The Justice Department and the Department of Housing and Urban Development (HUD) have issued several monetary penalties this year to lenders for alleged maternity discrimination against loan applicants. Investigators found that lender’s underwriting criteria stated if the applicant is on family ... » Learn More about Regulators Penalize Lenders for Maternity Discrimination; More Conflicting Regulations
Dodd Frank financial regulations
Basics of Ability to Repay Mortgage Regulation
The Ability to Repay mortgage rule section of the Dodd Frank Regulations works in conjunction with the Qualified Mortgage (QM) regulation. At a minimum, creditors generally must consider eight underwriting factors: (1) current or reasonably expected income or assets; (2) current employment ... » Learn More about Basics of Ability to Repay Mortgage Regulation
SEC to Allow QRM to Equal QM
The Security and Exchange Commission (SEC) has agreed to allow the standards for the Qualified Residential Mortgage (QRM) to equal the Qualified Mortgage (QM) criteria imposed by the Consumer Financial Protection Bureau (CFPB). By allowing QRMs to equal the QM standards, there will not be a ... » Learn More about SEC to Allow QRM to Equal QM
Latest Housing Affordability Data
These are the latest affordability numbers from the National Association of Realtors. They don't incorporate the tightening of loan underwriting guidelines due to the new Dodd Frank regulations that are just now starting to be imposed on mortgages, but it does give a good indication on how the ... » Learn More about Latest Housing Affordability Data
Dimon vs Bernanke Unintended Consequences of New Financial Regulations
http://www.youtube.com/watch?v=ImMt0euu01s Ron Henderson President/Broker of Multi Real Estate Services Los Angeles evaluates the implementation of new financial regulation on the mortgage industry and the economy. Includes interaction between Fed Chairman Bernanke and Jaime Dimon CEO JP Morgan ... » Learn More about Dimon vs Bernanke Unintended Consequences of New Financial Regulations