To help lenders comply with the Taxpayer First Act—a new law taking effect Dec. 28 that requires that taxpayers provide express consent for how their tax information will be used and additional consent for it to be shared with other parties—MISMO, the mortgage industry’s standards setting organization, has released new taxpayer consent language that can be used as part of the mortgage transaction.
The Federal Housing Administration’s Mutual Mortgage Insurance Fund reached a capital ratio of 4.84%, up from 2.76 in 2018 and well above the minimum statutory requirement of 2%, according to the FHA’s 2019 annual report to Congress.
Outstanding household debt increased by 0.7% in the third quarter of 2019, rising by $92 billion to land at $13.95 trillion, the Federal Reserve Bank of New York reported today.
Bankers left commercial and industrial lending standards mostly unchanged amid weakening demand in the third quarter of 2019, according to the Federal Reserve’s latest senior loan officer survey released today.
In a significant move that could encourage more banks to engage in Federal Housing Administration lending, the Department of Justice and the Department of Housing and Urban Development announced today that they have signed a memorandum of understanding on how they will address potential violations under the False Claims Act.
In a comment letter to the Consumer Financial Protection Bureau this week, ABA urged the bureau to consider raising the coverage thresholds for collecting and reporting data about closed-end mortgage loans to 250.
Implementation of the Consumer Financial Protection Bureau’s 2015 Home Mortgage Disclosure Act rule resulted “astoundingly high” costs for creditors, the American Bankers Association said in a joint comment letter with the Bank Policy Institute, Consumer Bankers Association, Housing Policy Council and Mortgage Bankers Association today.
An entrepreneurial culture, an excitement about problem-solving and an insistence on moving quickly explains why Leader Bank continues to grow.
The share of current and performing first-lien mortgages in the second quarter of 2019 was 96.1%, up from 95.6% a year ago, according to the Mortgage Metrics Report released today by the OCC.
In a move intended to level the playing field in the mortgage market, the Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac not to provide volume-based discounts for guarantee fees they charge lenders.