CHLA Board Member Bill Giambrone (President and CEO of Platinum Home Mortgage) highlights the joint proposal by CHLA, the National Association of Realtors, consumer groups, PMIs, and other small lender groups to provide more flexibility for QM through a higher DTI with compensating factors and updating Appendix Q – explaining why it is a better approach than the large bank approach of eliminating DTI.
The Federal Housing Finance Agency’s new proposal on higher capital standards for Fannie Mae/Freddie Mac servicers is still pretty fresh but already the industry is reacting. The Community Home Lenders Association said in a statement it’s afraid the language, as proposed, could “reduce access to mortgage credit and increase industry consolidation among the industry’s largest participants, which in turn could increase systemic risk.” CHLA chief Scott Olson notes, “Seller-servicer requirements have already been
Chrisman Newsletter: Highlights CHLA’s Key Role in Transitional Licensing Law and Advocacy for SAFE Act Parity
EXCERPT FROM CHRISMAN DAILY NEWSLETTER: And in a somewhat related issue, Scott Olson, Executive Director of the Community Home Lenders Association, commented on some investors accepting, or denying, loans originated by MLOs through transitional licensing. “Great article about the SAFE Act. CHLA was instrumental in the process of enacting transitional licensing legislation, working closely with SAFE Act author Spencer Bachus (R-AL) on his introduction of the first transitional licensing
Inside Mortgage Finance: CHLA Warns Regulators of IMBs – Don’t Over-react to FSOC Report on IMB Risk
The release of the Financial Stability Oversight Council report on nonbank risk hasn’t been greeted warmly in all sectors of the mortgage industry. But there are some positives as Scott Olson of the Community Home Lenders Association points out: “While some press reports on FSOC’s 2019 Annual Report are focused on the purported risks of non-bank mortgage lenders, what is generally being overlooked is its other conclusion that non-bank lenders are
National Mortgage News Op-Ed: FHA’s Strong Actuarial Report Strengthens CHLA Call to End Life of Loan Premiums
CHLA Member Anthony Kellum (President of Kellum Mortgage) highlights FHA’s strong financial performance and significantly increased Net Worth as reported in its latest annual Actuarial Report – making a strong case that FHA is over-charging borrowers and should therefore end its Life of Loan premium policy.
A National Mortgage News story highlights FHA’s strong Actuarial Report showing FHA Net Worth growing dramatically to 4.84% – with CHLA using this data to continue to press its case that borrowers are being overcharged and therefore FHA should end Life of Loan premiums.
CHLA Joins Other Groups in Letter to FHA to Eliminate Indemnification Penalties for New Loans with Forbearance
CHLA, along with consumer groups and other trade groups, sent a letter to HUD Secretary Ben Carson, asked FHA to eliminate its recently adopted 20%
Housing Wire: FHA enacts temporary policy shift on forbearances; CHLA pushes back on 20% first loss penalty
A Housing Wire article on FHA’s announcement that it would impose a 20% first loss indemnification penalty on validly underwritten loans that go into forbearance