Regulations

Browse articles from all of our Newsletters related to Regulations.

February 26, 2015 - Inside Mortgage Finance

Imposing Administrative Fee on Lenders is Necessary To Improve FHA Loan Quality, Strengthen Process

Department of Housing and Urban Development Secretary Julian Castro defended a key provision in the administration’s FY 2016 budget proposal that would allow the FHA to assess lenders an administrative fee to fund improvements in the loan origination and servicing processes. At a HUD budget hearing this week before the House Appropriations Committee’s Subcommittee on Transportation, HUD and Related Agencies, Castro said the proposed fee would be used for risk management and technological improvements and in establishing quality-assurance policies to help lenders originate more FHA loans without fear of regulatory action or litigation. Castro responded...


February 26, 2015 - Inside Mortgage Finance

Republicans Likely to Use Different Strategies To Restructure CFPB vs. Changing Bureau Rules

As Republican leaders in Congress stake out hard-line positions on structural changes to the Consumer Financial Protection Bureau, Democrats are responding by digging in their heels, raising the prospects of more gridlock. Sen. Richard Shelby, R-AL, chairman of the Senate Banking, Housing and Urban Affairs Committee, recently stated his desire to pull the CFPB within the orbit of the congressional appropriations process. He is also interested in changing the leadership structure of the bureau from a single director to a governing board. Ranking Member Jeff Merkley, D-OR, and other Democrats are opposed...


February 26, 2015 - IMFnews

Short Takes: Gone But Not Forgotten: MetLife’s Mortgage Unit / BB&T Facing Heat from DOJ and HUD OIG / Walter Optimistic, but Investors Aren’t / The ‘Father’ of the CFPB: President Jimmy Carter

Although Walter Investment Management lost a ton of dough in 2014, it sees brighter days ahead...


February 26, 2015 - IMFnews

Walter Reports a $44 Million Loss, Revenue Declines, and a Regulatory Settlement with the CFPB

Walter's cash-flow declined noticeably: For the full year, revenues came in at $1.5 billion, a decline of $315.3 million or 17 percent...


February 25, 2015 - IMFnews

Short Takes: $558 Billion in Delinquent Mortgages / Subprime Looking Up / How Much Will Ocwen Cut in India? / PHH’s Retail Perceptions / Dealing with the CFPB

One of the biggest knocks on PHH Mortgage is that it has little in the way of traditional retail, relying instead on private label partners like Merrill Lynch.


February 25, 2015 - IMFnews

Credit Reporting Complaints Rise; Experian the Complaint ‘King’

Experian led the pack in terms of complaints with a cumulative total of 15,847.


February 25, 2015 - IMFnews

HUD Pushing for Authority to Force Servicers to Use Subs for High-Touch Product

Last year, House appropriators turned down a request that would have allowed the FHA to charge a fee of 2 to 4 basis points to lenders prospectively...


February 24, 2015 - IMFnews

Short Takes: Next Up, Walter Investment / Why No ‘Big’ Mortgage M&A? / Lay Offs At… / Sterne Agee Slated for Sale / The CFPB, an ‘X-Factor’?

We understand from one very good source that a top 30-ranked lender has been quietly trimming staff of late….


February 24, 2015 - IMFnews

Yellen Committed to Letting MBS Run Off the Fed’s Balance Sheet

Fed chief Janet Yellen also signaled a continuation of the status quo for interest rates...


February 23, 2015 - Inside the CFPB

Worth Noting

Rep. Waters Wants Clarity on Corinthian Student Loan Refunds. House Financial Services Committee Ranking Member Maxine Waters, D-CA, wants more clarity about the recent agreement to provide $480 million in financial relief to students wrestling with predatory loans from now-defunct Corinthian Colleges. In letters to CFPB Director Richard Cordray and David Hawn, president and CEO of Education Credit Management Group, the company that acquired a majority of the college’s campuses, Waters said, “[A]s you both well know, the student loan servicing industry, much like the mortgage servicing industry, has often worked as a disservice to its customers. “Furthermore, students who are to receive private debt relief were intentionally misled when the debt was incurred, and there is undoubtedly confusion among ...


February 23, 2015 - Inside the CFPB

Vendors Nailing Down Smallest Details to Keep Clients Compliant

With many small and mid-tier mortgage companies and banks increasingly worried about straying from compliance with the CFPB’s expanding rules and requirements, vendor representatives are working overtime to alleviate their clients’ anxieties and keep them on task and on budget. “We’re really seeing a lot of fear in the CFPB’s steadily intensifying regulations and requirements,” said Mary Beth Doyle, founder and co-owner of Loyalty Express, a mortgage marketing technology vendor in Woburn, MA. As recently as a year or a year-and-a-half ago, companies were saying they would wait to hear about a new rule themselves from the CFPB. “And today, people are more panic driven. There’s this sense of paralysis because everyone’s afraid of stepping out of bounds and not ...


February 23, 2015 - Inside the CFPB

Does the CFPB Rate Checker Help Shoppers? Fuhgeddaboudit.

Jack Guttentag, professor of finance emeritus at the Wharton School of the University of Pennsylvania, advises borrowers to ignore the CFPB’s controversial online rate checker tool. “It is completely useless,” he asserted in a recent online blog post. “The tool a borrower needs is a ‘shopping rate,’ a rate that a competing lender should match or better. The CFPB shows a distribution of rates, and leaves it to the shopper to decide which rate in the distribution is the shopping rate, while providing no guidance on how to do it.” For example, given the loan features he entered on Feb. 10, the CFPB tool told Guttentag that, “In Pennsylvania, most lenders in our data are offering rates at or below ...


February 23, 2015 - Inside the CFPB

CFPB Will Issue Payday Loan Proposal This Summer: Analyst

The CFPB could issue its long-awaited payday loan proposed rule as early as July, according to Isaac Boltansky, an analyst with Compass Point Research & Trading in Washington, DC. “We expect the CFPB to initiate a Small Business Regulatory Enforcement Fairness Act (SBREFA) panel in the days ahead, which will serve as the starting gun for a rulemaking process we expect to last through 2015,” Boltansky said in a recent client note. “Given the contentious and complicated nature of the small-dollar rulemaking effort, we estimate that the proposed rule will be released this summer with the final rule release possibly slipping to 2016.” More specifically, he expects the SBREFA panel to convene at least by the end of February. From ...


February 23, 2015 - Inside the CFPB

Industry Ups Pressure on CFPB Approach to Indirect Auto Finance

A number of industry groups ramped up their efforts to convince the CFPB to revisit its auto financing enforcement policy, after the release of an industry-funded report that challenged the analysis that undergirds it. The impetus behind the challenge is a Charles River Associates study commissioned by the American Financial Services Association that analyzed the complexities of the indirect finance market and evaluated the CFPB’s current fair lending investigations, with special attention to the proxy methodology used by the bureau. The CRA study concluded that “observed variations in ‘dealer reserve’ at the financial institution portfolio level are mitigated when market complexities are considered and adjustments are made for proxy bias and error.” This suggests to industry representatives that there are ...


February 23, 2015 - Inside the CFPB

Credit Report Complaints Surge Year Over Year, Latest Data Show

Two of the big three credit reporting firms saw consumer complaints about their practices leap by triple digits in the 12-month period ending Dec. 31, 2014, according to an Inside the CFPB analysis of bureau data. The leap comes despite a double-digit drop in gripes directed towards all three firms during the fourth quarter. As noted previously, given how relatively recent the bureau’s data collection efforts in this space have been, it would be premature to definitively conclude what may be driving these increases. However, to date, it appears there is a strong seasonal surge in complaints in the first quarter of the year – perhaps because of issues or problems related to Christmas holiday shopping. For instance, in the first ...


February 23, 2015 - Inside the CFPB

Inability to Change Terms Tops Gripes About Reverse Mortgages

The top complaints consumers have about reverse mortgages are the inability to change their loan terms, servicer runarounds and foreclosure problems, according to a new report from the CFPB. More specifically, the top complaint involves distress about the inability to add new borrowers to an existing loan. “Reverse mortgages prohibit spouses, heirs and dependents from taking over the loan. This is because loan amounts are, in part, calculated using a borrower’s age and the loan repayment is triggered when the last borrower moves out or dies,” the bureau said. “This can be a problem for surviving spouses and children. Family members complained to the CFPB about not being able to be added to the loan so they could keep the ...


February 23, 2015 - Inside the CFPB

Bureau Grants Longer Loan Estimate Disclosure Window

In an unannounced development late last week, the CFPB granted an industry request to tweak its pending integrated disclosure rule by issuing a final rule allowing a three-business-day window for lenders to revise a loan estimate form. This is longer than the one-day window that was proposed back in October and the same-day requirement included in the original mortgage disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act. The bureau received comments from industry trade associations, creditors, technology vendors, and other industry representatives addressing the proposed change. All comments supported the proposal to relax the timing requirement, but most advocated extending it to three business days. Most commenters argued that a next-business-day requirement presents ...


February 23, 2015 - Inside the CFPB

CFPB, Industry Reps Talk About Restraining Compliance Costs

Reining in the cost of compliance with the CFPB’s various rulemakings was on the minds and lips of regulators and industry representatives alike at the recent ABS Vegas conference sponsored by the Structured Finance Industry Group and Information Management Network. Thomas Glanfield, president and CEO of Boston Portfolio Advisors, a consulting firm that works with mortgage lenders and servicers, was among those who raised concerns about the costs associated with compliance. “The cost to 99 percent of the industry has been noticeably higher than expected, especially when you’re trying to get one percent of the industry up to standards,” he said. Glanfield also noted there has been a lack of clarity on some rules from the CFPB, which he said ...


February 23, 2015 - Inside the CFPB

Antonakes Describes Bureau’s Unique Examination Strategy

Despite the comparatively small staff of examiners at the CFPB – close to 500 – Deputy Director Steven Antonakes said in a speech last week that his staff is an “x-factor,” in that the bureau works closely with other state and federal exam teams to leverage its resources. In military terms, that’s known as a force multiplier. “The bureau does not have a safety and soundness mandate. Nevertheless, we very much care about the financial health of banks and nonbanks,” Antonakes said. “As a veteran of two banking crises, I can tell you unequivocally that, in my view, consumer protection is not in conflict with safety and soundness. Consumers benefit from a healthy, competitive, and diversified financial services system through greater access ...


February 23, 2015 - Inside the CFPB

CFPB Sending a Message on Deceptive, Misleading Ads

The CFPB brought the hammer down on a handful of nonbank mortgage companies in the last two weeks over advertising practices the bureau asserts are deceptive and misleading because, in three of the cases, the lenders allegedly implied U.S. government approval of their products or otherwise suggested the companies were agencies of the federal government when in point of fact they were not. The actions are a confirmation to the industry that lenders don’t have to be big players with deep pockets or even depository institutions to earn the bureau’s wrath. They are also a big wake-up call in terms of compliance. “For decades, many lenders which have used direct mail to market to consumers have emphasized the government-insured nature ...


February 23, 2015 - IMFnews

VA to Issue Final ‘Qualified Mortgage’ Rule in May

Total points and fees may not exceed 3 percent of the total loan amount for loans of $100,000 or more.


February 20, 2015 - Inside FHA Lending

Around the Industry

Issuer Performance Tool. Ginnie Mae expects to release its long-anticipated Issuer Operational Performance Profile system on or about Feb. 24. The IOPP system features a scorecard to measure an issuer’s compliance with Ginnie Mae standards and to compare its performance with those of its peers. Final Tier Ranking Scores. The FHA has issued a reminder that under the Tier Ranking System II (TRSII) Servicer narrative, all scored servicers – including those that have not opted out – may have their names and performance scores published on the Department of Housing and Urban Development’s Tier Ranking System page on HUD.gov at the end of each calendar year. The information is now available for review. TRSII scores servicer compliance with HUD/FHA delinquent servicing guidelines and requirements in the areas of delinquency intervention, loss mitigation based on ...


February 20, 2015 - Inside FHA Lending

Ginnie Mae Servicing Up Slightly in 4Q, 2014

Ginnie Mae servicing volume gained a mere percentage point in the fourth quarter of 2014 from the previous quarter, capping a productive year for servicers of government-backed mortgages, according to Inside FHA Lending’s analysis of agency data. Servicing volume rose by only 1.0 percent to $1.5 trillion during the last three months of 2014 from $1.4 trillion in unpaid principal balance in the first quarter, and increased 4.0 percent year over year. Four out of the top five Ginnie Mae servicers were banks, of which three experienced declines in their servicing portfolios on quarterly and year-over-year bases. The leader of the pack, Wells Fargo, closed out the year with $416.0 billion in Ginnie Mae servicing and capturing 27.8 percent of the market. Its servicing portfolio fell ... [ 1 chart ]


February 20, 2015 - Inside FHA Lending

VA to Issue Final ‘Qualified Mortgage’ Rule in May

The Department of Veterans Affairs expects to have a finalized Qualified Mortgage (QM) rule by May to help clear up some issues that have arisen since the agency issued an interim final rule last spring. The VA issued the interim QM rule for comment on May 9, 2014, to define which VA loans will have QM status under the ability-to-repay (ATR) rule. Issued by the Consumer Financial Protection Bureau, the ATR rule provided temporary QM status to loans eligible for FHA insurance and guaranties by the VA and the Department of Agriculture’s Rural Housing Service. Eligible government-backed loans must be 30-year fixed-rate with no interest-only, negative amortization or balloon features. Total points and fees must not exceed 3 percent of the total loan amount for loans of $100,000 or more. Loans that meet the definition of a temporary VA-eligible QM are considered as in compliance with the ATR rule. They are designated as “safe harbor QMs,” provided they are not ...


February 20, 2015 - Inside FHA Lending

CFPB Takes Action Against Deceptive Advertising

The Consumer Financial Protection Bureau recently sued a reverse mortgage lender and issued consent decrees against two other mortgage companies for misleading consumers with false advertising about FHA-insured mortgage products. The CFPB filed suit against All Financial Services (AFS), a Maryland-based reverse mortgage lender, in the federal district court in Baltimore alleging that the lender disseminated misleading ads for Home Equity Conversion Mortgage loans between November 2011 and December 2012. In addition, AFS allegedly failed to maintain copies of the ads as required by the CFPB under its reverse mortgage regulations. According to court filings, the CFPB alleges that the lender/broker mailed out ads using materials and language that seemed to indicate that it was a federal entity or an affiliate of a government entity. All AFS ads appeared as if they were ...


February 20, 2015 - Inside FHA Lending

Lenders Urged to Study Changes in New Handbook

FHA lenders should spend the next couple of months familiarizing their staff with the requirements in the FHA’s new Single Family Housing Policy Handbook to ensure proper implementation of the changes on June 15, 2015, according to compliance experts. The impending changes in the Single Family Handbook are complex and significant. Lenders will need proper legal guidance to navigate and understand hundreds of pages of consolidated housing policies and guidance, as well as substantive changes to FHA requirements, said K&L Gates experts in a recent analysis. The handbook is a consolidated, authoritative source of single-family housing policy and is meant as a one-stop resource for FHA lenders. It gathers and streamlines all FHA requirements, which are currently spread throughout various handbooks, mortgagee letters and other documents, making it easier for lenders to ...


February 20, 2015 - Inside FHA Lending

Tech Issues Delay HECM Financial Analysis Rule

The FHA has delayed the effective date of new guidance that will require reverse mortgage lenders to perform a financial assessment of applicants for a Home Equity Conversion Mortgage. The FHA indicated that the change was necessary to allow vendors and the Department of Housing and Urban Development to align their respective software before the new system can be operational. Those familiar with the technology said delivering the required system enhancements should not take long. The FHA said a new effective date should be expected within 30 to 60 days of the original March 2 effective date. It will be announced in a new mortgagee letter, the agency added. The new guidance requires lenders to evaluate HECM borrowers’ willingness and capacity to meet their obligations and to comply with program requirements. “Financial assessment” means doing a much more ...


February 20, 2015 - IMFnews

What We’re Hearing: A GSE ‘Flying Naked’? / When Hedging Losses Turn Into Gains / 2018 is Year Zero / The C&I Conundrum / IBM’s Seterus Up to Something? / Former First Mariner Mortgage Chief Wins ‘Non-Compete’ Case

In 2018, the GSE capital buffer falls to zero dollars. Zilch. Nada. Hopefully by then, President Bush or President Clinton will have worked out a GSE reform deal with Congress…


February 20, 2015 - Inside MBS & ABS

Due Diligence Providers for MBS and ABS Prepare for Increased Transparency, Liability

Disclosure of findings from third-party due diligence on MBS and ABS are set to go from a few paragraphs in a rating report to a detailed form with certification from the due diligence firm, thanks to standards established by the Securities and Exchange Commission. The standards take effect for deals that price June 15 or later. Within five days before the first sale in an offering that will receive a rating, the findings and conclusions of any third-party due diligence report obtained by the issuer or underwriter must be disclosed in Form ABS-15G or the rating report. The disclosure requirement applies to private placements along with SEC-registered deals. “Our biggest challenge now is educating...


February 20, 2015 - Inside MBS & ABS

Securities Issuers Look to Stay the Course After SEC’s Disclosure Requirements Take Effect

The Securities and Exchange Commission’s update to Regulation AB won’t prompt many issuers to change whether they issue deals in the public market or private market, according to industry participants. After the so-called Reg AB2 takes effect, issuers of SEC-registered MBS and ABS will have to disclose more information. The regulation includes an exemption for 144A private placements, which could provide a way for issuers to avoid the SEC’s disclosure requirements. At the recent ABS Vegas conference sponsored by the Structured Finance Industry Group and Information Management Network, many issuers indicated....


February 19, 2015 - Inside Mortgage Finance

Random ‘Sweep’ of Ads, Consumer Complaints Lead CFPB to Slam Three Nonbank Mortgage Companies

In another example of tag-team enforcement, the Consumer Financial Protection Bureau last week moved against three small, nonbank mortgage companies over their allegedly deceptive advertising practices that implied some status as an agents of the U.S. government, or that they had the approval or endorsement of the government. The crackdown stemmed from a joint sweep with the Federal Trade Commission of about 800 randomly selected ads across the U.S., and as a result of consumer complaints filed with both agencies. In one of the cases, the CFPB filed...


February 18, 2015 - IMFnews

Short Takes: Would You Buy Ocwen Now? / MIAC Offering MSRs / Sindeo Secures Investment / Fannie Rolling Out New Version of DU / Clayton Hires Former Subprime Executive

Ocwen’s massive servicing portfolio (roughly $377 billion in UPB) is worth more than the entire market capitalization rate of the company...


February 17, 2015 - IMFnews

Short Takes: Mortgage Lawyers Raking in the (Compliance) Dough / What’s With all the 13-Gs? / Ocwen’s Stock on a Tear. What? / Obama Gives a Shout-Out to Nationstar / A New Hire for Auction.com

Ocwen’s share price has almost doubled! How’s that? Well...


February 13, 2015 - IMFnews

What We’re Hearing: Mystery Now Surrounds Sen. Johnson’s CFPB Letter / 46 Exams Sounds Like a Lot, but Is It? / Did HLSS Tell Mangrove to Take a Hike? / The Return of Fat Loan Officer Bonuses?

From what we understand, HLSS told Mangrove to take a hike…


February 13, 2015 - IMFnews

CFPB Cracks Down on Deceptive Mortgage Advertising

The regulator sued All Financial Services, a Maryland-based mortgage broker that plies its trade in the reverse mortgage market.


February 13, 2015 - Inside MBS & ABS

San Francisco Controller Likely Puts Kibosh on Use of Eminent Domain in City for Time Being

A push to seize a few thousand underwater mortgages in the San Francisco area by eminent domain has likely run into a dead end for now, after a report from the City and County of San Francisco Controller’s Office discouraged local officials from pursuing the idea any further. “Precluding any participation from Fannie Mae or Freddie Mac, the use of eminent domain would seem to be an inviable option,” the document concluded. On Oct. 28, 2014, the Board of Supervisors issued...


February 13, 2015 - Inside MBS & ABS

RMBS Working Group Head Defends Justice Dept. Settlements From Accusations of Misappropriation

Were Bank of America, Citi and Chase manipulated into making donations to Democrat-leaning housing advocacy groups as part of their recent mortgage settlements with the Department of Justice? That seemed to be the implicit question underlying the grilling of a key Justice Department official by Republican members of a House Judiciary subcommittee during a hearing this week that focused on the donations the three mega-banks were directed to make to housing counseling groups as part of their $36.6 billion settlement with the DOJ. “The concern is...


February 13, 2015 - Inside MBS & ABS

MBS and ABS Issuers Focused on Regulation and Finding Ways to Attract More Investors to Market

Interest in the structured-finance market remains strong, but issuers continue to struggle with regulations and sometimes limited demand for their offerings. Just over 6,000 people registered for the ABS Vegas conference this week sponsored by the Structured Finance Industry Group and Information Management Network, up from more than 5,300 registrants in 2014. Jade Friedensohn, a senior vice president at IMN, said the conference set an attendance record for the structured-finance industry. A poll of attendees by the conference organizers suggested...


February 13, 2015 - IMFnews

M&T Faces Lending Discrimination Charges in New York

The Fair Housing Justice Center accused M&T Bank of violating the Fair Housing Act by offering higher loan amounts to white borrowers and allowing more flexible criteria...


February 13, 2015 - IMFnews

Want to Help the Securitization Market? Fix Regulatory ‘Uncertainty’

The due diligence findings must be published within five days after a deal prices.


February 13, 2015 - IMFnews

FHFA’s Watt: I’m Not Presuming ‘Abuse’ By Captives That Want to be FHLB Members

Roughly 18 current members of the FHLBanks are affected by the proposed ban, seven of which are mortgage real estate investment trusts.


February 12, 2015 - Inside Mortgage Finance

Paired Testers Uncover Discriminatory Lending at M&T Bank, Minorities Get Fewer Breaks than Whites

M&T Bank is facing lending discrimination allegations in U.S. District Court in Manhattan after a fair housing group claimed to have accumulated evidence of disparate treatment between qualified minority borrowers and less-qualified white mortgage applicants. The Fair Housing Justice Center, a New-York based nonprofit, accused M&T Bank of violating the Fair Housing Act by offering higher loan amounts to white borrowers and allowing more flexible criteria than those made available for minority borrowers. As of press time, M&T did not respond...


February 12, 2015 - Inside Mortgage Finance

HUD Mum on Reported Revisions in Direct Endorsement Program, Loan Certification Policies and Procedures

The Department of Housing and Urban Development declined to comment on the progress on revised policy drafts that may help reduce lender liability and ease back-end enforcement actions. The FHA is considering procedural changes aimed at easing lender liability to spur more FHA lending to qualified, underserved borrowers. Specifically, FHA is reportedly working to raise the bar on loan certification violations, making it harder to sue lenders for unintentional or technical mistakes. Such a change could spur...


February 12, 2015 - Inside Mortgage Finance

M&A Heats Up: New Jersey REIT to Buy Aurora While RoundPoint May Be Entertaining Offers

RoundPoint Mortgage, a servicer with more than $41 billion of receivables on its books, is entertaining offers for the entire company, according to industry officials briefed on the matter. Moreover, servicing advisors contend that several large bulk servicing portfolios are ready to hit the market in what should turn out to be a busy late winter/early spring for both buyers and sellers of mortgage servicing rights. In a recent public disclosure, Ocwen Financial said...


February 12, 2015 - Inside Mortgage Finance

HUD Secretary Castro Faces the Music in First Encounter With GOP Critics on House Financial Services Committee

Department of Housing and Urban Development Secretary Julian Castro faced the wrath of the GOP majority during a House Financial Services Committee hearing this week on the state of the FHA, focusing on the agency’s recent decision to cut annual mortgage insurance premiums. While Castro may have been warned about stepping into the lion’s den, he appeared ill-prepared for the confrontation with Republicans, unable to answer basic questions such as FHA’s net income, overall delinquency rate and the serious delinquency rate for 2014. Democrats, on the other hand, helped the embattled secretary regain his footing by expressing support for FHA’s efforts and putting perspective on some of FHA’s actions to strengthen the Mutual Mortgage Insurance Fund and help qualify more borrowers for FHA credit. Committee Chairman Jeb Hensarling, R-TX, set...


February 12, 2015 - IMFnews

LOs Shying Away from Non-QMs Due to Underwriting Requirements

“Agency product is much easier to originate,” said Eric Burner, a partner at the law firm of Hunton & Williams.


February 12, 2015 - IMFnews

New HUD Secretary Comes Off as Ill-Prepared for Encounter with House Panel

What did the FHA earn last year? The new HUD secretary didn't know.


February 11, 2015 - IMFnews

Short Takes: HUD’s Castro Presents the Math / How Much?/ The Market for FHA Streamline Refis / Citadel Rolls Out ‘Alt A’ Product Named After a Dog / Arvest Mortgages Gets a New CEO

Citadel Servicing Corp., which has made a name for itself as a new-style subprime lender, has rolled out an Alt A mortgage called “Maggi.”


February 11, 2015 - IMFnews

Accounting Treatment for Past Due Loans in Ginnie Pools Clarified

According to the MBA, a Big Four accounting firm issued controversial guidance which would have been burdensome for small MBS issuers.


February 11, 2015 - IMFnews

CFPB Fines VA Lender NewDay $2 Million for Deceptive Ads, Kickbacks

NewDay's chairman emeritus is former Ginnie Mae president Joe Murin.


Poll

With the recent dip in interest rates, how do you feel about loan volumes this year?

We see loan production ending 2015 flat compared to 2014.
We’re optimistic that our originations will rise by 10 to 20 percent year over year.
We’re really optimistic: We expect production to increase by 20 percent or better from last year.
We’re not so bullish. Originations for us may actually fall.

vote to see results
Housing Pulse