Lender, AMC Settle With CFPB
A national home lender is accused of using bait-and-switch tactics, overcharging prospective borrowers for services provided by its appraisal management company and not disclosing third-party affiliation.
Non-QM Product Launches
A new program has been launched that provides home financing for borrowers who don't necessarily meet the requirements for a Qualified Mortgage.
Jumbo, Nontraditional Lending Take Biggest QM Hit
Some banks have seen lower approval rates for conforming borrowers as a result of Qualified Mortgage and Ability-to-Repay requirements. Jumbo and nontraditional borrowers fared far worse.
Resources Help Lenders With Mortgage Compliance
From toolkits to templates, a handful of mortgage service providers offer products aimed at helping lenders keep current on regulatory rules already in effect or slated for nearing implementation dates. As well, some service providers feature free information hubs aimed at helping mortgage professionals with their workflow while staying compliance savvy.
HMDA Reporting Revisions Proposed
Proposed changes to reporting requirements for the Home Mortgage Disclosure Act are intended to simplify the process while protecting consumer access to credit.
HUD Updates Digital Document Retention Requirements
Electronic document retention requirements for foreclosures on loans insured by the Federal Housing Administration have been updated.
HUD Actions Include Millions in Fines, Fees
Dozens of lenders on government-insured mortgages have faced a multitude of actions, including millions of dollars in penalties and other payments. Impacted lenders include Fairway Independent Mortgage Corp., Fifth Third Bank and U.S. Bank, N.A.
Some Mini-Correspondents Subject to Broker Rules
Guidance has been issued to help mortgage brokers that are transitioning to mini-correspondent lenders better understand whether they are still subject to broker rules.
CFPB Clarifies Ability to Repay Rule
Mortgage servicers are being given some leeway on Ability-to-Repay rule requirements when a borrower dies and heirs inherit the property.