Congress Warned About QM
The country's mortgage lenders are warning Congress that implementation of the Ability-To-Repay rule as it stands will take an especially hard toll on low-income borrowers. But that's not the only concern the industry has.
On Tuesday, the House Committee on Financial Services is holding the hearing, Examining How the Dodd-Frank Act Hampers Home Ownership.
The hearing continues a subcommittee study of the impact of the Ability-to-Repay and Qualified Mortgage rule issued in January by the Consumer Financial Protection Bureau. The first subcommittee hearing was held in May.
Senate Holds Hearing on HECMs
Proposed changes to guidelines for federally insured reverse mortgages are expected to stabilize the program while protecting consumers, according to congressional testimony.
The FHA Report
Vested parties have recently swarmed interested entities with opinions related to recent Federal Housing Administration activity. FHA policies and updates centered around its financial health and boundaries of its protective borrower reach, while a handful of new private mortgage industry services have been unveiled.
Events Explore Impact of New CFPB Rules
A series of conference calls are being held to help executives get their arms around the thousands of pages of mortgage rules recently issued by the Consumer Financial Protection Bureau.
Former Mortgage Association President Convicted
|Mortgage Lenders Face Regulatory Cliff
As the nation's politicians grapple with a potential drop off the fiscal cliff, the head of the Mortgage Bankers Association is warning about the industry falling off an upcoming mortgage regulatory cliff.
The former president of Iowa's mortgage broker association has been convicted by a federal jury.
Mortgage Bankers Congratulate Obama
|Expanded Regulation Hurts Independent Lenders Most
Loan origination systems are moving to mobile devices -- enabling loan officers to send information directly to their office computers and maintain regulatory compliance. The efficient process is making it easier to focus on servicing the customer -- a priority that was becoming secondary.
The nail-biter presidential election predicted by the pundits never materialized, and President Obama clearly garnered a majority of popular and electoral votes to secure his administration and its policies for four more years.
California Realtors Oppose Eminent Domain
|MBA Chief Lays Out Aggressive Strategy
Mortgage Bankers Association Chief Executive Officer David H. Stevens sat down with Mortgage Daily at the trade group's annual conference this week in Chicago to talk about qualified mortgages, agency representations and warranties, and real estate appraisals. He also took an aggressive posture with convention attendees about the impact that the industry should strive to have in the development of regulations.
California's real estate community does not want to see eminent domain used to seize performing mortgages so that the principal on the loans can be written down for a windfall to local communities.