nmp news flash continued from page 16
the banks on four new metrics issued in October. These will help the Monitor measure and ensure that the banks are doing a better job sending notices and communicating with struggling homeowners in a timely manner.” Green Tree failed over a quarter of the testing issued by Smith and the individuals at the Monitor. Green Tree, a division of Walter Investment Corporation, took on Ally Financial’s servicing rights back in October of 2012, with the deal reportedly being worth upwards of $20 billion. Smith announced that he is pleased with the findings of the report. “I believe that these results, when compared to my previous reports, show that, under the Settlement, servicers are addressing problems quickly and effectively through focused corrective action plans,” said Smith. “While these results are encouraging, work still remains to ensure that the servicers treat their customers fairly. My colleagues and I continue to test their compliance with the original 29 metrics. In addition, we have started testing the servicers on the four new metrics issued in October which provide more stringent review on the loan modification process, single point of contact and billing accuracy. I look forward to reporting those results in my next compliance report.”
CFPB Proposes Minor QM Changes
Chase Picks the Brains of First-Time Homebuyers in New Survey Though they felt prepared, many recent homebuyers would d o
chasing a home, specifically: l The ins and outs of closing on the house: 22 percent l Making the offer and negotiating: 19 percent l Financing a home: 15 percent “While consumers said they felt prepared to buy a home and were satisfied with their home purchase, our results found that there are challenges and areas for improvement,” said Lisa Foradori, chief marketing officer for Chase Mortgage Banking. “We created our My New Home app, online educational materials and YouTube Channel to give homebuyers a primer on what to expect.” continued on page 42
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NationalMortgageProfessional.com
n Oklahoma Mortgage Professional Magazine n MAY 2014
The Consumer Financial Protection Bureau (CFPB) is proposing minor adjustments to its mortgage rules to ensure access to credit. The proposal includes two changes that would help certain non-profit organizations continue to provide mortgage credit and servicing to underserved populations. The proposal also lays out limited circumstances where lenders that exceed the points and fees cap can refund the excess amount to consumers and still have the loan be considered a Qualified Mortgage. “Our mortgage rules are now helping to protect consumers all across the country from debt traps, runarounds, and surprises,” said CFPB Director Richard Cordray. “This proposal would maintain those strong protections, while making minor changes to ensure consumers have access to credit. This includes helping nonprofits that provide working families with important pathways to affordable homeownership.” In January 2013, the CFPB finalized several mortgage rules, most of which took effect in January 2014. Among these rules, the Ability-to-Repay (ATR) rule protects consumers from irresponsible mortgage lending by requiring that lenders generally make a reasonable, good-faith determination that prospective borrowers have the ability to repay their loans. The mortgage servicing rules establish strong protections
for homeowners, including those facing foreclosure. The proposed amendments respond to concerns about origination and servicing issues, particularly for non-profit housing providers.
more homework and make some different choices if they had a second chance, according to research released by Chase. The independent survey gave 807 recent homebuyers a chance to reflect on how their home purchase turned out. The “What I Wish I Knew About the Homebuying Process” survey provides a comprehensive look at the level of their preparedness during the homebuying process and what living with the home purchase has been like. They felt ready, but … Nine of every 10 recent homebuyers felt prepared when they bought their home, but in hindsight, 56 percent wish they were armed with more knowledge about the financial aspects of pur-