| Aug 15, 2012 2:23PM Six principal regulators of banks and credit unions have issued proposed rules to establish a new appraisal requirement for "higher-risk mortgage loans ." The rules which will be published in the Federal Register" allow for a mandatory 60 day comment period . The Dodd-Frank Wall Street Reform and Consumer Protection Act passed in 2010 establishes a new section in the Truth in Lending Act (TILA) which does not permit a creditor to extend credit in the form of a higher-risk mortgage loan to any consumer... Aug 15, 2012 12:30PM Fifty-eight percent of mortgages that closed in July were loans for the purpose of refinancing , up from 54 percent in June according to Ellie Mae's Origination Insight Report released today. Conventional mortgages made up 67 percent of the mortgages originated through Ellie Mae and FHA loans accounted for 24 percent. The Origination Insight report is based on a sample of loan originations that flow through Ellie Mae's mortgage management software and network and represent more than 20 percent of...
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