Urban Institute: Qualified Mortgage impact overblown

Urban Institute: Qualified Mortgage impact overblown

New rules have only slightly slowed mortgage lending

WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

Kovacevich says fine is political and has “nothing to do with justice”

BofA reaches $16.65B settlement over "toxic waste" mortgages

Loans date back to Countrywide and Merrill Lynch


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Opinion, commentary and analysis on everything that makes the U.S. housing economy tick -- not to mention the ghosts in the machine, too. Written by HW's team of editors and reporters each business day. Read More

Are we facing yet another foreclosure crisis?

Property preservation remains vital component to default servicing
Lynn Effinger
Despite numerous reports indicating that there has been a deep decline in foreclosure inventory over the past several months in many markets, the reality, as chronicled in several articles recently penned by this author and others, is that foreclosure rates are very likely to rise again in the not-too-distant future.
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Truth is, those recent housing numbers aren't so shiny

Housing starts? More like housing stops, amirite?
Trey Garrison
The bad news is that almost all of those gains from June to July in starts and permits are in multifamily rental housing. That’s not the sign of a housing recovery. That’s the sign of a shift from an ownership society to a rental society.
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How hard is it to get a mortgage?

Income, credit and – yes – character all count
Trey Garrison
Is it really that hard? Yes. And no. And mostly yes again. And maybe it should be. And since January 10 when the CFPB’s Qualified Mortgage rule took effect, it is definitely harder. So yes.
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This man pretends to be a Realtor and no one can stop him

Canadian fines don’t seem to slow down Derek Johnson
Jacob Gaffney
The Real Estate Council in Alberta, Canada, seems to have a real problem on its hands with real estate agent Derek Johnson, who doesn’t seem licensed to conduct business as an agent and broker. But that’s not stopping Johnson.
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MMCC: CFPB adds new leadership; Millions of prevented foreclosures

Drastic climate changes impact housing
Brena Swanson
Although it has been five years since the financial crisis, a new study shows a lot more people should be thankful due to one key solution that helped prevent 1.4 million foreclosures. Meanwhile, the CFPB hired a new executive to add to its team of housing watchdogs.
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Closing Call

Breaking down the TILA-RESPA Integrated Disclosure, how it impacts your business, and ways to solve it. Written by the experts at Pavaso each business day. Read More

What's Google have to do with mortgages?

How a recent study of digital expectations relates to lending
Matt Corcoran

Mega-tech brands like Google and Amazon not only have the deep pockets and relationships to enter the space if they wish, but also have the hardware and software framework of the digital channels required to deliver a trustworthy consumer experience around something like a mortgage.

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The TILA-RESPA Combined Disclosure connection

Tim Anderson of DocMagic weighs in with Closing Call guest post
Tim Anderson

The primary issue is not only delivering the closing documents to the consumer three days ahead of closing (consummation), but now, with the delivery deadlines and tolerance requirements, the lender is on the hook to ensure even greater accuracy of the GFE/TIL at time of application.  

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How to avoid feeling violated by the CFPB

Recapping TILA-RESPA tolerances — 50 weeks out
Mark McElroy
Previously averaging around $5,000 in total for RESPA violations, TILA-RESPA fines will be even higher because these penalties are assessed per day rather than per infraction, and the violation doesn’t need to be “knowing” or “reckless” in order to merit a penalty.
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5 things to consider for TILA-RESPA implementation planning

Timeline for project research and budget approval starts Monday
Matt Corcoran

Almost like the terror of waking up that one morning in grade school thinking “Oh man, that science fair project is due today!”  But don’t get that migraine just yet, you’ve got the next four weeks to hash this out.  

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Complying with TILA-RESPA tolerances, Part 2

Zero tolerance charges, and refunds in 60 days
Matt Corcoran

The stakes are raised even higher because these penalties are assessed per day rather than per infraction, and the violation doesn’t need to be “knowing” or “reckless” in order to merit a penalty.

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