Industry News

So uh, what exactly you fellas been up to?

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: The following posting appears on the Inman News Blog. The blog enables readers to comment on postings and respond to other readers leaving comments in real time. Click here to join the discussion stemming from this post. The California Department of Corporations is requiring all finance lenders and mortgage banker originators under its jurisdiction to fill out a survey showing the number and dollar amount of all nontraditional mortgage loans on their books as of Dec. 31, or sold over the preceding 12 months. The survey, which is due April 3, will be "utilized in formulating appropriate guidance for our Department's licensees and examination staff," according to a March 19 letter to lenders. California is one of 24 states that have yet to adopt the new federal guidance for nontraditional interest-only and payment-option ARM loans (the guidance says lenders have to qualify buyers at the fully indexed rate, and provide more complete disclosure of loan terms). State Sen. Mi...