June 24, 2018
M Report--Daily Dose
On Thursday, the Executive Office of the President released its Reform Plan and Reorganization Recommendations, which included a proposal to "remove the Federal charter from the statute and fully privatize the GSEs."
While the 132-page document proposes changes to many different areas of the federal government, one section, in particular, will be of interest to...
June 23, 2018
In June 2017 Ginnie Mae developed and released key metrics and scoring enhancements to the Issuer Operational Performance Profile (IOPP) tool. In addition to enhancing the user experience, these enhancements successfully:
June 22, 2018
Ballard Spahr LLP--Jeremy T. Rosenblum and Alan S. Kaplinsky
We have previously blogged about the industry challenge to the CFPB’s rule on payday/vehicle title/high rate installment loans. The Plaintiffs’ have now filed an Unopposed Motion for Reconsideration and have advised that the CFPB intends to file a separate supporting memorandum. In their Motion for Reconsideration, the Plaintiffs’ argue...
June 22, 2018
National Mortgage News--Garth Stapley, The Modesto Bee
One-time Modesto City Council candidate Robert Farrace, an attorney and real estate broker, was sentenced Monday to two years in federal prison for defrauding real estate lenders.
Farrace, 53, was president of the Stanislaus County Bar Association when a jury in November convicted him of three fraud counts after a five-day trial. His law license...
June 22, 2018
Buckley Sandler, LLP--InfoBytes Blog
The Federal Reserve Bank of New York (New York Fed) released a June 2018 Staff Report titled “Does CFPB Oversight Crimp Credit?” which concludes that there is little evidence that CFPB oversight significantly reduces the overall volume of mortgage lending. The report compared the lending outcomes of companies subject to CFPB oversight with smaller institutions below $10 billion...
June 22, 2018
Mortgage Professional America--Ryan Smith
Mortgage payments now take the largest share of homeowners’ income since 2009, according to a new report.
Zillow’s latest affordability report found that a combination of rising mortgage rates and strong home-value appreciation in the first quarter led to one of the largest recorded quarterly increases in mortgage burden since the Great Recession. In the first quarter...
June 22, 2018
MBA Newslink--Mike Sorohan
The Mortgage Bankers Association threw its support behind legislation that would clarify how FHA-insured loans are treated under the False Claims Act.
Reps. Josh Gottheimer, D-N.J., and Lee Zeldin, R-N.Y., on June 1 introduced H.R. 5883, the Fixing Housing Access Act of 2018 (https://www.congress.gov/bill/115th-congress/house-bill/5993?r=2). The bill would clarify how civil actions brought against FHA-insured loans under the...
