The American Guild of Appraisers met with Rep. Barney Frank, D-MA, on April 14 to ask for his help in resolving the guilds concerns with the Federal Reserve Boards interim final rule on appraiser independence and reasonable and customary fees, which was implemented on the first of the month...
The Federal Reserve Boards loan originator compensation rule is finally in effect after lawsuits filed by mortgage broker trade groups failed to stop the rule in its tracks. In a terse, one-page decision, the U.S. District Court of Appeals for the District of Columbia Circuit lifted a temporary stay order against...
Originations of FHA-insured mortgages declined in early 2011, and Februarys total was the lowest in nearly three years. Overall mortgage market lending dropped in the fourth quarter last year, and the industry is in the throes of reforming the system while trying to urge back the private sector. The $15.0 billion in... [Includes one data chart and one graph]
All FHA-insured mortgages made after April 18 will face higher annual premiums, the latest fee structure change in a series of adjustments over the past year. Early indications from Department of Housing and Urban Development data show that the measures have begun to accomplish both of the agencys goals to shore up...
Real-estate investment trusts that focus on the nonconforming market are positioned to capitalize on risk-retention requirements proposed last week by federal regulators. But banks with large balance sheets may be less able to access non-agency securitization, according to industry analysts. The qualified residential mortgage proposal is likely to...
Many stakeholders are still in the dark with unanswered questions despite efforts by senior staff attorneys of the Federal Reserve to explain the complex provisions and issues arising from a final rule on loan originator compensation. Paul Mondor and Nikita Pastor, attorneys with the Feds Consumer and Community Affairs Division, which wrote...
The mortgage industry scored a victory recently after a Michigan jury issued a unanimous verdict for Quicken Loans in an overtime lawsuit that has been pending since May 2004. The jury in Henry v. Quicken Loans vindicated the lender after finding that the company had fully complied...