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The percentage of recent mortgage borrowers with subprime credit scores still resides in the single digits, but nearly doubled what is was in 2013, according to TransUnion.
November 13 -
Industry groups are calling on the consumer bureau to eliminate the debt-to-income limit for “qualified mortgages” and provide a short-term extension of special treatment for Fannie- and Freddie-backed loans.
September 24 -
Senate Democrats are warning the Consumer Financial Protection Bureau to be careful as it considers changes to its mortgage underwriting rules.
September 17 -
New Home Mortgage Disclosure Act data shows debt-to-income ratios have risen but also have been frequently cited among reasons for denials, suggesting lenders are becoming more cautious about this underwriting metric.
September 3 -
Though advocates and industry are rarely aligned, they are starting to coalesce around a plan that would call for the elimination of the CFPB’s 43% debt-to-income limit as part of its qualified mortgage rule.
August 27 -
Mortgage companies will be charged fees to upgrade an Internal Revenue Service system they use, but will benefit from the improvement as well.
August 22 -
The industry has long worried that the ability-to-repay rule gives borrowers an avenue to fight foreclosure, but one plaintiff’s experience may discourage others from trying.
August 15 -
The monthly volume of new mortgage securities insured by Ginnie Mae remained higher than it has been in more than two years in July, rising slightly on a consecutive-month basis.
August 13 -
With the agency mulling changes to the “Qualified Mortgage” regulation, mortgage lenders say little-known standards for how they document a borrower’s income would be a good place to start.
August 12 -
More applications for non-QM loans might close if lenders and originators beefed up efforts to address missing or outdated information, according to Computershare.
August 8