The Senate Banking Committee has approved a regulatory relief bill by a voice vote that removes a "haircut" that banks and thrifts have to take on the value of purchased mortgage servicing rights for capital purposes.Currently, depository institutions carry purchased MSRs at 90% of fair value, and the bill would allow the banking agencies to jointly raise the limit up to 100% of fair market value. The regulatory relief bill, sponsored by Sen. Mike Crapo, R-Idaho, also eliminates a restriction on loans-to-one-borrower involving development loans for residential housing. Thrifts currently cannot make such loans if the purchase price of the units exceeds $500,000. The House passed a regulatory relief bill by a 415-2 vote in March.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
10h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
10h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
11h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25