Foreclosures | Mortgages | Financing
An amendment proposed to the bill to overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act would prohibit lawsuits against the credit bureaus.
Sen. Mike Crapo (R-Idaho), the main sponsor of S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, has proposed an amendment to the bill.
The amendment would offset some of the new requirements for the three major credit reporting companies — Equifax, Experian and TransUnion.
From:: Financing
As the number of residential loan originators grew last year, a bigger share of the group found themselves working at non-bank lenders for the second year in a row.
When 2017 concluded, there were 574,326 mortgage loan originators who were licensed or registered through the Nationwide Mortgage Licensing System.
Headcount for the nation’s loan officers expanded compared to the end of 2016, when the number of loan officers in the database was 562,837.
From:: Financing
A ranking of wholesale mortgage lenders has the likes of Freedom Mortgage Corp. and Stearns Lending LLC listed among the worst wholesalers.
The ranking focuses on “whole-tailers,” lenders that appear to generate both wholesale and retail originations — though their wholesale divisions only exist to feed their retail division.
Such whole-tailers contrast true wholesale lending partners that go out of their way to help mortgage brokers grow their business and maintain past clients.
From:: Financing
Community banks say that a warning from a civil rights group about pending legislation to overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act is much ado about nothing.
A press release issued over the weekend by the National Association for the Advancement of Colored People warned about the potential elimination of an anti-mortgage discrimination tool.
According to the organization, section 104 of S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection Act, would exempt 85 percent of banks from the reporting requirements of the Home Mortgage Disclosure Act.
From:: Financing
The architect of the Consumer Financial Protection Bureau is warning that pending legislation to ease regulations for financial institution could lead to more government bailouts.
This week, the Senate is expected to vote on S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act.
If the bill were to eventually become law, it would overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act by relaxing some provision.
From:: Financing
A mortgage service provider has some aggressive hiring plans — with around a hundred positions expected to be filled in the next month.
The Oakleaf Group says that it provides mortgage-banking firms with risk analytics, finance and technology advisory services.
Based in Bethesda, Maryland, Oakleaf is preparing for an increase in business for loans that don’t meet Qualified Mortgage requirements.
From:: Financing
More than a hundred employees have been laid off by Guaranteed Rate Inc. But the company says that it still has plans to hire more new employees this year than in any other previous year.
The Chicago-based mortgage banking firm said in a written statement to Mortgage Daily that it has taken steps to re-balance the organization.
The job cuts targeted areas where Guaranteed Rate was overstaffed, according to the statement. Impacted positions are in loan production.
From:: Financing
More consumers resorted to bankruptcy last month than in the first month of the year, though a year-over-year decline was reported.
Including consumers and businesses, 56,694 new bankruptcy filings were made during February, increasing from 54,619 the prior month.
But the number of new cases that were filed with U.S. Bankruptcy Courts were down from February 2017, when the total was an upwardly revised 58,392.
From:: Financing
An improvement in weekly purchase-money business wasn’t enough to offset a drop in refinances. Meantime, the share of activity for loans to veterans fell to the lowest level in seven months.
A 3 percent decline from one week previous was recorded the Mortgage Daily U.S. Mortgage Market Index for the week ended March 9. No seasonal adjustments were made.
Compared to one year previous, the index — a gauge of upcoming home-loan originations based on average per-user rate-lock volume by clients of OpenClose — sank 14 percent.
From:: Financing
The manager of a mortgage branch that was ordered to temporarily shut down by Illinois regulators is blaming his employees for setting him up.
A cease-and-desist order was issued by the Illinois Department of Financial and Professional Regulation Division of Banking against Diamond Residential Mortgage Corp.
The order, signed Wednesday, requires a Diamond branch in Springfield, Missouri, to cease all licensable activity from the branch office.
From:: Financing