Independent mortgage bankers have increasingly been in the news of late. Ten years after the 2008 housing crisis, the strong trends of IMB growth in mortgage lending continue as banks show little sign of reversing their retreat from our mortgage markets. But are IMBs regulated enough? CHLA responds.
Mortgage industry trade group Association of Independent Mortgage Experts just created a new holiday to honor the nation's mortgage brokers: National Mortgage Brokers Day. The new holiday took place on July 18 and will continue to take place every July 18 henceforth until the end of the industry.
The Community Home Lenders Association submitted a letter to the Consumer Financial Protection Bureau requesting that smaller independent mortgage bankers be exempt from the bureau’s exams and audits. The letter comes in response to the CFPB’s request for comment on its own enforcement process, which it issued back in February.
The Financial CHOICE Act that recently passed the House Financial Services Committee provides regulatory relief for independent mortgage bankers. But one additional provision is needed to ensure that small IMBs are treated the same as banks are under the bill. Why can’t independent mortgage bankers have the same exemptions as other banks?
Despite losses throughout the second half of the year due to increased TRID regulations, the Mortgage Bankers Association reports an increase in profits for 2015. The stronger start at the beginning of the year helped keep profits up from 2014 and offset the impacts of TRID.
Freddie Mac announced a partnership with The Mortgage Collaborative, an independent mortgage lending network of small, mid-sized and community-based lenders, that will help the group’s members build better businesses and compete more effectively in today's dynamic mortgage market.
After barely surviving the subprime crisis and housing collapse, and then enduring the agony of burdensome regulatory changes and the advent of a new mortgage watchdog, mortgage originators finally, FINALLY, have some good news to spread.
According to a chart by the Mortgage Bankers Association, in the first quarter of 2015, total quarterly production expenses averaged $7,195 per loan, 311 basis points, among independent mortgage bankers and bank subsidiaries.
Independent mortgage banks recorded a net gain of $1,447 on each loan they originated in the first quarter of 2015, which is double the previous quarter. However, it wasn’t the only variable to increase. Expenses are starting to rise, too.
With the recent turnover in leadership at the Federal Housing Finance Agency, we may be standing at the precipice of great change in the government’s role in supporting the mortgage market through Fannie Mae and Freddie Mac.