Reverse mortgage lenders are stretched thin to the point of having to turn borrowers away as seniors rush to get ahead of Home Equity Conversion Mortgage changes that will raise fees and lower loan limits.
Efforts to persuade regulators to allow Fannie Mae and Freddie Mac to use alternative credit scores would stifle competition between the credit bureaus and FICO and do little to expand access to credit, according to industry analyst Chris Whalen.
PHH Corp. will pay the Justice Department $75 million to settle a False Claims Act investigation of its underwriting practices on government-insured mortgages and loans sold to Fannie Mae and Freddie Mac.
The Consumer Financial Protection Bureau's final rule to formalize guidance on a number of TILA-RESPA Integrated Disclosures compliance points omits an originally proposed fix for the so-called black hole that's created when a mortgage closing is delayed.
The Trump administration's Justice Department was expected to be less aggressive in its pursuit of False Claims Act cases against the mortgage industry. Instead, its focus has shifted to Federal Housing Administration-insured reverse mortgages.