The Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators are issuing nontraditional mortgage guidance for state-licensed mortgage bankers and brokers that is consistent with federal guidelines on originating interest-only and payment-option ARMs."At this stage of the game, it is very important to provide consistent guidance to all providers in the industry," said CSBS vice president Michael Stevens. Individual state regulators are planning to issue the guidance as best practices or regulatory bulletins to get it out quickly. Later the guidance will be translated into regulations or statutes, depending on the state. The state regulators pledged to work with their federal colleagues on improving the guidance if additional consumer protections are needed down the road. "We will do that together in cooperation with federal regulators," Mr. Stevens told reporters. Federal regulators issued guidance on nontraditional mortgages that applies to all federally insured banks and thrifts on Sept. 29.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28