Mortgages

Two groups representing small and mid-size lenders say new proposed state mortgage servicing standards for nonbanks will add an unnecessary layer of regulatory burden, especially for firms servicing Fannie Mae and Freddie Mac loans.

The Consumer Financial Protection Bureau's new mortgage integrated disclosure rules will now take effect Saturday, Oct. 3, two days later than the previously rescheduled Oct. 1 deadline.

Bankers and commercial real estate developers are protesting new restrictions on construction lending, arguing they are poised to hurt credit availability and drive loans into risky, unregulated sectors.

The second-largest provider of U.S. mortgages through brokers is bringing back a debt type that's almost disappeared since the financial crisis: Interest-only loans.

Fannie Mae will no longer charge mortgage lenders to submit loans to its Desktop Underwriter automated underwriting system, a decision that follows a similar move by Freddie Mac earlier this month.

Fewer consumers today believe it's difficult to get a mortgage than a year ago. However, the majority of survey respondents still think the origination process is too tough and that there are too few homes on the market.

Access National in Reston, Va., said Chairman James "Ted" Jadlos resigned to focus on a mortgage-related business.

Many lenders may not have been ready for the CFPB's new mortgage disclosure rule if it took effect on Aug. 1 as planned. Now a slip-up by the agency itself has given lenders a two-month reprieve.

The Consumer Services division of Washington state's Department of Financial Institutions has accused Quicken Loans of sending false claims in direct mail advertising to military members.

FHA tries to clarify what loan defects will bring the harshest penalties to guide lenders and instill more confidence.

A technical error made by the Consumer Financial Protection Bureau has become a saving grace for lenders who had pushed, begged and pleaded for more time to comply with a new mortgage disclosure rule.

It turns out the Consumer Financial Protection Bureau's failure to file a two-page form to Congress on time was the unspecified "administrative error" that delayed the effective date for new mortgage disclosure rules.

A flood of ex-homeowners may be ready to re-enter the mortgage market over the next five years, according to a TransUnion report.

WASHINGTON — After months of declining industry and congressional pleas to delay an impending rule combining two mortgage disclosure regimes, the Consumer Financial Protection Bureau on Wednesday announced a two-month delay due to an "administrative error."

Six servicers were cited for a range of infractions, including a failure to respond to requests for loan modifications and not doing enough to prevent foreclosures. Punishment was harsh for Wells Fargo and HSBC, which are banned from acquiring mortgage servicing rights and entering into new servicing contracts.

Six banks including JPMorgan Chase and Wells Fargo have been placed under further business restrictions after the Office of the Comptroller of the Currency determined they had yet to fully meet regulatory orders related to the independent foreclosure review which began in 2011.

Discover Financial Services is closing its mortgage-origination business and will offer severance packages to about 460 employees.

The decline in foreclosures and short sales is contributing to the dearth of housing inventory, complicating the prospects for home buyers feeling the pinch of tight credit and lenders that need purchase mortgages to supplant refinancing once interest rates rise.

California Gov. Jerry Brown violated state law by diverting more than $331 million in mortgage settlement funds for uses unrelated to housing, a Superior Court judge ruled.

Private mortgage insurers see deeper coverage of GSE loans as a way to expand business, while lenders hope it could lead to a reduction to guarantee fees.