Nonbanks will likely account for over half of outstanding agency single-family servicing by the end of 2018 if market trends continue as they have in recent years.
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Guild Mortgage, which ranks 21st among all home lenders, has agreed to purchase Cornerstone Mortgage, St. Louis, marking the first acquisition of 2018, a year in which the rollup of smaller lending shops could be significant.
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As a group, the largest bank mortgage lenders began reporting sagging mortgage originations in the fourth quarter, though the drop was hardly a disaster.
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The recently enacted Tax Cuts and Jobs Act was pitched as a simplification of the tax code. And while the bill could ultimately reduce some tax-related complexities, lenders are facing sweeping changes this year.
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The House Financial Services Committee this week was advancing more than a dozen and a half regulatory relief measures as Inside Mortgage Finance was going to press, including some mortgage-related legislation that would expand the qualified-mortgage box for smaller entities and exempt many institutions from the rules and regulations issued by the Consumer Financial Protection Bureau.
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Fannie Mae and Freddie Mac have been charged with exploring options to update their current FICO credit scoring model and make a decision this year as to whether to make the switch in 2019.
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The game-changing ability-to-repay mortgage lending rule from the Consumer Financial Protec-tion Bureau took effect four years ago this month. At that time, regulators said there would be plenty of mortgage lending outside the parameters of the qualified-mortgage box. So far, however, that ex-pectation has yet to be realized.
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Bipartisan legislation was introduced last week in the U.S. Senate to protect veterans and service members from predatory serial refinancing by requiring lenders to show the transaction actually bene-fits the borrower.
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The Federal Reserve Board last week wrapped up enforcement actions against 10 banks and im-posed fines against five of them after “sustainable improvements” in their servicing operations.
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