The House Financial Services Committee approved several bipartisan bills designed to potentially protect consumers, reform the Consumer Financial Protection Bureau and cut regulations. The next step is the House floor.
It was a raucous and heated session at the House Financial Services Committee as Treasury Secretary Jacob Lew made his annual report on the Financial Stability Oversight Council, touching on everything from GSE reform and nonbank MSRs to the IRS lost emails scandal.
The head of the Consumer Financial Protection Bureau declared that the CFPB is a “regime (that) will govern the mortgage servicing market – including both the banks and their nonbank competitors – in perpetuity.” Awesome.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.