A cooperative of midsize mortgage companies called Lenders One has formed a Washington advocacy group to ensure that legislators and regulators understand their struggle to compete with the mega-lenders.Most of the members of the newly formed National Alliance of Independent Mortgage Bankers are members of the Mortgage Bankers Association and will continue to be MBA members, according to Scott Stern, chief executive of the alliance and of Lenders One, which is based in St. Louis. However, the alliance members feel an additional voice is needed to enable midsize mortgage shops to thrive in a rapidly consolidating industry, he said. The NAIMB has hired consultant Howard Glaser, former head of government affairs for the MBA, to represent the alliance in Washington. Alliance members are particularly concerned about federal pre-emption, and they support legislation that would create a national lending standard for all mortgage lenders. However, the NAIMB would oppose legislation to strengthen regulation of Fannie Mae and Freddie Mac if the bill would increase the cost of mortgage capital or constrain Fannie's and Freddie's ability to offer innovative programs, Mr. Stern said.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11