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.
A few high-profile nonbanks in the mortgage space have been making unfortunate headlines in the last couple of months, and some are worried that it may make borrowers gun shy about independent mortgage bankers and nonbank firms — but they shouldn't be.
Eight years after we began recognizing women for their influential work in the expanding housing and mortgage finance ecosystem, a traditionally male-dominated field, our Women of Influence list is bigger and better than ever! This year, we honor 85 women who are making lasting achievements in each sector of the housing economy. Read on to learn more about these accomplished women and the strides they are making in their industry segments.
The financial world at large is experimenting with changing its workforce culture in ways not fathomable 10 years ago. For example, in 2011, the dress code for female workers at UBS came to light with unflattering results. In it, the Swiss bank instructed female employees on not just how to dress and how to smell, but also preached the importance for ladies to apply lotion after taking showers. Fast forward to today and fellow Swiss bank, Credit Suisse has now created an official role to boost equal opportunities and create a fair treatment environment. Has the American mortgage industry made similar progress?
The conversation around student loan debt and its economic impact on Millennials, those born from 1980 to 1998, has some questioning whether the future of the American Dream is in jeopardy. The nation’s student loan debt has soared to $1.4 trillion, surpassing credit cards in becoming the largest source of personal debt outside a mortgage.