Posts Tagged ‘mortgage industry’

‘Warren Effect’ Stymieing Financial Regulatory Relief

April 24th, 2015 Comments off

patrick mchenry r nc  credit nationalmortgagenewsMHProNews has learned from nationalmortgagenews that Rep. Patrick McHenry (R-NC) says the House passed a measure last week that would regulate how points and fees are calculated under the Consumer Financial Protection Bureau’s (CFPB) “qualified mortgage” rule, but Sen. Elizabeth Warren (D-MA) adamantly opposes a similar measure in the Senate.

He says financial reforms are being stalled in Washington by the “Elizabeth Warren phenomenon.” Rep. Maxine Waters favored the bill two years ago but he says she has yielded to pressure from other Democratic lawmakers to now oppose it, which indicates how Warren’s influence has risen. Warren said the measure is about preserving a cash cow for the mortgage industry and not about access to credit.

As for housing finance reform, he says Congress will only deal with that if the GSEs need additional funding, and that discussion should continue towards a post-GSE world. He says repealing the Dodd-Frank Act will not happen, but he thinks the possibility exists for small but significant steps in how the law is enforced, adding that bipartisan support is feasible for easing the regulatory burden on community banks. ##

(Photo credit: nationalmortgagenews--Rep Patrick McHenry)

matthew-silver-daily-business-news-mhpronews-com  Article submitted by Matthew J. Silver to Daily Business News-MHProNews.

Discarding Fannie Mae and Freddie Mac = A Nightmare

August 12th, 2013 Comments off

While the Republican-led House Financial Services Committee is supporting legislation to totally eliminate Fannie Mae and Freddie Mac from the mortgage business with no government interference , the Democrat-majority Senate Banking Committee says the government needs to be a backstop to make certain borrowers of modest means can continue to obtain financing. Even President Obama, as MHProNews reported here Aug. 7, states the mortgage industry would be better served with more private sector involvement. Meanwhile, as HousingWire reports, Fox News blogger Peter Morici and USA Today both say eliminating Fannie and Freddie would raise the cost of borrowing to a level that would be out of reach of the middle class.

(Image credit: Fotosearch)

Fundraiser for Rep. Hensarling Slated

May 14th, 2013 Comments off

Caitlin Nauert of the Texas Manufactured Housing Association (TMHA) tells MHProNews the TMHA board members raised $16,000 towards a fundraiser it is co-hosting with the Manufactured Housing Institute (MHI) for Rep. Jeb Hensarling (R-TX). As Chairman of the powerful House Financial Services Committee, Rep. Hensarling oversees the mortgage industry, and has long been a strong advocate of private versus public. Noting new capital will not come into the market as long as FHA is offering 3.5 down on loans to people with low scores, he says it is difficult to compete with Uncle Sam, who has the ability to print money. TMHA has another $7,000 it has raised for Rep. Hensarling’s campaign that will be presented at the May 29 fundraiser.

(Photo credit:–Rep. Jeb Hensarling)

Modular Homes on Agenda for Workshop Series

March 27th, 2013 Comments off

DNAinfo informs MHProNews the third in a series of Hurricane Sandy Recovery Workshops took place March 26 in Staten Island, with representatives from the mortgage industry, an architect, and a flooring specialist on hand to educate attendees. Topics included modular homes, restoring damaged credit, and loan and grant options available. The Storming Back to Shore workshops are being sponsored by Better Homes Realty of Staten Island.

(Photo credit: countryliving–modular home being delivered to city)

Measure to Clarify 3% Cap

March 14th, 2013 Comments off

NationalMortgageNews reports with the mortgage industry complaining that the qualified mortgage (QM) rule issued by the Consumer Financial Protection Bureau (CFPB) will hinder hundreds of thousands of potential borrowers from obtaining a QM loan, HR Bill 1077 clears up the three percent cap on points and fees in the QM rule. The Consumer Mortgage Choice Act is being supported by the National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA). Since points and fees on a QM cannot exceed three percent of the loan, QM loans are considered to be the least expensive and safest for borrowers. Before approving a loan, lenders have to make sure the borrower has the ability to repay it. As MHProNews has learned, low-income borrowers could suffer the most harm since it will be far less profitable to make smaller loans as opposed to larger ones.

(Image credit: HousingWire)

Senate Banking Committee’s new Ranking Member

February 6th, 2013 Comments off

MHProNews has learned from nationalmortgagenews Idaho Republican Senator Michael Crapo, who is becoming the ranking member of the Senate Banking Committee, enumerates his top priorities in his new position as revising portions of the Dodd-Frank Act; paring down GSEs role in the mortgage industry and moving to a private sector solution; facilitate capital formation; and reform of the Federal Housing Administration (FHA). While Sen. Crapo has no personal objections to Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB), he does object to the recess appointment of Cordray, and to the structure of the CFPB.

(Photo credit: washingtontimes)

MHI Meets with CFPB Director Cordray

January 4th, 2013 Comments off

The Manufactured Housing Institute (MHI) informs MHProNews that on Dec. 17th MHI staff and members of the manufactured housing industry met with Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and staff members to push for housing finance rules that take into account the special challenges of the MH market. In a related development on Dec. 21, House of Representative members of the House Financial Services Committee and HR 3849 co-sponsors Reps. Stephen Fincher, Joe Donnelly and Gary Miller sent a letter to Director Cordray to be aware of new regulations that could negatively impact “mortgage options available to low- and moderate-income families seeking to buy a manufactured home.” CFPB’s response acknowledged the fact that ‘one size fits all’ does not work in the mortgage industry. The letter indicated it had collected “extensive feedback on the need to tailor the requirements of the final mortgage rules to fit different products, including loans to finance the purchase of manufactured housing.”

(Photo credit: ABCNews–Richard Cordray)

New MBA Chair: Repair Lenders Image

October 23rd, 2012 Comments off

NationalMortgageNews says the new Mortgage Bankers Association (MBA) Chairwoman Debra Still says the mortgage industry has to repair its image from top to bottom toward rebuilding the housing and residential finance sectors. Noting lenders have to be committed to do a better job, she says, “Nowhere do we have more control than in how we choose to operate our own companies.” Mortgage brokers need to rise above the profit motive alone, and make sure their employees are properly trained and have a “genuine duty of care” for their borrowers, which includes insuring the lending process is transparent. “As the stewards of our industry we must lead,” Ms. Still said. “Together we have the responsibility and the opportunity to leave a positive legacy.” As MHProNews has learned, with over 30 years of experience in the mortgage industry, Still is CEO and president of Pulte Mortgage, and will serve a one year term as MBA Chair. CEO and president David Stevens manages daily operations of the organization.

(Photo credit: MortgageBankers–Debra Still)

Loan Origination Comp. May be Revealed Tomorrow

August 17th, 2012 Comments off

nationalmortgagenews reports Peter Carroll, assistant mortgage manager at the Consumer Financial Protection Bureau (CFPB) says the proposed loan officer compensation rule will be significantly different from the original set of guidelines issued in early May when the CFPB first raised the concept of flat fee payments for certain transactions, a practice that met resistance from the mortgage industry. The CFPB said it may prevent loan officers from charging origination fees if they were being paid by the buyer of the loan or the table funder. As MHProNews has learned, a briefing has been scheduled for Friday by the CFPB to discuss loan origination issues.

(Image credit: Consumer Financial Protection Bureau)

Loan Officer Comp. Still in the Wings

August 15th, 2012 1 comment

OriginationNews‘ Paul Muolo says the Consumer Financial Protection Bureau’s (CFPB) proposed unveiling of its final loan officer compensation rule set for early August has yet to be issued. While the mortgage industry anxiously awaits, some loan officers are suggesting the result might be better the longer the agency waits, hopefully in an attempt to get it right. As MHProNews has learned, if flat fee pricing is the answer, lenders might avoid markets where home prices are more modest. As he so aptly notes, “2% of $100,000 is a lot less than 2% of $500,000. Who knows, maybe the agency is trying to fix this.”

(Image credit: texaslendingtoday)