Join our mailing list: 
Archive for the ‘Latest Info’ Category

FICO Study Reveals Rising Demand for Credit

According to a recent study from FICO, U.S. banks expect an end to the household deleveraging trend observed among consumers during the past five years. The company’s latest quarterly survey revealed that bankers are anticipating an uptick in customers’ demand for credit. Additionally, results showed that the majority of respondents “believe the supply of financing for auto loans, credit cards, new mortgages, small business loans, student loans, and mortgage refinancing will meet or exceed consumer demand over the next six months.”

Read more by clicking the link below.
http://www.themreport.com/articles/fico-study-reveals-rising-demand-for-credit-among-consumers-2013-01-15

CFPB Releases Qualified Mortgage Criteria, Establishes Legal Protections

After many long months of waiting, the Consumer Financial Protection Bureau (CFPB) has finally issued its finalized “qualified mortgage” (QM) rule designed to protect both consumers and responsible lenders. One of the biggest provisions of the QM rule is the newly set Ability-to-Repay rule, which does away with so-called “no doc” and “low doc” mortgages. In addition, the CFPB explained there are two kinds of QMs that have different protective features for consumers and legal consequences for lenders.

Read more by clicking the link below.
http://www.themreport.com/articles/cfpb-releases-qualified-mortgage-criteria-establishes-legal-protections-2013-01-10

http://www.consumer-action.org/alerts/articles/consumer_bureau_releases_safe_mortgage_rules

Report: BofA Planning to Unload Another $100B in Servicing Rights

After announcing Monday the sale of nearly $306 billion in mortgage servicing rights (MSRs) on 2 million loans, Bank of America might be looking to unload a little more. Reuters first reported Tuesday that the bank is planning to sell rights on at least another $100 billion of mortgages. BofA is likely to announce more MSR sales in the next several weeks, according to two unnamed sources who spoke to Reuters. Sales of servicing rights have become more prevalent as costs rise and servicers fall to bankruptcy, leaving hungry institutions to purchase their MSRs.

For the full article, please click on the link below.
http://www.themreport.com/articles/report-bofa-planning-to-unload-another-100b-in-servicing-rights-2013-01-09

Will 2013 Bring Declining Originations and Rising Interest Rates?

As we delve into the new year, many wonder what lies ahead in the mortgage industry. According to one mortgage lender, we can expect declining originations, rising interest rates, and fewer mortgage professionals. Residential mortgage origination volume will decline 24 percent this year, largely driven by significant declines in refinances, according to Total Mortgage Services, LLC. The mortgage lending company foresees a 16 percent rise in purchase originations offset by a sharp decline in refinances.

For more information, please click on the link below.
http://www.themreport.com/articles/will-2013-bring-declining-originations-and-rising-interest-rates-2013-01-08

JPMorgan Seeks Dismissal of Task Force Securities Suit

It’s been months since New York Attorney General Eric Schneiderman filed suit against JPMorgan Chase over faulty mortgage-backed securities (MBS), but the bank is now coming out of its own corner swinging. Attorneys for the bank filed a motion to dismiss in early January, arguing that because Schneiderman brought his claims under the Martin Act (an article granting the attorney general increased power to combat financial fraud), they are subject to a three-year statute of limitations that has already elapsed.

For the rest of this article, please click on the link below.
http://www.themreport.com/articles/jpmorgan-seeks-dismissal-of-task-force-lawsuit-2013-01-08

NCUA Sues JPMorgan over $2.2B in WaMu Securities

The National Credit Union Administration (NCUA) filed its 10th action against a major Wall Street investment firm–this time, the defendant is JPMorgan Securities. NCUA’s suit revolves around mortgage-backed securities (MBS) underwritten and sold by Washington Mutual Bank (WaMu), which was acquired by JPMorgan in 2008 following its collapse. The complaint alleges that underwriting guidelines described in the offering documents for the MBS sales were “systematically abandoned.”

Read more by clicking the link below.
http://www.themreport.com/articles/ncua-sues-jpmorgan-over-22b-in-wamu-securities-2013-01-07

BofA, Fannie Mae Resolve Repurchase Claims

Bank of America and Fannie Mae reached a $10.3 billion agreement Monday to resolve repurchase claims on loans originated from 2000 through 2008. The agreement also requires BofA to pay the GSE $1.3 billion in compensatory fee obligations. Fannie Mae claimed Monday’s agreement as a victory for taxpayers, with Bradley Lerman, EVP and general counsel stating, “A favorable resolution of this long-standing dispute between Fannie Mae and Bank of America is in the best interest of taxpayers.”
For the rest of this article, please click on the link below.
http://www.themreport.com/articles/bofa-fannie-mae-resolve-repurchase-claims-2013-01-07

GAO Report Examines Post-Recession Bank Collapses

From 2008 through 2011, 414 banks failed across the nation, resulting in estimated costs to the Deposit Insurance Fund (DIF) of about $42.8 billion, according to a recent report by the Government Accountability Office (GOA). When examining the cause of bank failures from 2008 through 2011, GOA found banks with less than $1 billion in assets were especially vulnerable to commercial real estate losses. GOA also found instances of “nontraditional, riskier funding sources” in many failed banks. For the Rest of this article please click on the link below.
http://www.themreport.com/articles/gao-report-examines-post-recession-bank-collapses-2013-01-04

CFPB Raises Exemption Threshold for Disclosure Act

The Consumer Financial Protection Bureau (CFPB) announced it has finalized a rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

For the rest of this article please click on the link below.

http://www.themreport.com/articles/cfpb-raises-exemption-threshold-for-disclosure-requirements-2013-01-03

What to Know About California’s Homeowner Bill of Rights

The Homeowner Bill of Rights went into effect January 1, 2013. How does it affect you?
To learn more click on the link below.
What you need to know about California’s Homeowner Bill of Rights