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"Responsible lending by community banks and credit unions did not cause the financial crisis, and our mortgage rules reflect the fact that small institutions play a vital role in many communities," said CFPB Director Richard Cordray.
In yet another revision of its mortgage rules, the Consumer Financial Protection Bureau proposed making it easier for small and rural lenders to make "qualified mortgages." Industry representatives said the changes are poised to make a big difference.
AFFORDABILITY ISSUE: "It's a perfect storm going on," said Doug Bibby, president of the National Multifamily Housing Council, an industry trade group. "The industry is still trying to dig out of a hole created by chronic underbuilding during the recession."
Aiming to address a nationwide shortage of affordable housing, FHA has launched a risk-sharing pilot program that it hopes will encourage community development lenders to finance the rehabilitation of smaller multifamily apartments.
D.R. Horton, the nation's largest homebuilder, has found success in marketing new homes to the underserved niche of first-time buyers.
Having a proactive compliance system can protect a company. Not having one leaves a firm exposed.
Consent decrees issued (and not issued) last week demonstrate how having appropriate compliance controls can and will make a major difference in any potential regulatory response.
NELMS: Discover's underlying performance was
Earnings at Discover Financial Services plunged by 33% in the fourth quarter, largely due to a charge tied to the firm's mortgage business and a previously announced revision to its flagship credit card program.
One CFPB solution to the lack of comparison loan shopping appears to be a service called rate-checker.
The Consumer Financial Protection Bureau recently issued a report showing that nearly half of all mortgage borrowers did not comparison shop. Will additional disclosure help if consumers don't use it?
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