For the first time ever, leaders from the Mortgage Bankers Association, the National Home Equity Mortgage Association, and the National Association of Mortgage Brokers came together on the same stage Sept. 14 for the Nonprime Forum in Philadelphia.At the conference, co-sponsored by the NAMB and NHEMA, the trade groups said a uniform national lending standard is necessary for the good of the industry. "Five or ten years ago, I never would have thought this could happen," said Debbie Rosen, chair of NHEMA and managing director of subprime lending at Countrywide Home Loans. "Issues with [the Home Mortgage Disclosure Act and the Real Estate Settlement Procedures Act] opened our eyes. We are better and stronger together rather than separate." Ms. Rosen said financial literacy is more important than ever before. Programs like Borrow Smart focus on consumer choice and education, she said. "Consumer groups can't say we aren't doing anything," Ms. Rosen declared. "We are getting people out of apartments and into homes, creating opportunities in their community." The organizations can be found online at http://www.mortgagebankers.org, http://www.nhema.org, and http://www.namb.org.
-
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 -
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