PRIORITY: "The problem everybody was trying to solve for was evidence that credit availability in America was constrained compared to past cycles," says Mike Heid of Wells Fargo Home Mortgage.
Federal Housing Finance Agency Director Mel Watt has struck a conciliatory tone, seeking lenders' input and making loan-buyback rules more industry-friendly — a clear signal the administration thinks it needs bankers' help to reignite the tepid housing recovery.
Wide-ranging efforts to reform Home Equity Conversion Mortgage lending and servicing practices are designed to close loopholes and resolve policy inconsistencies, but some obstacles remain unresolved and more work needs to be done.
Partner Insights
The Supreme Court is slated to hear arguments Tuesday in a case that could determine when and how borrowers are allowed to cancel their mortgages.
In a surprise victory for mortgage servicer PHH Corp., a California judge overturned a $16.2 million jury verdict awarded to a California homeowner in July for a botched loan modification.
Mortgage executives who have long decried new regulations as excessive are increasingly becoming resigned to the fact that changes are here to stay.
The mortgage industry has to prepare for a new breed of sales person in millennials - that's if they can get them interested in the first place.
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