In a recent letter sent to CFPB Director Kathy Kraninger, NAMB President Richard Bettencourt addressed two specific initiatives: Permit voluntary reductions by Loan Officers to their compensation in response to competition, and to allow reductions to compensation when the Originator makes an error.
NAMB suggests one sound solution would be to permit the consumer or creditor to pay, in addition to the Loan Originator’s fixed lender-contracted commission, a flat payment. NAMB also believes the CFPB should re-examine the rationale for the three percent cap on points and fees for Qualified Mortgages and either increase that amount, remove items that are double counted, or explore other ways to combat steering. NAMB believes such a solution would help resolve the problem of fewer low-loan amount mortgages.
Guild Mortgage introduced a new mortgage product to help medical professionals buy their first home with no down payment.
With Guild Mortgage's new program, the company states that qualified medical professionals, including those who have just graduated from medical school, can qualify for a home loan with up to 100% financing, no required mortgage insurance, and the ability to exclude student ...
"August data also suggests that the growth in housing prices, while still very strong, may be beginning to decelerate," says Craig J. Lazzara.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all 9 U.S. census divisions, reported a 19.8% annual gain in August, remaining the same as the previous month. The 10-City Composite increase came in at 18.6%, down from 19.2% the previous mo...
Appraisal Subcommittee said requirements are being reviewed to determine whether they ensure and promote fairness, equity, objectivity, and diversity, in both appraisals and in the training and credentialing of appraisers.
The Federal Housing Finance Agency (FHFA) said Monday it will take two steps to help make home ownership more affordable and sustainable for mortgage borrowers, especially for those in underserved communities.
The Consumer Financial Protection Bureau filed a complaint and proposed consent order, which alleges that American Advisors Group (AAG) used inflated and deceptive home estimates to attract reverse mortgage consumers.