The Consumer Financial Protection Bureau has issued a proposed rule and request for comment regarding a temporary delay in the June 1 effective date of a final rule provision that would prohibit the financing of credit insurance into a mortgage.
The bulk of credit union and CUSO mortgage programs will see minimal impact from Fannie Mae and Freddie Mac limiting the secondary market to only qualified mortgages, according to credit union and CUSO executives.
Mortgage bankers trade group says 1st quarter figures show slight increase in 30-day delinquency rate.
Complaint includes accusations that homeowners could lose homes because loan mods sat unprocessed on big bank desks.
FHFA said the GSEs will generally not buy loans that don't meet the CFPB's new "ability to repay rule."
The biggest obstacles to credit unions launching or growing a housing finance program are lack of staff, concerns about compliance and a lack of leadership from the highest executive levels, according to credit union executives and housing finance consultants.
Credit union says first quarter continues record pace and that 100% financing program performance stays strong.
Real estate, underwriting and loan processors all can make the move into loan origination, PFS Funding founder Joseph Parsons says.
Media sources report that Mark Zandi, chief economist at Moody's Analytics, is a lead contender to replace DeMarco.
Training from within one way to address lack of availability of new employees with mortgage lending skills.