Wall Street eyes earnings, Fed speakers

Posted October 21, 2016 / No comments

U.S. stock index futures pointed to a lower open on Friday morning as traders eyed several big earnings reports….(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Source: Mortgage News Daily

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Bank of America doubles down on 3% down mortgages without insurance

Posted October 20, 2016 / No comments

Earlier this year, Bank of America, in partnership with Freddie Mac and Self-Help Ventures Fund, began offering mortgages that only required consumers to put down 3% and did not require the consumers to obtain mortgage insurance either. Bank of America said Thursday that the “Affordable Loan Solution” program is proving so successful in its first

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CFPB Mortgage Servicing Rule Amendments Published in Federal Register

Posted October 20, 2016 / No comments

Reid F. Herlihy The CFPB Mortgage Servicing Rule Amendments were published in the Federal Register yesterday, starting the clock for the effective date of the amended provisions.  Most of the provisions are effective on October 19, 2017.  The provisions related to successors in interest and periodic statements for borrowers in bankruptcy are effective on April

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Hensarling seeks assurance of CFPB compliance with limits on executive agencies

Posted October 20, 2016 / No comments

Alan S. Kaplinsky Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has sent a letter to Director Cordray asking him to provide written assurance by October 26, 2016 that, as a result of the D.C. Circuit’s decision in PHH Corporation v. CFPB, the CFPB will comply with the limits on executive agencies

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CFPB highlights complaints about transition from default to income-driven repayment plans

Posted October 20, 2016 / No comments

John L. Culhane, Jr. The CFPB has released its fifth Annual report of the CFPB Student Loan Ombudsman discussing complaints received by the CFPB about private and federal student loans and the lessons drawn by the Ombudsman from those complaints.  The report states that it is based on the CFPB Student Loan Ombudsman’s analysis of

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