The CFPB and other regulators are showing an increasing appetite for big data. The HMDA database may be the biggest in the mortgage business and a preview of the upcoming dataset may give lenders a chance to stay one step ahead of the feds.
The Consumer Financial Protection Bureau requests data that if used too zealously could cause a massive restriction in the market and a reduction in the type and amount of lenders.
New and experienced compliance experts have to learn the nuances of all the new regulations.
Public officials must make it clear once and for all that the law forbids them to deny or delay a loan because an applicant is pregnant or on parental leave.
There was already confusion about this part of the Fair Housing Act in past years, and the ability-to-repay rule that took effect in January has made it worse.
A big reason we have so many last-minute surprises is because data, documents and requests sit and wait until they are all ready for review by the next person in line.
For outsourcers to supply value to the originators that hire them, they must do than simply meet the terms of the agreement.
Warehouse lenders are severely aware of the potential risks of non-QM loans, but right now, they have a huge appetite for earnings and sustainability.
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.
The general perception in the mortgage industry is that the CFPB and their new regulations are like an albatross around the necks of mortgage companies, especially the smaller independents.
Under the Consumer Financial Protection Bureau plan, lenders would need to respond to virtually every public complaint even those by consumers, disgruntled employees, and competitors that abuse this forum.
Like the ER, the mortgage process starts out with a high degree of both anxiety and frustration, especially at the beginning.
The CFPB's guidance provides no specific rules or bright lines leaving the agency the flexibility to call it how it sees it and reflecting a desire to regulate through enforcement.
Just because a group of athletes or loan officers are the most skilled individual players does not mean that together they make the most capable team, writes Garth Graham.
A nonprofit housing group has found an ambitious middle ground between those who oppose any change to the mortgage interest deduction untouched and those who say it must go.
A Supreme Court ruling overturning circuit court rulings in D.R. Horton Inc. v. the National Labor Relations Board is in question. This affects the enforceability of class waiver arbitration agreements.