Browse articles from all of our Newsletters related to Regulations.

October 26, 2016 - IMFnews

Short Takes: What a Trump White House Means for the GSEs / PHH Will Release 3Q16 Results on Election Day / Wedbush Initiates Coverage of PHH / Freedom From Reps & Warrants? / The First Hispanic-American MBS Chair / New Hires for Silver Hill

Wedbush's Henry Coffey notes that PHH is “facing a number of challenges,” including a struggle to restore profitability…

October 26, 2016 - IMFnews

Ginnie Mae Tries to Allay Investor Fears on Streamlined Refis

Ginnie Mae President Ted Tozer noted that investor participation “depends, in part, on a level of confidence that investment returns can be expected to be reasonably aligned with market conditions.”

October 26, 2016 - IMFnews

Lenders Press the CFPB to Continue Its ‘Diagnostic’ Approach

The ICBA noted that community banks have invested heavily in complying with the disclosure rules, but the complexity of the requirements has made it inevitable that some will be found non-compliant.

October 25, 2016 - IMFnews

Short Takes: PHH Losing Employees? / Lenders Left Out in the Cold on Front-End Risk Sharing / RESPA Attorneys, Start Your Engines / Will the CFPB Review It? / A New TPO Hire for Stonegate Mortgage

Some loan brokers we spoke with were skeptical about the RE/MAX concept...

October 25, 2016 - IMFnews

Realty Giant RE/MAX Launches Mortgage Brokerage Franchise. The Concept: One-Stop Shopping

Pairing real estate agents with loan brokers? RESPA attorneys start your engines...

October 24, 2016 - IMFnews

Short Takes: FHFA Chief Mel Watt: Embrace Change, Folks / Halfway to Five Years / MBA’s Stevens Makes Reference to FHA Lawsuits / For Wells Fargo, the Fallout Continues

For Mel Watt, he's at the halfway point...

October 24, 2016 - IMFnews

CBO Says Even if GSE Plaintiffs Prevail, Treasury Would Still Get Most of the Earnings of Fannie and Freddie

CBO’s comments were contained in a report that takes a “what if” approach to allowing Fannie and Freddie to retain as much as $5 billion of capital a year for 10 years...

October 21, 2016 - Inside FHA/VA Lending

Around the Industry

VA Special Relief Following Hurricane Matthew. VA encourages holders of guaranteed loans to extend forbearance to borrowers in areas that were ravaged by Hurricane Matthew. Careful counseling with borrowers is recommended to help determine whether their difficulties are related to the hurricane or to some other cause that needs to be addressed. Lenders may reapply prepayments to cure or prevent a loan default, or modify the terms of an existing guaranteed loan without the prior approval of VA, provided certain regulatory conditions are met. In addition, VA has requested lienholders institute a 90-day freeze on all new foreclosures on loans affected by Hurricane Matthew. Lienholders must review all foreclosure referrals to ensure that servicers are justified in delaying foreclosure action. Further, the VA asked servicers to waive late charges and to suspend credit bureau reporting on ...

October 21, 2016 - Inside FHA/VA Lending

VA Spells Out Requirements for Obtaining Key Eligibility Doc

One of the key documents VA lenders require veteran borrowers to submit is the certificate of eligibility (COE). A VA loan application will not move forward without a COE, a requirement for any active-duty servicemember or veteran seeking to take advantage of the VA’s home-loan guaranty program. The COE verifies to the lender a loan applicant’s eligibility for a VA loan. The evidence a lender might require depends on the nature of the applicant’s eligibility. Veterans and current or former National Guardsmen or reservists who have been called to active duty must submit DD Form 214. The form would show the character of service and the reason for separation from the service. Active-duty servicemembers must submit a current statement of service signed by a superior, the unit commander or the adjutant, higher headquarters or the personnel office. The statement must contain the ...

October 21, 2016 - Inside FHA/VA Lending

SCRA ‘Bug’ Spit Out False Reports On Soldiers’ Active-Duty Status

A glitch in the federal government’s Servicemembers Civil Relief Act website that had been churning out false verifications of soldiers’ active-duty status has been fixed, the Defense Manpower Data Center of the Department of Defense has announced. The bug responsible for the false negative results was removed after rendering the website inoperable for several days. The DMDC is urging active servicemembers to re-run their SCRA certificate requests if they have reason to doubt any negative results returned by the website. The DMDC shut down the website temporarily on Oct. 4 making it impossible for mortgage lenders to verify their or their vendor-partners’ compliance with the SCRA. The statute provides certain protections from civil actions against servicemembers who are called to active duty. It restricts or limits actions against active-duty military personnel in areas such as mortgages, rental and lease agreements, credit-card interest rates, tax liability, lawsuits and other debt obligations. The SCRA certificate provides information only for the purpose of verifying an individual’s active-duty status for a given time period to ...

October 21, 2016 - Inside FHA/VA Lending

HUD-IG Bares Additional Penalties, Settlements, Actions Against Firms

The Department of Housing and Urban Development inspector general, over the last several weeks, has reported a series of final civil actions that resulted in an enforcement action or monetary settlement between an FHA lender and the federal government. On Oct. 6, the IG announced the results of an audit of TXL Mortgage Corp., a direct endorsement lender, in Houston. The audit found TXL in violation of HUD requirements and that it had no acceptable quality-control plan in place. Specifically, 16 of the 20 sample loans the IG reviewed did not comply with HUD standards. Of the 16 loans, eight had significant underwriting defects and failed to qualify for FHA mortgage insurance. Two loans qualified but were over-insured, according to the report. As a result, TXL exposed HUD to more than $713,000 in unnecessary insurance risk and caused the department to incur more than ...

October 21, 2016 - Inside FHA/VA Lending

New VA Lender Looks to Make an Impression in a Familiar Market

Norwich Commercial Group has launched a new division, Military Direct Mortgage, to focus exclusively on VA direct-to-consumer lending. Based in Avon, CT, just down the road from its parent company, Military Direct opened for business in August this year and the timing could not have been better. In September, issuance of securities backed by VA loans totaled $22.3 billion, up from $18.1 billion in August, according to Ginnie Mae data. VA loan originations saw a 17.4 percent increase in the third quarter from the previous quarter, and were up 22.3 percent over the nine-month period compared to last year. VA purchase-mortgage volume for September totaled $9.9 billion, up after a slight drop in August. Purchase-mortgage activity also improved by 26.1 percent in the third quarter, and by 16.5 percent year-over-year. VA refinance volume featured a huge 34.0 percent increase in ...

October 21, 2016 - Inside FHA/VA Lending

HUD Urges IG to Reconsider Cost of Delayed Conveyance, Foreclosure

The Department of Housing and Urban Development called on its inspector general to reassess estimated financial losses to the FHA insurance fund, which an IG audit attributed to lengthy delays of servicer foreclosures and property conveyances. A recent audit report by the HUD inspector general alleges that HUD paid approximately $2.23 billion in claims for an estimated 239,000 properties that missed foreclosure and conveyance deadlines. According to the IG report, HUD paid an estimated $141.9 million for servicers’ claims for “unreasonable and unnecessary” debenture interest on the distressed loans, as well as $2.09 billion in servicer claims for holding the properties past their foreclosure and conveyance deadlines. While it was necessary for servicers to pay for property-preservation costs, HUD should not have paid for holding costs, the ...

October 21, 2016 - Inside FHA/VA Lending

Nonbanks Took Over GNMA Servicing Market in 3Q16

Nonbanks crossed a threshold in the third quarter of 2016, posting a hefty 6.3 percent increase in their combined Ginnie Mae servicing portfolio, according to a new Inside FHA/VA Lending analysis. Nonbanks serviced $826.6 billion of Ginnie single-family mortgage-backed securities as of the end of September. That represented 51.3 percent of the total Ginnie market. The nonbank servicing total includes a small amount of Ginnie servicing held by state housing finance agencies, roughly 1.0 percent of the entire market. But it doesn’t include the significant amount of Ginnie servicing that nonbanks do as subservicers for both depository and nonbank clients. Interestingly, the biggest gain for nonbanks in percentage terms came in servicing VA loans, which rose 8.1 percent from the second quarter to $252.1 billion, or 51.0 percent of the market. The VA sector is one business from ... [4 charts ]

October 21, 2016 - Inside Nonconforming Markets

Portfolio Lenders Avoid Layering of Risk

The underlying theme of portfolio lending is the ability to use compensating factors in underwriting a mortgage, said analysts at MIAC Analytics in a recent web posting. Portfolio lenders, many of them community bankers, have figured out to how to find profitable opportunities in the mortgage niches that don’t work in the agency market, MIAC said. Often, these are consumers who were left out of the housing recovery because of the sharp decline in capital available in the non-agency market, they added. Typically, they don’t...

October 21, 2016 - IMFnews

PHH Ruling Expected to Slow CFPB’s Enforcement Roll, But How Much?

Last week’s closely-watched appeals court ruling in the wrangling between PHH Mortgage and the Consumer Financial Protection Bureau over Section 8 of the Real Estate Settlement Procedures Act is being widely viewed by many as a clipping of the agency’s wings.

October 21, 2016 - Inside MBS & ABS

11th Circuit Court First to Apply SCOTUS Ruling in Spokeo to Mortgage Lending Case

In a class-action ruling that could have implications for legacy MBS lawsuits, a federal appeals court confirmed a recent U.S. Supreme Court landmark decision on standing and statutory damages. Ruling in Nicklaw v. CitiMortgage earlier this month, the U.S. Court of Appeals for the Eleventh Circuit held that to establish standing in order to bring a lawsuit alleging only a statutory violation, a plaintiff must allege a concrete harm or injury resulting from the violation. Relying on the alleged statutory violation alone would only result in a dismissal, the court warned. The 11th Circuit decision is...

October 20, 2016 - Inside Mortgage Finance

Hispanic Households Growing but Homeownership Rate Still Lags, Could Impact Mortgage Market

With Hispanics predicted to make up more than half of all new households formed between 2020 and 2030, their relatively low homeownership rate should be a growing concern in the mortgage market, according to the Urban Institute. In 2013, just 45 percent of Hispanic households owned their homes compared with 71 percent of whites, said UI researchers Jim Parrott and Yamillet Payano. “If one were to hold those rates constant as Hispanics become an increasing percentage of the pool of homebuyers, the homeownership rate would drop precipitously, causing considerable economic upheaval,” they said. Credit score is...

October 20, 2016 - Inside Mortgage Finance

HUD’s Internal Watchdog Calls for Changes After an Audit Found $2.23 Billion in Paid Claims for Untimely Conveyances

The Department of Housing and Urban Development’s inspector general urged the agency to revise regulations to avoid the possibility of another multi-billion dollar hit to the FHA insurance fund due to servicers missing their foreclosure or conveyance deadlines. According to a recent IG audit report, HUD paid approximately $2.23 billion in claims for an estimated 239,000 properties that missed foreclosure and conveyance deadlines. In particular, HUD paid an estimated $141.9 million for servicers’ claims for “unreasonable and unnecessary” debenture interest as well as $2.09 billion in servicer claims for holding costs incurred after the deadlines for foreclosure or conveyance had lapsed, the report said. Because of these exorbitant claims payments, the FHA’s Mutual Mortgage Insurance Fund became...

October 20, 2016 - IMFnews

FHFA Issues Guidelines for Internal Audits at Fannie, Freddie and the FHLBanks

The FHFA said internal audits at the housing GSEs should cover the entire audit universe over a four-year period…

October 19, 2016 - IMFnews

MBA Files ‘TRID 2.0’ Comment Letter, Asks for 14 Fixes, Including ‘Cures’

The comment period on the amendments ended Tuesday night. The CFPB will issue a final rule sometime next year.

October 19, 2016 - IMFnews

CRT Comment Letters Focus on Front-End vs. Back-End Arrangements

Fannie Mae’s Connecticut Avenue Securities program and Freddie Mac’s Structured Agency Credit Risk program have accounted for the bulk of GSE activity since the CRT initiative was launched three years ago.

October 19, 2016 - IMFnews

Residential Lenders are Adapting to TRID Regime, but at a Big Cost

“Community bank regulators have taken a diagnostic approach with TRID compliance, which has been positive,” said ICBA’s Ron Haynie.

October 18, 2016 - IMFnews

Short Takes: The FHA Premium Cut Will be 25 BPs? / About Those New Walter Hires / Late Foreclosures Drive Up Costs at HUD / Some Glum Takes on Housing From Fannie, Freddie and NAR

Two thoughts: Force colleges to forgive a large chunk of what’s owed to them and/or order real estate agents (and sellers) to drastically reduce the asking price on homes. Which would you choose?

October 18, 2016 - IMFnews

The PHH Decision: Will Past Enforcement Actions by the CFPB Come Under Scrutiny?

Further, the decision opens up prior actions taken by the bureau to potential challenges to the validity of past guidance, consent orders, fines and rules.

October 17, 2016 - Inside the CFPB

Other News in Brief

MBA Presses CFPB to Review PACE Lending. Earlier this year, the Mortgage Bankers Association wrote to the CFPB to express its concerns about Property Assessed Clean Energy (PACE) lending programs, one of which has to do with a borrower’s ability to repay the financing.... CFPB Brings $28.5 Million Enforcement Action Against Navy Fed. Last week, the CFPB and Navy Federal Credit Union, the largest CU in the U.S., signed a consent order requiring the institution to pay roughly $23 million in redress to victims harmed by its allegedly improper debt collection actions, along with a civil money penalty of $5.5 million to the bureau.... CFPB Announces Senior Leadership Changes. The CFPB recently announced some senior leadership changes at the bureau, such as John Coleman, who will serve as deputy general counsel for litigation and oversight in the legal division....

October 17, 2016 - Inside the CFPB

TRID News in Brief

Comments on TRID 2.0 Are Due Tuesday. Representatives of the mortgage industry have until 11:59 p.m. ET Tuesday, Oct. 18, 2016, to submit their comments to the CFPB regarding its TRID 2.0 clarifying proposed rule.... CFPB Issues Revised TRID Guide to CD, LE Forms. The CFPB recently published an updated guide to the TRID loan estimate and closing disclosure forms, which was last revised in July 2015.... Bureau Releases Updated TRID Compliance Guide for Small Entities. Earlier this month, the CFPB put out a revised small entity compliance guide for the TILA/RESPA Integrated Disclosure rule, which was last updated in July 2015....

October 17, 2016 - Inside the CFPB

Industry Opposed to Proposal to Add Survey to Complaint Database

Back in August, the CFPB proposed to dump the current “dispute” function in the consumer complaint closing process and replace it with a short survey – an idea that went over like a lead balloon with the mortgage industry. Through the proposed survey, a customer would have the opportunity to state, using a one- to five-point scale, whether he agreed or disagreed with the following three statements regarding the company’s response to, and handling of, his complaint. They are: “The company addressed all of my issues,” “I understood the company’s response,” and “The company did what it said it would do.” The customer would also be given the opportunity to provide a narrative description to explain the rating. The Consumer Bankers ...

October 17, 2016 - Inside the CFPB

Supporters, Opponents of Dodd-Frank Put Out Dueling Claims

The White House Council of Economic Advisers put out a report recently downplaying the negative effects that the Dodd-Frank Act has had on community banks. “Economic evidence finds that community banks remain strong across a range of measures, from lending growth to geographic reach, including their performance since financial reform passed in 2010,” the report stated. The Obama administration report also asserts that access to community banks remains robust and their services have continued to grow in the years since Dodd-Frank has taken effect, “though this trend has not been uniform across community banks, with mid-sized and larger community banks seeing stronger growth than the smallest ones,” it conceded. “At the same time, though, many community banks – especially the smallest ...

October 17, 2016 - Inside the CFPB

Lenders Are Adapting to TRID Regime, But at a Big Cost

Now that mortgage lenders have had a year to digest the CFPB’s controversial TILA/RESPA Integrated Disclosure Rule, smaller financial institutions have learned to cope to a certain degree, but there are still challenges and costs. That’s the perspective of Ron Haynie, senior vice president of mortgage finance policy and executive vice president of mortgage services for the Independent Community Bankers of America. “I guess the good news is the market didn’t seize up and mortgage closings didn’t come to a screeching halt or average turn times didn’t get out to 60 days plus,” he told Inside the CFPB recently. “While things slowed down in the beginning, average turn times seemed to have settled around 46 days. And while that’s still ...

October 17, 2016 - Inside the CFPB

Impact of TRID on Industry Won’t Be Known for Years, Attorney Says

One year into the TRID rule, the mortgage industry has gotten used to the new disclosure landscape. But until consistent legal precedents are established by the courts, true certainty will be elusive, and that likely means years will have to transpire before the rule’s full impact will be known. “I think the industry as a whole has met the challenge and settled into the TRID process, which everyone knows was radically different than what it replaced,” said Donald Lampe, a partner in the financial services group in the Washington, DC, office of the Morrison & Foerster law firm. “And so I see the industry settling in to the use of these new forms and the changes that these disclosures imposed ...

October 17, 2016 - Inside the CFPB

Former TRID Architect Shares His Perspective on Rule’s Anniversary

Earlier this month, the CFPB’s controversial TILA/RESPA Integrated Disclosure rule – TRID – turned one year old. In an email exchange with Inside the CFPB, former bureau official and TRID architect Richard Horn, who now heads his own law firm in Washington, DC, addressed the progress the industry has made in adopting the rule, and the challenges that remain. Horn began by saying he thinks the industry has generally done a great job with the extremely difficult task of implementing TRID. Also, “I am very pleased that some of the recent industry surveys of consumers after TRID have shown that consumers are experiencing the intended benefits,” he said. “There are challenges still, but it’s a good sign that the CFPB issued the ...

October 17, 2016 - Inside the CFPB

Life Under TRID: As TRID 2.0 Deadline Approaches, Support Emerges From Industry

With the public comment period about to close on the CFPB’s TRID clarifying proposed rule, a few industry voices of support have emerged among the comment letters submitted so far by rank-and-file industry representatives. For instance, Debbie Ingle, executive director of mortgage and real estate lending for Alaska USA Federal Credit Union, commended the bureau for issuing the proposed amendments to clarify the federal mortgage disclosure requirements under the Truth in Lending Act and the Real Estate Settlement Procedures Act. “The proposed amendments are beneficial and will provide mortgage lenders with clarification and improved guidance,” said Ingle. “The amendments serve as a good first step to help mortgage lenders resolve the complex implications of the TILA/RESPA Integrated Disclosure Rule (TRID) ...

October 17, 2016 - Inside the CFPB

PHH Wins Big Showdown With CFPB, Agency Likely to Appeal

PHH Mortgage – and the rest of the mortgage industry, for that matter – came out with a clear and decisive win against the CFPB last week when the U.S. Court of Appeals for the District of Columbia Circuit vacated the $109 million disgorgement order imposed on the lender by the director of the bureau, Richard Cordray. PHH argued that the CFPB incorrectly interpreted RESPA Section 8 to bar so-called captive reinsurance arrangements involving mortgage lenders such as PHH, their affiliated reinsurers and private mortgage insurers. The lender also asserted that, in any event, the CFPB departed from the consistent prior interpretations issued by the Department of Housing and Urban Development, and that the bureau then retroactively applied its new interpretation of ...

October 17, 2016 - Inside the CFPB

Court Declares CFPB Leadership Structure Unconstitutional

Last week, the U.S. Court of Appeals for the District of Columbia Circuit brought the powerful CFPB down to earth in its legal wrangling with PHH Mortgage, ruling that two aspects of the bureau’s structure – the dismissal of the director of the agency only for cause, and the single directorship as opposed to a multi-member bipartisan commission – were unconstitutional. “As an independent agency with just a single director, the CFPB represents a sharp break from historical practice, lacks the critical internal check on arbitrary decision-making, and poses a far greater threat to individual liberty than does a multi-member independent agency,” wrote Circuit Judge Brett Kavanaugh on behalf of the court. “All of that raises grave constitutional doubts about the CFPB’s ...

October 17, 2016 - Inside the CFPB

PHH Ruling Seen as a Big Threat To CFPB Enforcement Actions

The CFPB took a whipping last week in the long-awaited court ruling in its dispute with PHH Mortgage – so much so, in fact, that not only are its future enforcement actions likely to be curtailed, but even past actions might be challenged by the affected industry participants. “The ramifications of this case go far beyond restricting the CFPB’s reach, clarifying the interpretation of the Real Estate Settlement Procedures Act, and resolving the question of how statutes of limitation apply to the CFPB’s enforcement actions,” said Craig Nazzaro, of counsel with the Baker Donelson law firm in Atlanta, in a review of the case. As he sees it, this case makes clear that the bureau has exceeded its bounds and that ...

October 17, 2016 - IMFnews

Could the Judge’s Ruling in the PHH-CFPB Case Ultimately Affect the FHFA?

The court’s reasoning in the case casts doubt on the validity of the FHFA’s structure, according to a report from Compass Point Research & Trading.

October 17, 2016 - IMFnews

Will the Upcoming MMIF Audit Show a Flush FHA Insurance Fund?

The MMIF had $30.86 billion in capital resources at the end of fiscal 2015. HUD does not provide updated figures on the fund’s capital resources through the year…

October 14, 2016 - Inside The GSEs

OIG Finds FHLBank Examiners Not Following Up on Found Deficiencies

The supervision of examiners in the Division of Federal Home Loan Bank Regulation has been lax when it comes to making sure deficiencies within the FHLBanks are corrected, according to a recent Federal Housing Finance Agency Office of the Inspector General report. The IG reviewed a sample of nine matters requiring attention (MRA) that the division issued from January 2014 through December 2015. When it comes to correcting serious supervisory matters, the IG said that the bank regulator has been inconsistent in following FHFA requirements. For two of the MRAs, examiners determined that the affected FHLBank made no progress in remediating the deficiencies and reissued MRAs with the same exact terms.

October 14, 2016 - Inside Mortgage Trends

Mortgage Pricing Should Focus on Consumer Value

Bank pricing strategies are more about responding to new product regulations, fee income and capital and liquidity standards rather than to their consumers’ view of value, according to a new Deloitte report on retail-bank pricing. The report, which attempts to make the case for value-based pricing, contends that bank pricing tactics focus primarily on costs and risks rather than on how consumers perceive and receive value. It’s...

October 14, 2016 - Inside MBS & ABS

RBS, State Of Connecticut Reach $120 Million Settlement Agreement over Legacy RMBS

RBS Securities has agreed to pay $120 million to the state of Connecticut to resolve an investigation into its underwriting of residential MBS shortly before the 2008 collapse of the financial markets. CT Attorney General George Jepsen and Department of Banking Commissioner Jorge Perez announced the agreement, which, they said, is the largest single settlement in Connecticut’s history. It also ends a four-year state investigation into RBS’s securities underwriting and due diligence practices. At issue were...

October 14, 2016 - Inside MBS & ABS

Early Cooperation in an RMBS Investigation is Vital To Avoid Long, Costly Litigation, Says DOJ Official

Financial institutions that are under scrutiny for questionable practices involving residential MBS can avoid a lot of grief and legal expenses if they cooperate early in the investigation, according to the Department of Justice’s chief overseer of civil litigation. In recent remarks at the Society of Corporate Compliance and Ethics’ annual conference in Chicago, Principal Deputy Associate Attorney General Bill Baer underscored the wisdom and benefits of early cooperation in a government RMBS inquiry. There would have been...

October 14, 2016 - IMFnews

Mortgage Complaints to the CFPB Fell Again During the Third Quarter

Further empirical confirmation of a recovering mortgage market continued to accumulate at the CFPB during the third quarter, as related consumer complaints dropped 19.8 percent ...

October 13, 2016 - Inside Mortgage Finance

Where Will the MMIF Audit’s Roulette Ball Land? Current Data Point to Measurable Improvement in Fiscal 2016

Recent data on the state of the FHA’s Mutual Mortgage Insurance Fund and program financials suggest that the annual audit will show solid improvement in the government’s 2016 fiscal year, which ended Sept. 30. But there are some huge variables that could have a major impact on the final results that won’t be known until the annual audit is released late next month. The MMIF ended...

October 13, 2016 - Inside Mortgage Finance

Traditional Interpretation of RESPA Sec. 8 Gets a Boost as Court Sides With PHH in CFPB Dispute

The traditional interpretation of Section 8 of the Real Estate Settlement Procedures Act that the mortgage industry has relied on for decades was vindicated this week when a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit sided with most of the arguments advanced by PHH Mortgage in its dispute with the Consumer Financial Protection Bureau. The crux of the dispute has been the bureau’s assertion that PHH violated RESPA by steering business to private mortgage insurers that purchased reinsurance from a captive insurer owned by PHH. Most large lenders and all private MIs engaged in these arrangements prior to the housing market collapse. Early on in the case, an administrative judge agreed...

October 13, 2016 - IMFnews

Short Takes: Trade Group Wants a Cut in FHA Premiums, Now / Wait Until After the MMIF Audit? / A Somewhat Large MSR Deal May be in the Works / Tweaks to the Ginnie Mae ‘Acknowledgement’ Agreement?

A $5 billion Ginnie Mae MSR sale could be in the works...

October 13, 2016 - IMFnews

Industry Groups Oppose CFPB Proposal to Add Survey to Consumer Complaint Database

Under the proposal, consumers can rate a company’s response on a scale from one to five…

October 12, 2016 - IMFnews

Short Takes: An Investigation Into LPMI Pricing? / Wells Mortgage Chief Advances / Analyst Lukewarm on Flagstar / Navy Fed Sanctioned by CFPB on Collection Practices

Wells Fargo’s mortgage chief Franklin Codel is getting some new duties...

October 12, 2016 - IMFnews

In Wake of Favorable Court Ruling, PHH Share Price Tepid

Is Caliber Home Loans still looking at some of PHH’s mortgage assets?

October 12, 2016 - IMFnews

‘Defect’ Rate on FHA Mortgages Rises; A Reading of 50 Percent

Of the top five mitigated findings, two were related to borrower assets, two were about documentation and one about borrower credit.


After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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