Housingwire, Oct. 2, 2015–Garrison, Trey
During the second quarter, multifamily mortgage debt outstanding topped $1 trillion for the first time, according to the Mortgage Bankers Association.
Category: Top National News
New Mortgage Rules and How to Make the Most of Them
New York Times, Oct. 2, 2015–Carrins, Ann
Beginning Saturday, applicants for most home mortgages will receive new forms from their lender that are intended to make it easier to review and compare loan offers. Along with the updated forms, new rules aimed at simplifying the borrowing process for consumers will also take effect.
Homeowners Cash In on Equity Boom
Washington Post Writers Group, Oct. 2, 2015–Harney, Kenneth R. Americans are tapping into their home equity at a pace not seen since the housing bubble aftermath nearly a decade ago, but here’s a key question: Is all this borrowing getting a little too frothy?
Bills to Reform CFPB, Relieve Regulations Go to House Floor
HousingWire, Oct. 1, 2015–Garrison, Trey
The House Financial Services Committee approved several bipartisan bills they say are designed to potentially protect consumers, reform the Consumer Financial Protection Bureau and cut regulations.
House to Vote on Making TRID Grace Period Official Through end of 2015
HousingWire, Oct. 1, 2015–Garrison, Trey
Just days after the new TILA-RESPA Integrated Disclosure rule goes into effect on Oct. 3, the House will have a vote on a bill that would formalize the Consumer Financial Protection Bureau’s hold harmless grace period.
The Only Banker Sued for the Housing Crisis Prepares Her Appeal
Bloomberg, Oct. 2, 2015–Perlberg, Heather
Rebecca Mairone scarcely deserves a mention in the annals of finance, except for this: She’s the only executive of a major U.S. mortgage lender found liable for her part in the 2008 financial crisis.
Senator Elizabeth Warren to Join Call to Alter Sales of Distressed Loans
New York Times, Oct. 1, 2015–Goldstein, MatthewHousing advocates have attracted a prominent ally in their push to change the federal government’s policy of selling distressed mortgages at a discount to private equity firms and hedge funds: Sen. Elizabeth Warren.
New Mortgage Rules May Spark Delays, Frustration
Wall Street Journal, Sept. 29, 2015–Light, Joe
Mortgage lenders and real-estate agents are bracing for the Oct. 3 implementation of a five-year-old law that has forced them to overhaul the way they process sales. Lenders have spent billions of dollars in technology-system changes and training to get ready for the changeover, said David Stevens, president of the Mortgage Bankers Association.
MBA’s Stevens: Complaint Database Will Be CFPB’s ‘Undoing’
Reverse Mortgage Daily, Sept. 29, 2015–Oliva, Jason
The Consumer Financial Protection Bureau’s controversial consumer complaint database could be the agency’s undoing if proper oversight is not put into place, says Mortgage Bankers Association (MBA) President and CEO David Stevens.
House Committee Grills CFPB Director on TRID, HMDA and More
HousingWire, Sept. 29, 2015–Garrison, Trey
The House Financial Services Committee heard the semi-annual report from Richard Cordray, director of the Consumer Financial Protection Bureau, reflecting partisan tensions and impending implementation of several key rules.