CFPB Targets Reverse Lenders; MBA Reports on Lender Profits; Legal Trends

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Posted To: Pipeline Press

“I find it ironic that the colors red, white, and blue stand for freedom, until they’re flashing behind you.” The OCC doesn’t have flashing lights, but the feeling in one’s stomach is probably like being pulled over. The OCC is set to downgrade WFC’s fair lending scorecard by two notches, a move that would give regulators an even greater say in the bank’s day-to-day operations. If you work for a lender that lost money in the 3 rd quarter, you’re “special.” And if you’ve lost money this year, do you really think you’re going to improve your bottom line in 2017? The Mortgage Bankers Association reported that its study of independent mortgage banks and mortgage subsidiaries of chartered banks showed companies had a net gain of $1,773 on each loan they originated in the…(read more)

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