Standard & Poor's Ratings Services says it has evaluated the impact of anti-predatory-lending statutes on the funding of high-cost loans through the capital markets and found that only 0.01% of the U.S. residential mortgage loans it rated last year were high-cost loans.Given that only $87 million of the approximately $758 billion rated in 2004 were high-cost loans, S&P said it is clear that the capital markets are not financing the origination of such loans. Since the anti-predatory-lending legislation that has become effective over the past couple of years generally targets high-cost loans, it would appear that such legislation has limited the origination of these loans. However, S&P said it is unable to determine whether such loans are being originated but not included in securitizations.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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.
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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.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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