The next president of the Mortgage Bankers Association is forming a special task force to look into the benefits of a simple, easy-to-understand tool that spells out the strengths and weakness of the loan the borrower has chosen."I see it as a final gut-check for the borrower," said John Robbins, chief executive of the San Diego-based American Mortgage Network, at the MBA National Secondary Market Conference in Chicago. "Here's what you've chosen. These are all the risks, and these are the possible rewards." Mr. Robbins is calling on Fannie Mac, Freddie Mac, and the MBA's Residential Board of Governors to develop recommendations for an industrywide disclosure document, and when and how best to deliver the document to borrowers. While the effort might have the side benefit of calling off state efforts to curtail abusive practices, Mr. Robbins sees it as bringing more transparency to the lending process. "This isn't about the industry being nervous," he told the conference. "It's about helping consumers make truly informed choices" and showing that their welfare is of the utmost importance. The final piece of paper, perhaps a one-pager that outlines the chosen loan's pros and cons, is one way to "make it clear that we want consumers to make informed choices," Mr. Robbins said.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28 -
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.
March 28 -
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.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28