Eight national lender organizations are calling on the House and the Senate to enact a national predatory lending standard to address the problem of abusive lending practices."The proliferation of state and local laws to address abusive lending practices is creating an uneven playing field, which disadvantages consumers and lenders alike," according to the open letter to Congress. The letter points out that the Office of the Comptroller of the Currency has pre-empted state predatory lending laws with respect to national banks. But state-licensed lenders are forced to operate under a patchwork of state and local predatory lending laws. "In order to ensure competitive and efficient markets, we urge Congress to set forth a national uniform standard for all lenders and mortgage participants patterned after OCC's action," the April 12 letter says. The letter was signed by the American Bankers Association, America's Community Bankers, the Consumer Bankers Association, the Consumer Mortgage Coalition, the Financial Services Roundtable, the Mortgage Bankers Association, the National Association of Mortgage Brokers, and the National Home Equity Mortgage Association.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
7h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
11h ago -
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 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24