Lenders would benefit from a national regulation governing abusive lending claims that pre-empts state and local laws, according to the chairman of the Mortgage Bankers Association's loan servicing committee.Robert Caruso, executive vice president at Wells Fargo Home Mortgage, told attendees at the MBA's National Mortgage Servicing Conference that already there are concerns that the Office of the Comptroller of the Currency's decision to pre-empt local lending laws may create a competitive advantage for national banks and their mortgage subsidiaries. He also said the OCC ruling raises questions for loan servicers, such as whether the pre-emption extends to loans subserviced by another party. He urged MBA members to advocate national rules governing predatory lending issues. "We don't need to take players out of the industry because of bad legislation," he said at the conference's opening session. The MBA can be found online at http://www.mortgagebankers.org.
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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.
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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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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