Wells Fargo will pay a $4 million penalty after an investigation by the New York Department of Financial Services found that a former affiliate of the bank falsified mortgage loan origination files, made loans to customers that were secured by an interest in the borrower’s home, and committed other infractions in violation of New York State law.
"While the share of borrowers that cashed-out some equity has increased considerably over the past year, the refinance volume has also fallen sharply," said Frank Nothaft, Freddie Mac vice president and chief economist.
More than 40 California organizations join with the California Reinvestment Coalition in calling on the Consumer Financial Protection Bureau to strengthen the Home Mortgage Disclosure Act through greater transparency.
As the wave of resets for home equity lines of credit continues to rise, many homeowners are left with higher monthly mortgage payments. But the industry is divided on the past and future problems that come with HELOCs.
With the housing market recovering and home prices steadily increasing, one mortgage product is looking more and more appealing to borrowers. And the demand might not stop there, with investors hoping to jump on the bandwagon too.
The CFPB left the grace period open-ended and most in the industry interpreted that to mean that it will last throughout the rest of 2015, at least. Unfortunately, as welcome as that grace period is, TRID remains a costly and complicated fix that has enormous implications for the whole industry..
“Bad letters damage the brand,” Katherine Porter says. “There’s a contagion effect of this. I think bad letters are unjust. They disproportionately harm the borrowers we need to help the most.” Read More
The answer may be found somewhere between commandeering the entire process and “throwing it over the fence.” For lenders, paying more attention to the source of the data and information used in finalizing settlement (title searching, valuation and the like) could hold the key. This means data reporting collected in a more robust, accurate and verifiable fashion. Read More