Lending

NAFCU pushes CFPB for more exceptions to payday lending rule

Wants all "payday alternative loans exempted"
Back in October last year, the CFPB announced its new 1,690-page-long payday lending rule that included several exceptions for credit unions. The final rule exempts some loans issued by credit unions in conformance with the NCUA for PAL loans, but now, NAFCU wants more.
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Rayman Kaur Mathoda appointed CEO of Xome

Industry vet to lead company's growth, oversee transition of Assurant Mortgage Solutions
WMIH Corp. subsidiary and HW Tech100 winner Xome announced it appointed Rayman Kaur Mathoda as its new chief executive officer. She will oversee the company's business segments and the transition of its recent acquisition.
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LoanStream Mortgage plots expansion, plans 30-state hiring spree

California lender offers traditional, non-QM loans
LoanStream Mortgage, a California-based mortgage lender that specializes in wholesale lending through mortgage brokers and consumer direct lending through a series of branches, is planning a serious nationwide expansion. The company announced Tuesday that it is plotting a 30-state expansion and plans to hire a boatload of mortgage professionals to lead that growth.
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New Freddie Mac incentive looks to keep rents affordable

Pilot offers favorable pricing to investors, IF…
Freddie Mac announced Tuesday its new program to keep rents more affordable by incentivizing investors with favorable loan pricing. It will also deliver any additional debt capital needed to fill in the gap between borrower equity and the first lien mortgage amount. Here’s what investors have to do, and how the program will create more affordable rental housing.
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Pen pals with your mortgage lender? Yeah, it's a thing

Life is complicated. When underwriters have questions, they might reach out to you
Did you know that underwriters often reach out to borrowers via letter? According to a piece in the Wall Street Journal, borrowers shouldn’t be surprised if they are asked to provide a letter of explanation or “comfort letter” to underwriters who are curious about mushy spots in their knowledge of the borrowers’ situations.
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