Speaking at MBA’s Legal and Regulatory Conference in Washington, DC, Peggy Twohig, CFPB’s Assistant Director, said that the CFPB is generally pleased with what lenders have done to comply with the new Dodd-Frank rules. Interestingly, she mentioned ability to repay and LO comp, but not TRID. I guess it’s a little too soon to tell. With some exceptions, they also…
According to Fannie Mae’s 3rd Quarter Mortgage Lender Sentiment Survey, some lenders are forecasting an increase in their profits over the next 3 months. Twenty-eight percent of those surveyed expect profits to rise, with 17% seeing it go down, and 55% say it will most likely stay about the same. Not a rousing endorsement of the present economy but good…
Yo! Are you ready for the new improved credit reports providing you with trends in a consumer’s debt repayment history? You better be, because as of September 24th, Fannie requires that all loans submitted through DU must have this additional credit information. Whether you want the trending data or not, you’re going to get and pay for it in your…
My recent blog on the CHOICE Act talked about what’s broken in Washington, DC. Here’s a little more detail on the political wrangling that went on behind the scenes when the CHOICE Act went before the House Financial Services Committee for markup. (CHOICE) The Democrats decision to offer no alternatives or amendments to the proposals in the ACT, although unusual,…
In June, House Financial Services Committee Chair, Jeb Hensarling (R-Texas), introduced legislation to roll back Dodd-Frank. This legislation, H.R. 5983, is known as the Financial CHOICE Act (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs). Cute. Do they have people in Washington whose sole responsibility is to come up with these little ditties as acronyms for legislation? I wonder.…
Same old song. This time to the tune of $52.4 million paid by Regions Financial Corporation of Birmingham, AL to HUD settling an action brought under the False Claims Act by the Department of Justice (DOJ). Under this settlement, Regions acknowledged it made and certified FHA insured loans that did not meet all required underwriting criteria. As a result, FHA-insured…
