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Blog
Our updated blog is full of useful tips and articles to help you comply and improve the quality of your loans. You can also find a copy of each month's newsletter, which contains updates and tips.
03
2012
MCA Monthly Compliance Update – February 2012
23
2012
Proposed QRM Rule Causes Strife
A new regulatory proposal is set to require a minimum down payment of 20 percent on Qualified Residential Mortgages (QRM). It is suggested that this proposal down payment requirement provides as a direct hindrance to first-time home buyers, working class borrowers, and minorities. The 20 percent requirement will make it more expensive and difficult for qualified borrowers to attain home ownership. The MBA, and assumably many others, are fighting to eliminate the down payment requirement altogether, before the rule is finalized. Isn’t the idea to make home ownership affordable and attainable? This QRM proposal certainly doesn’t help this value. Find out more information at NationalMortgageNews.com.
According to a forecast from Moody’s Investor Service, residential loan modifications will reportedly decline in 2012. If the forecast proves correct, then this will be the second straight year that loan modifications have plummeted. Moody’s report also shows that when borrowers are not eligible, or re-default on their modifications, short sales will increase. What impact will an increase in short sales have? Well, the report claims that rising short sales will reduce liquidation timelines, and stabilize loss severities. With the overwhelming number of defaulted loans, should we expect better in 2012’s housing market? MortgageServicingNews.com
11
2012
MCA Monthly Compliance Update – January 2012
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30
2011
GSE Guarantee Fee Hike Debut April 1
After the Federal Housing Finance Agency directed GSEs, Fannie and Freddie, to implement a mandated increase in their loan guarantee fees – you can surely expect it… April 1, 2012. The payroll tax cut extension bill passed by Congress on Dec. 23 requires that GSEs charge an average g-fee in 2012 of at least 10 basis points higher than in 2011. The bill also prompts the GSE regulator to adjust the g-fees so all lenders pay the same fee. The legislation plans to give FHFA two years to implement a uniform fee structure.
Yesterday, National Mortgage News shed light on FHFA’s proposal that would pay loan processors $10 per month for performing loans. However, this proposal seems to contradict the new advances being made to gradually detach mortgage banking from government involvement; therefore, the Mortgage Bankers Association is urging the government not to change the current GSE servicing compensation model. Where government support regarding housing finance will go, we shall wait to see. To read in more detail, visit NationalMortgageNews.com
02
2011
MCA Monthly Compliance Update – December 2011
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Now that Fannie and Freddie have lowered their loan limit, the private sector has become involved in helping wealthy borrowers obtain their perfect mortgage; however, perfect may translate into jumbo, in this case. Loan officers have observed that even well-off borrowers are experiencing some frustration in their seeming inability to obtain the mortgage that they want. So, to draw a mere conclusion, neither middle class nor well-to-do’s are faring dry in this mortgage storm. For a better perspective, read on at OriginationNews.com.
21
2011
Unemployment Rate to Remain Above 7%?
Deep in our economic slump, recovery seems like a mere notion at this point. With many factors that contribute to the many economic woes, the housing market has been said to be one of the most significant of them all. With foreclosures rising and home prices plummeting, where does this leave the unemployment rate? According to Federal Reserve Bank of San Francisco president and chief executive, John C. Williams, the unemployment rate will remain above 7 percent for the next three years. For more, read at NationalMortgageNews.com.
17
2011
RESPA Rated Toughest Compliance Task
Yesterday, Origination News pointed out that of the many financial regulations, RESPA is most complex to comply with. It is believed that RESPA has a variety of interpretations, which make it a daily struggle to comply with. This noted compliance burden may be more than enough incentive for compliance managers to outsource this particular mortgage QC need.
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