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The company is formally launching a new “non-mortgage” unit that will provide small loans for home improvement projects.

While the product was hard to find after the start of the pandemic, the Consumer Financial Protection Bureau’s recent changes to Appendix Q are giving a pair of large wholesalers the chance to offer it as a qualified mortgage.

Also: delinquencies set new record, Fed's Powell supports CRA for nonbanks and dispute over New Residential default servicers resolved.

In spite of an improving economy, acute competition and supply scarcity soured homeshoppers on the purchase market in April, according to Fannie Mae.

The company is shifting some of its conforming-focused call center resources not just into the growing non-QM channel but to Veterans Affairs products as well.

Less than two years after shutting down its biggest business amid fraud allegations, the Michigan company has sold branches, settled a shareholder lawsuit and returned to profitability under turnaround specialist Thomas O’Brien.

Fannie and Freddie's regulator says the companies must comply with the new Qualified Mortgage standard by the summer, while the Consumer Financial Protection Bureau has extended the deadline to 2022. The conflicting timetables have stoked uncertainty in the market.

The relatively small addition of 266,000 positions to the broader market in April suggests that income uncertainty, which could impact some borrowers’ ability to qualify for or pay loans, could become a concern among lenders and brokers.

The defendants face 133 felony counts that include allegedly stealing identities to commit mortgage fraud between 2014 and 2020, resulting in the theft of $15 million.

The Federal Housing Finance Agency is calling for input on how to better safeguard against potential lending risks associated with residential buildings filled with short-term rental units.