"We are jumping through hoops every day to comply with regulations," said Mike McHugh, the president and CEO of Continental Home Loans, in Melville, N.Y.
Independent mortgage lenders are concerned that regulators will use the report as an excuse to raise minimum net worth requirements for smaller lenders.
Lower rates of return would require insurers to charge higher premiums or stop covering loans to borrowers with lower credit scores. (You know, the ones the government wants to help?)
Mentoring the newbies in the mortgage business may help them avoid boom-and-bust errors later in their careers. And it can be a personally satisfying thing to do as well.
In another reshuffling of its mortgage ranks, Bank of America has promoted D. Steve Boland, who joined the company through the 2008 acquisition of Countrywide Financial, to head residential lending.
The Atlanta bank's CEO sounds upbeat on the mortgage and housing markets. Unlike JPMorgan Chase, SunTrust appears to be committed to the FHA lending business following a large government settlement.
The Consumer Financial Protection Bureau worries that mini-correspondent lenders are circumventing its qualified mortgage rule. But a large number of mortgage brokers converted to mini-correspondents because the rule made it harder to operate as a broker.
Already a subscriber? Log in here
Please note you must now log in with your email address and password.