Rep. Spencer Bachus, R-Ala., has introduced a subprime lending reform bill that would establish a national registry for all mortgage originators -- including loan officers at federally insured banks and their wholly owned subsidiaries.The bill "creates a national registration and licensing standard for mortgage originators to enhance accountability and professionalism within the industry," according to a statement issued by Rep. Bachus. The Fair Mortgage Practices Act also restricts prepayment penalties on adjustable-rate 2/28 and 3/27 mortgages and requires escrow accounts on all subprime mortgages. Rep. Bachus worked with several Democrats last year in developing a bipartisan anti-predatory-lending bill, but those talks broke down last fall. House Financial Services Committee Chairman Barney Frank, D-Mass, is currently working on a predatory-lending bill. "I am optimistic we can do a bill this fall," Rep. Frank said.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
April 23