By SCOTT OLSON June is National Homeownership Month. So the Community Home Lenders of America (CHLA) has called on Congress to begin debate and ultimately enact a Mortgage Interest Credit (MIC) when it considers tax legislation next year to extend expiring provisions from the 2017 Tax Cut and Jobs Act (TCJA). The 2017 TCJA raised the…
The Consumer Financial Protection Bureau is taking aim at mortgage “junk fees” yet again, this time in the servicing sector. The bureau released supervisory highlights addressing what it classifies as illegal junk fees, such as prohibited fees, deceptive notices sent to homeowners, and violations of loss mitigation rules. “Homeowners cannot just simply switch providers if…
By SCOTT OLSON This week, the Consumer Financial Protection Bureau fined Bank of America $12 million for reporting false mortgage data. CFPB’s Press Release on the action stated that BofA “Loan officers routinely falsified forms about mortgage applicants.” In response to this action, the Community Home Lenders of America issued a statement renewing its longstanding…
By KIMBERLEY HAAS The second largest bank in the country will pay a $12 million penalty after it was found that hundreds of loan officers falsified forms about mortgage applicants in violation of federal law. Officials at the Consumer Financial Protection Bureau say that for at least four years, loan officers at Bank of America…
By KIMBERLEY HAAS The director of the Consumer Financial Protection Bureau says it’s time to take big bank bailouts off the table. Rohit Chopra shared his candid opinions on the subject during the Mortgage Bankers Association’s annual convention and expo last week during an on-stage conversation with MBA President and CEO Bob Broeksmit. Chopra said…
By Taylor Stork, President CHLA and EVP, COO Developer’s Mortgage Company and Kelly Welch, Executive Vice President, Equity Resources, Inc. When a consumer goes into the market to obtain a mortgage loan, they enjoy consumer protections that are arguably more extensive and specific than any other financial product. A few examples: TRID requirements for disclosures…
By KIMBERLEY HAAS The president and CEO of the Mortgage Bankers Association said they are pushing for clarity and common sense as he criticized policymakers this week during his remarks at the Secondary and Capital Markets Conference and Expo in New York City. Bob Broeksmit said policymakers plan to pile on more enforcement and red…
By KIMBERLEY HAAS Officials at the Consumer Financial Protection Bureau are warning shoppers about pay-to-play mortgage comparison shopping platforms. CFPB Director Rohit Chopra said in a statement on Tuesday that given current mortgage interest rates, it is important for homebuyers to shop and compare loan offers. “We are working to ensure that online platforms are…
By KIMBERLEY HAAS A new automated valuation model that recently hit the market uses a national property database, geospatial comparable data, and artificial intelligence to help users evaluate properties. Altisource, founded in 2009, is a provider of services and technology for the mortgage and real estate marketplaces. Their NestRange AVM helps with valuations for originations…
By TMN Editor The Consumer Financial Protection Bureau wants the public to weigh in on ways to improve the mortgage process for homeowners who would benefit from refinancing. They are especially looking for borrowers with smaller loan balances. CFPB Director Rohit Chopra said in a statement that the mortgage market has not provided products that…
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