The Mortgage Bankers Association’s Research Institute for Housing America published a new collection of essays addressing the impacts of climate change on the real estate finance industry.
Category: News and Trends
Foreclosure Activity Up 21st Straight Month
ATTOM, Irvine, Calif., said January foreclosure filings rose by 36 percent from a year ago and by 2 percent from December, although they remained low by historical standards.
The Townstone Decision: Implications for the CFPB and Mortgage Banks
Last week, a court decision dealt a significant blow to the Consumer Financial Protection Bureau’s enforcement authority—and it has broad implications for the nation’s independent mortgage banks as well.
CFPB Issues Guidance on ‘Pay to Play’ Digital Comparison-Shopping Platforms
The Consumer Financial Protection Bureau on Tuesday issued an advisory opinion aimed at digital mortgage comparison-shopping platforms.
Quote (Feb. 14)
“No lender has challenged this redlining theory before, since the 1990s, when DOJ and the banking regulators started using this redlining theory against banks. This is a first. I think the CFPB was trying to get a settlement against a non-bank; Townstone was a tiny mortgage company in 2017 and the Bureau thought it would probably just roll over.”
–Richard Horn, Co-Managing Partner of Garris Horn LLP, Tucson, Ariz.
MBA Servicing Solutions Conference and Expo in Orlando Feb. 21-24
The Mortgage Bankers Associations Servicing Solutions Conference & Expo, Roadmap to Servicing Success, takes place Feb. 21-24 at the Hyatt Regency Orlando.
MBA Letter Voices Concerns Over FHFA DTI-Based LLPA
The Mortgage Bankers Association on Friday sent a letter to the Federal Housing Finance Agency expressing concerns regarding recently announced changes to loan-level price adjustments by Fannie Mae and Freddie Mac, particularly addition of an LLPA based on debt-to-income ratio.
CFPB Loses Key IMB Redlining Case
On Friday, a District Court in Chicago ruled in CFPB v. Townstone Financial Inc. and Barry Sturner that the Equal Credit Opportunity Act does not extend to prospective applicants under a plain language reading of the statute.
Black Knight: More than Half of Borrowers Using Rate Buydowns
Black Knight, Jacksonville, Fla., said 57 percent of recent borrowers used rate buydowns to purchase a home, with nearly 25 percent paying two or more points upfront.
Homebuyers See Relief from Prices, Monthly Payments
Redfin, Seattle, said homebuyers in many markets are starting to see relief from home prices and monthly payments.