Lending

Two Harbors bailing on jumbo bonds already impacting mortgage market

Ripple effect already takes down one jumbo originator, for now
Two Harbors Investment Corp. shocked the mortgage industry Thursday when it announced that it planned to shutter its mortgage loan conduit and securitization business. But what about the loan originators that turned to Two Harbors to buy jumbo loans? What happens to them now that there’s one less buyer and securitizer of jumbo mortgages in the market?
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DOJ loses another top cop on mortgage fraud

U.S. Attorney for the District of Colorado John Walsh stepping down
The Department of Justice is about to lose another one of its top cops in its fight against mortgage fraud. The DOJ announced Friday that John Walsh, the U.S. Attorney for the District of Colorado and the co-chair of the DOJ’s Residential Mortgage-Backed Securities Working Group. While with the DOJ, Walsh played a key leadership role in securing a $7 billion settlement with Citigroup over residential mortgage-backed securities and collateralized debt obligations.
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NAR: Proposed TRID changes a "significant victory"

Answers to the Closing Disclosure form are here
The National Association of Realtors secured a victory in the changes announced Friday to the much-anticipated Consumer Financial Protection Bureau Know Before You Owe rule. The bureau gave much more concrete explanations for one of the biggest problem areas — the closing disclosure.
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Guardian Mortgage parent company merging with Sunflower Financial

Strategic Growth Bancorp joins parent company of Sunflower Bank
In a move that will create the third largest banking institution headquartered in Colorado, Sunflower Financial, the parent company of Sunflower Bank and Logia Portfolio Management, and Strategic Growth Bancorp, the parent company of First National Bank of Santa Fe, Capital Bank and Guardian Mortgage Company, announced plans to merge.
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Community lenders: We should be exempt from CFPB exams and primary enforcement, too

Just like most banks already are
The Community Home Lenders Association believes that small non-bank mortgage lenders should be exempt from the Consumer Financial Protection Bureau's exams and primary enforcement, just as most banks already are. Here, the organization explains why and discusses why that exemption would help small lenders better serve consumers.
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CFPB will update Know Before You Owe rule

Here's everything in the works right now
Staying true to its announcement three months ago, the Consumer Financial Protection Bureau released a set of proposed updates to its Know Before You Owe mortgage disclosure rule after industry calls asked for greater clarity and certainty on the rule. However, the changes, while welcomed, don't address everything the industry asked for.
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Fannie Mae sells first small NPL pool to private equity firm

First Community Impact pool not sold to a non-profit
Fannie Mae announced Thursday that it selected a winning bidder for its fourth sale of non-performing loans as part of its "Community Impact Pool" program. But for the first time since it began targeting smaller investors, Fannie Mae selected a private equity firm as the winner of the auction.
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