February 7, 2018

CFBP News: Court of Appeals Rules Against CFPB, Vacates PHH’s $100M Fine for Alleged RESPA Violations 

HousingWire | Jan. 31, 2018
While the main story coming out of Wednesday’s stunning decision from the Court of Appeals for the District of Columbia Circuit was the court upholding the constitutionality of the Consumer Financial Protection Bureau, the CFPB didn’t escape unscathed. 
The challenge to the bureau’s constitutionality stemmed from a lawsuit from PHH Corp., which challenged former CFPB Director Richard Cordray’s $103 million increase to a $6 million fine initially levied against PHH for allegedly illegally referring consumers to mortgage insurers in exchange for kickbacks.

PHH later challenged Cordray’s authority to levy the additional fine and the constitutionality of the CFPB.

FHFA’s 2018 Goals: Liquidity, Stability, Access in Housing Finance

The M Report | Feb. 1, 2018
The Federal Housing Finance Agency (FHFA) released its strategic four-year plan from 2018 to 2022 reflecting the agency’s priorities as the regulator of the Federal Home Loan Banks (FHLBank) and as conservator of Fannie Mae and Freddie Mac.

The agency’s strategic plan centers around three key goals—ensuring safe and sound regulated entities; ensuring liquidity stability, and access in housing finance; and managing the ongoing conservatorships of Fannie Mae and Freddie Mac (the GSEs).

To ensure the liquidity, stability and access in housing finance, the agency will look at ensuring liquidity in mortgage markets, promote stability in the housing finance markets and expand housing finance for qualified financial institutions of all sizes across the U.S. and for qualified borrowers.
Read More »

Realtors Urge Congress to Support Mortgage Choice Act

HousingWire | Feb. 5, 2018
Last year, House Financial Services Committee Chairman Jeb Hensarling’s, R-Texas, Financial CHOICE Act, H.R. 10, was officially on its way to the Senate for a vote. However, as it only received partisan support, the bill died on the Senate floor. 

Then in December, the Senate Banking Committee began its markup of a bill that would roll back the Dodd-Frank Act, the Economic Growth, Regulatory Relief and Consumer Protection Act. The Senate Banking Committee held its last hearing on this bill on Jan. 30.

Now, NAR is urging Congress to support another regulator relief bill, the Mortgage Choice Act.

Quicken Loans Overtakes Wells Fargo as America's Largest Mortgage Lender

Forbes | Feb. 5, 2018
Quicken Loans' well-reviewed Super Bowl ad features comedian Keegan-Michael Key swooping in to simplify the complicated. He translates rap lyrics, dating profiles, abstract art and, of course, mortgage mumbo-jumbo. The big news in the 60-second spot, slipped into a tagline at the end, however, was easy to miss: Quicken Loans is now America's largest mortgage lender.

In the fourth quarter of 2017, Detroit-based Quicken made $25 billion worth of mortgages, overtaking Wells Fargo as the largest of the nation's 30,000 home lenders with a roughly 6% market share. The San Francisco-based bank made $23 billion in loans over the same period. Number three Bank of America came in at $13 billion.

"The only thing harder than getting here is going to be staying here," says Dan Gilbert, Quicken's billionaire co-founder and chairman.
Read More »

TLTA is scheduling more live webinars for 2018! Register now, or explore the On-Demand webinar library today!