DE Underwriter Change? MI Company fines and their Responses; How Much can the CFPB Penalize and what does it do with the Money?

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Posted To: Pipeline Press

Yesterday I was in Denver, speaking at the Colorado Mortgage Lenders Association, and, besides the increasing need for capital among lenders, the rumored upcoming audit of 360 Mortgage & the CFPB's potential fines*, and market share jockeying, a hot topic was home price appreciation in the area. Shoulda woulda coulda... The number of existing homes for sale in the USA has been cut in half over the last 6 years . There were 3.8 million homes for sale as of February 2007, and at the end of February 2013 there were 1.94 million, per NAR. Yesterday I mentioned a Bloomberg article talking about how American homeowners could soon be using their homes as cash machines (a term that makes most lenders shudder), and as it turns out there is an updated Bloomberg article which clarifies some of the...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/04052013-mortgage-insurance-cfpb-fines.aspx

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