Democrats on the House Financial Services Committee have drafted a predatory-lending bill that would sweep more loans into the "high-cost" category and make it very difficult for lenders to provide traditional subprime loans to borrowers facing "life events" such as bankruptcy, job loss, or foreclosure.The draft bill would lower the points-and-fees trigger of the Home Ownership and Equity Protection Act to 5% and include yield-spread premiums in the calculation. It also appears that financing points and fees would be prohibited. If so, it would make it impossible for lenders to help most borrowers facing significant problems, according to attorney Wright Andrews. "Hopefully, this is an issue the committee will address and allow such loans to continue to be made, subject to appropriate safeguards," he said. Mr. Andrews is with the law firm of Butera & Andrews.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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.
April 24 -
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.
April 24