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Ballard Spahr’s Andreano: CFPB is open to “other approaches” to QM

Housing Wire

Q: What developments at the CFPB should the mortgage industry be watching? Also, there is the criticism of the general QM that was put into the reg that had the strict 43% debt-to-income ratio benchmark. HousingWire sat down with Richard Andreano, a partner at Ballard Spahr in Washington, D.C.,

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Lenders: Looking to simplify closings? Work with an insurance agency

Housing Wire

HousingWire recently spoke to Tom Kriby, vice president of client development and partnerships at Westwood Insurance Agency, about how working with an insurance agency can simplify the closing process for their customers, even in times of interest rate uncertainty. We’ve seen savings of up to 30% in difficult markets like Texas and Florida.

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Consumer advocate says policy changes are needed to help FHA buyers compete

Housing Wire

Department of Housing and Urban Development ( HUD), state attorneys general and fair housing organizations to start applying this legal framework to homebuyers FHA loans accounted for 15.6% of the U.S. mortgage market in 2023, up from 14.3% in 2022, according to HUD.

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LoanSnap loses mortgage lender license in Connecticut

Housing Wire

In November 2023, Wells Fargo sued LoanSnap for $431,511 in a district court in Minnesota, alleging breach of contract in selling a mortgage that did not meet contractual requirements, such as excessive and unsupported debt-to-income ratios. The total judgment in these cases is more than $1.1

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Highly leveraged loans on the GSEs’ books are a real fiscal danger, Calabria argues

Housing Wire

Taylor Stork , the president of CHLA and the chief operating officer of Developer’s Mortgage Co. “There’s been an explosion in high-DTI lending since I left FHFA,” he said, pointing to the fact that some Federal Housing Administration (FHA) borrowers have a 57% debt-to-income ratio.

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Banking agencies get deluge of feedback on CRA proposal

Housing Wire

NHC recommends that the CRA regulation develop a process for collecting and reporting baseline data on investment and lending to people of all races,” wrote David Dworkin, the National Housing Confeence’s CEO. This same data reporting should be used in assessing performance and establishing performance context in CRA evaluations as well.”.

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Stepping up the fight against fraud in mortgage lending

Housing Wire

Data-driven analysis also flags questions lenders should be asking, such as whether a deposit sum came from the borrower’s assets or represents a gift from an outside source (which should be calculated in the debt-to-income ratio). As fraud in mortgage becomes more sophisticated, so must we.

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