Regulations

Browse articles from all of our Newsletters related to Regulations.

July 24, 2014 - IMFnews

JPMorgan Accused of Violating CFPB’s Mortgage Servicing Rules

In response to the suit, a Chase spokesman said, “We approved Ms. Wasko for a loan modification in 2010, but she never accepted it."


July 24, 2014 - IMFnews

CFPB, FTC and AGs Go After Alleged Foreclosure Relief Scammers

The CFPB is seeking compensation for victims, civil fines and injunctions against the companies and individuals identified.


July 24, 2014 - IMFnews

10 Trade and Consumer Groups Tell FHFA: Please, No Increases in G-Fees or LLPAs

The 10 groups question “whether it is appropriate for the GSEs to target private sector returns while in conservatorship.”


July 24, 2014 - IMFnews

HUD: Other Lenders Will Fill the Void if JPMorgan Bolts FHA

Are officials at HUD worried that JPM's Jamie Dimon may follow through on his threat to leave the FHA program? Not in the least.


July 23, 2014 - IMFnews

Short Takes: More Gripes About the FHFA IG Report on Nonbanks / Will the MI Biz Shift back to FHA? / GSE REO Contractor Accused of Discrimination / Ellie Mae Signs Fat Lease / A Rise in Mortgage Applications but Can it Last?

One critic of the report on nonbank risk had this to say: “It’s just ridiculous what they [the IG] get away with. There’s risk in every business. Don’t they get it?”


July 23, 2014 - IMFnews

CFPB Proposes Adding Unvetted Customer Narratives to Complaint Database

Mortgage industry representatives are quite leery about the CFPB proposal. The comment period ends August 22.


July 22, 2014 - IMFnews

Short Takes: Will CIT be a Player in Mortgages? / Another New CEO for Union Mortgage / Credit Suisse Buying NPLs from Astoria / JPM Gets Some Credit / IMA in Market with $1B of MSRs

Union Mortgage has been losing some of its top executives over the past year. A few months back, its president and CEO Robert Eastep departed for Stonegate Mortgage…


July 22, 2014 - IMFnews

How Can the CFPB Even Enforce Its ‘Mini-Corr’ Guidance?

“The entire subject of ‘mini-corr’ and the CFPB’s interpretation is the result of a witch hunt perpetrated by one of the lawyers that moved from the Federal Reserve Board,” said one disgruntled broker.


July 22, 2014 - IMFnews

HUD Launches Audit of BB&T, Bank Establishes Reserves Just in Case

The audit is being conducted by HUD’s Office of Inspector General to assess the bank’s compliance with FHA requirements related to the origination of loans insured by the agency.


July 22, 2014 - IMFnews

Most Mortgage Complaints Filed with CFPB Decline – Except for Servicing

Criticisms about servicing seem to be stubbornly resistant to much improvement, however, hovering in the 3,000 to 4,000 range for the last six quarters.


July 21, 2014 - Inside the CFPB

Worth Noting/Looking Ahead/Vendor Update

Bureau Moves to Ensure Equal Treatment for Same-Sex Marrieds. The CFPB is synchronizing its internal policies with the U.S. Supreme Court decision in United States v. Windsor, striking down as unconstitutional Section 3 of the Defense of Marriage Act, which holds that the word ‘marriage’ means only a legal union between one man and one woman. According to a staff memorandum from CFPB Director Richard Cordray, the CFPB will regard a person who is married under the laws of any jurisdiction to be married nationwide for purposes of the federal statutes and regulations under the bureau’s jurisdiction regardless of the person’s place of residency. However, consistent with other federal regulatory agencies, the bureau will not regard persons who are joined ...


July 21, 2014 - Inside the CFPB

Dodd-Frank at Four: $21 Billion in Compliance Costs – and Counting

As of July 21, 2014, the Dodd-Frank Wall Street Reform and Consumer Protection Act is now four years old and the CFPB three, after imposing more than $21 billion in costs and 60.7 million paperwork burden hours, according to a new study by American Action Forum, which identifies itself as a center-right policy institute. “As time passes, the law becomes more expensive as regulatory agencies like the CFPB and the Federal Housing Finance Agency grow with the mission to implement burdensome rules,” the report said. “Meanwhile, small financial services firms continue to struggle as the law restricts the availability of financial products. With about one-quarter of the law still left to implement, one can only expect the costs to continue ...


July 21, 2014 - Inside the CFPB

Small Lenders Support Expanding CFPB Small Creditor Exemption

Small financial institutions are in favor of the CFPB expanding its small creditor exemptions in its final rules having to do with establishing a borrower’s ability to repay and escrow requirements for higher-priced mortgage loans. The Independent Community Bankers of America and a coalition of 45 state and regional banking associations urged the bureau to expand the exceptions for small creditors to ensure community banks can continue to meet their communities’ mortgage needs. In a joint letter, the organizations called on the CFPB to allow community bank loans held in portfolio for the life of the loan to automatically receive qualified mortgage safe harbor status and an exemption from the escrow requirements for higher-priced mortgage loans. The trade groups noted ...


July 21, 2014 - Inside the CFPB

Industry Reps Suggest Alternative To Bureau for Privacy Notices

The CFPB’s proposal to simplify the annual privacy notice requirement under the Gramm-Leach-Bliley Act would fail to accomplish its goal, a handful of industry trade groups said. They suggested an alternative approach that would eliminate the annual mailed notice requirement for institutions that have not changed their privacy practices and do not share information under the GLBA in a way that gives customers a right to opt out. This approach is compatible with some pending legislation in Congress, S. 635 and H.R. 749. “The key distinction between the legislative solutions pending in Congress and the CFPB approach is that the congressional solutions would only require that information sharing be limited to the current statutory exceptions, that the information disclosed in ...


July 21, 2014 - Inside the CFPB

CFPB Proposes Adding Customer Narratives to Complaint Database

The CFPB is proposing to allow consumers to publicly disclose their complaint narratives – unvetted – when making a submission to the bureau’s consumer complaint database. “In many ways, the narratives are the most insightful part of a complaint,” the bureau said. “They provide a first-hand account of the consumer’s experience and the problem they would like resolved.” Further, “By giving consumers an option to publicly share their stories, the CFPB would greatly enhance the utility of the database, a platform designed to provide consumers with valuable information needed to make better financial choices for themselves and their families.” According to the bureau, the benefits of sharing the narratives include providing context to the complaint, spotlighting specific trends, helping consumers make informed ...


July 21, 2014 - Inside the CFPB

Bureau Still Eyeballing Expansion Of Consumer Complaint Database

The CFPB is now collecting consumer complaints about seven different segments of the financial services sector, and its latest cumulative report on the subject indicates the Dodd-Frank Act’s cop on the beat is only going to continue to expand its dragnet. So far, the CFPB is accepting complaints about credit cards (as of July 21, 2011), mortgages (Dec. 1, 2011), bank accounts and services (March 1, 2012), credit reporting (Oct. 22, 2012), money transfers (April 4, 2013), debt collection (July 10, 2013), and payday loans (Nov. 6, 2013). “The CFPB continues to work toward expanding its complaint handling to include other products and services under its authority, such as prepaid cards. Consumers may also contact the CFPB about other products ...


July 21, 2014 - Inside the CFPB

Mortgage Complaints to CFPB Plunge Across the Board

A new analysis by Inside the CFPB found that consumer complaints to the bureau about their mortgages fell sharply in the second quarter, which likely reflects a continued stabilization in the housing and mortgage markets. In 15 out of 16 metrics tracked, customer gripes declined by double digits, with the remaining metric showing only a modest rise year-over-year. And in terms of the sole metric that showed a slight rise – a 3.6 percent increase in criticisms about mortgage servicing year over year – even there the data show a double-digit improvement (20.6 percent) from the first quarter of 2014 to the second. However, upon closer examination, the data also reveal that the double-digit rates of decline in consumer complaints slowed during ...


July 21, 2014 - Inside the CFPB

Bureau Fines Big Payday Lender $10 Million for ‘Abusive’ Practices

The CFPB recently ordered ACE Cash Express of Irving, TX, one of the largest payday lenders in the United States, to pay a $10 million fine for allegedly using illegal debt-collection tactics – including harassment and false threats of lawsuits or criminal prosecution – to pressure consumers into debt traps they couldn’t afford and couldn’t get out of. The bureau said it found that ACE used these illegal debt-collection tactics to create a false sense of urgency to lure overdue borrowers into payday debt traps. “ACE would encourage overdue borrowers to temporarily pay off their loans and then quickly re- borrow from ACE,” the CFPB said. Even after consumers explained to ACE that they could not afford to repay the loan, the ...


July 21, 2014 - Inside the CFPB

Bureau Files Lawsuit Against Debt-Collection Firm, Principals

The CFPB filed a lawsuit in a federal district court last week against Frederick J. Hanna & Associates, based in Marietta, GA, and its three principal partners – Frederick J. Hanna, Joseph Cooling, and Robert Winter – accusing them of operating a debt-collection lawsuit mill that used illegal tactics to intimidate consumers into paying debts they may not owe. “The CFPB alleges that the firm operates like a factory, producing hundreds of thousands of debt- collection lawsuits against consumers on behalf of its clients, which mainly include banks, debt buyers and major credit card issuers,” the bureau said. Between 2009 and 2013, the firm filed more than 350,000 debt-collection lawsuits in Georgia alone, according to the CFPB. The bureau further alleged the ...


July 21, 2014 - Inside the CFPB

CFPB ‘Mini-Corr’ Guidance Leaves Some Big Questions Unanswered

The CFPB recently issued new guidance that warns mortgage brokers to avoid acting as mini-correspondents in an attempt to side-step consumer protection laws and disclose how much money they make on a transaction. The bureau is concerned that some mortgage brokers may be setting up arrangements with investors in which the broker claims to be a “mini-correspondent lender,” when in fact the broker is still essentially just facilitating a transaction between a borrower and a lender. In its new guidance, the agency sets out some of the questions the CFPB may consider in evaluating mortgage transactions involving mini-correspondent lenders in order to understand their true nature. This evaluation involves examining how the mini-correspondent lender is structured and operating. Among the ...


July 21, 2014 - Inside the CFPB

…But Critics See an Uncontrolled Imperialistic Bureaucratic Regime

When it comes to the CFPB, beauty is in the eye of the beholder. While supporters remain ardently behind the mission of the primary agency dedicated to consumer protection, as far as critics are concerned, it’s the bureau itself that poses too much risk and is in need of reform. “The CFPB is exactly what everybody knew it would be: a very expansive, heavy-handed, imperially-minded bureaucracy, building their own luxurious palace,” said Alex Pollock, a resident fellow at the American Enterprise Institute and former president and CEO of the Federal Home Loan Bank of Chicago, during a Dodd-Frank Act-related conference call with the news media last week. “One of the important effects of the CFPB has been to ensure the ...


July 21, 2014 - Inside the CFPB

At Three-Year Mark, Supporters See CFPB as a Brave, Noble Defender…

Few federal regulatory agencies are the objects of such scorn – and simultaneously such devotion – as the CFPB, reflecting the bitter partisan environment in which the bureau was created in the wake of the financial crisis. To its opponents, July 21, 2011, may as well be another “date which will live in infamy,” whereas to its supporters, the modern financial era might as well be divided into pre-CFPB time and post-CFPB time. Sen. Elizabeth Warren, D-MA, the author of the concept that evolved into what is now the CFPB and the person tasked with getting the agency up and running, urged supporters of the bureau to keep up the fight. “It feels like yesterday that we were fighting for a strong ...


July 21, 2014 - IMFnews

Short Takes: A $300,000 Signing Bonus for an LO? / PennyMac Files to ‘Resell Shares’ / DBRS Updates Non-Agency Criteria / ‘House of Cards’ Star to Speak at MBA / So Long Eric Billings

Did someone really pay a $300,000 signing bonuses to a new LO?


July 18, 2014 - Inside FHA Lending

Around the Industry

Senate Confirms Julian Castro as Next HUD Secretary. The Senate has confirmed Julian Castro as the 16th secretary of housing and urban development by a vote of 71 to 26. He replaces Secretary Shaun Donovan, whose nomination for director of the Office of Management and Budget was also approved 75-22 by the Senate on July 10. Before his nomination, Castro served three terms as mayor of San Antonio, TX, during which he focused on revitalizing the city through numerous housing and economic development initiatives. Housing advocates who have worked with Castro said, as a municipal leader, he knows what is needed to rebuild local economies under enormous financial constraints, which he can work to his advantage as HUD’s new head. In addition, Castro has the capacity and temperament to work with a Republican Congress, they said. The Securities Industry and Financial Markets Association said it looked forward to working with ...


July 18, 2014 - Inside FHA Lending

House Democrats’ Bill Features Amped-Up GNMA

Ginnie Mae would play a greater role in a private-market partnership model envisioned in proposed housing finance reform legislation introduced recently by House Democrats. However, many in the industry doubt whether a Democrat-sponsored reform bill will pass in this Congress. Sponsored by Reps. John Delaney (MD), John Carney (DE) and Jim Himes (CT), the Partnership to Strengthen Homeownership Act would put Ginnie Mae in charge of all single- and multifamily mortgage-backed securities with government backing. Among other things, H.R. 5055 would create a new Ginnie Mae MBS for conventional mortgages backed by the full faith and credit of the federal government with minimum support from the private sector. Under the proposed model, private entities would assume up to 5 percent of the first-loss capital on the MBS. The remaining 95 percent would be shared between ...


July 18, 2014 - Inside FHA Lending

Ginnie Mae Servicing Remains Flat in 2Q14

Ginnie Mae servicing remained flat in the second quarter of 2014, continuing a trend that began in the third quarter of last year as FHA refinancing fell and purchase activity slowed, according to Inside FHA Lending’s analysis of Ginnie Mae data. Servicing volume rose by only 0.7 percent from the first quarter, slightly lower from the 0.9 percent increase reported by Ginnie Mae servicers for the first three months of 2014. On the other hand, volume was up modestly by 5.9 percent year-over-year, data showed. Ginnie Mae servicers ended the second quarter with a total of $1.46 trillion in unpaid principal balance, up from $1.45 trillion in the prior quarter. Four out of the top five Ginnie Mae servicers were banks. Wells Fargo closed out the second quarter with $425.9 billion in servicing volume, a 0.2 percent decrease from the previous quarter but up 2.1 percent from a year ago. Its 29.2 percent market share put it ... [1 chart]


July 18, 2014 - Inside FHA Lending

VA Clarifies Impact of Same-Sex Marriage Policy

Same-sex couples are entitled to veteran benefits, including home loan guaranty, if their marriage is recognized by the state where they live or where they lived when they filed a claim for benefits – and not where the marriage took place.The VA made the clarification in the wake of guidance the agency issued regarding the benefits and services same-sex married couples are entitled to under current laws and regulation. On June 26, 2013, the U.S. Supreme Court, in United States v. Windsor, struck down Section 3 of the Defense of Marriage Act (DOMA), which governs the definitions of “marriage” and “spouse” for all federal agencies, because it was unconstitutional. The court held that the provision deprives a person of the right to equal liberty, which is protected by the due process clause of the Fifth Amendment. Prior to the SCOTUS opinion, DOMA defined “marriage” as a ...


July 18, 2014 - Inside FHA Lending

Infractions that Could Trigger MRB Enforcement

One deficiency commonly noted in cases heard by the Department of Housing and Urban Development’s Mortgagee Review Board is failure by FHA lenders and servicers to implement and maintain a quality control (QC) plan. FHA’s focus on quality control has increased over the last couple of years as the agency strives to correct underwriting flaws that have contributed to the massive losses and severe depletion of the Mutual Mortgage Insurance Fund. After years of guiding and helping clients comply and cope with FHA regulations, requirements and enforcement actions, the Collingwood Group reports that a common QC-related mistake among FHA lenders is failure to document steps taken to correct deficiencies – or to take any corrective action at all. Tied to this issue is ...


July 18, 2014 - Inside FHA Lending

Borrower OK Required to Voluntarily End Federal MI

New FHA guidance regarding voluntary termination of FHA mortgage insurance does not affect separate guidance requiring borrowers to continue payment of their annual insurance premium regardless of the loan’s amortization terms. The FHA made the clarification in relation to Mortgagee Letter 2014-13, which requires written consents by the lender and the borrower in all voluntary terminations of FHA mortgage insurance. The requirement becomes effective on Oct. 1st this year. Specifically, the guidance requires FHA lenders to document that they have obtained the borrower’s informed consent to terminate FHA insurance on the mortgage. The change ensures that the lender would incur no liability and that the borrower understands the terms of the voluntary termination. Under current rules, the FHA may terminate mortgage insurance at the request of the borrower and the lender. The lender may cancel the insurance endorsement upon notification by the FHA commissioner that the insurance contract is terminated.


July 18, 2014 - Inside FHA Lending

FHA to Lenders: Try PFS First Before DIL Option

If an FHA borrower runs out of options for loss mitigation and home retention, a lender must first consider a pre-foreclosure or short sale, with deed-in-lieu (DIL) of foreclosure as a second option, according to new FHA guidance. Mortgagee Letter 2014-5 states that the lender must first determine whether the borrower facing default or at risk of default qualifies for a pre-foreclosure sale (PFS). The FHA allows pre-foreclosure sales to be processed as either a “standard PFS” or a “streamline PFS.” The former is available only to owner-occupants while the latter is for both owner- and non-owner-occupied single-family properties. In determining standard PFS eligibility, the lender must use a “deficit income test” to determine whether the borrower is experiencing hardship and is able to sustain his or her mortgage. A DIT resulting in a negative amount would likely qualify the borrower for a ...


July 18, 2014 - Inside FHA Lending

JPMorgan Chief Seeks FHA Safe Harbor for Bank

JPMorgan Chase chief executive Jaime Dimon this week warned that the investment bank may rethink its FHA business without some type of safe harbor to shield it from potential future liabilities arising from the Financial Institutions Reform, Recovery and Enforcement Act and the False Claims Act. In February this year, JPMorgan agreed to pay $614 million to the federal government to settle allegations that it falsely certified poorly underwritten loans for FHA endorsement, causing massive losses to taxpayers in paid claims. Dimon lashed out at the government during a telephone briefing on the company’s second-quarter 2014 earnings report. He said JPMorgan lost a tremendous amount of money over what the government claimed was fraud but was in fact a “commercial dispute” between FHA and the bank. “We collected $600 million in insurance, the [government] disputed $200 million [alleging] it was fraud ...


July 18, 2014 - Inside FHA Lending

Endorsements Up for 620-679 Credit Scores

Mortgages with 620-679 credit scores accounted for more than half of FHA’s mortgage insurance business in the first quarter of 2014, up from 42.0 percent a year ago, according to the Department of Housing and Urban Development’s latest quarterly report to Congress on the state of the FHA Mutual Mortgage Insurance Fund. Data showed FHA-insured mortgages in the 620-679 credit score range, a band typically identified with borrowers with slightly tainted credit, comprised 51.1 percent of new endorsements in the first quarter. This was up from 50.1 percent in the fourth quarter of 2013. FHA endorsements in the 620-plus category started trending upward in the first quarter of 2011, while endorsements in the 720-850 credit score range began a slow decline during the same period. The distribution of borrower credit scores continued the migration seen in previous quarters, though at a ...


July 18, 2014 - Inside Nonconforming Markets

Regulators Get Serious with HAMP Enforcement

SunTrust Banks settled criminal allegations this month relating to activity under the Home Affordable Modification Program. The $320 million settlement marked the first time a HAMP servicer paid a monetary penalty under the program. To this point, penalties for violations of HAMP guidelines have been relatively lenient, with the harshest maneuver being a temporary stop in incentive payments from the program. However, an investigation led by ...


July 18, 2014 - IMFnews

What We’re Hearing: Is the FHFA IG All Wet Regarding Nonbank Risk? / Hurting the GSEs’ Reputations? / Time to Probe GSE Specialty Servicers? / Prospect Mortgage Continues to Hunt for Acquisitions / Raj Date Doesn’t Recognize ‘His’ CFPB

Industry reaction to the FHFA IG report on nonbank and small lender risk was swift. Maybe Fannie Mae is better off having Countrywide as its biggest customer again?


July 18, 2014 - Inside MBS & ABS

House Democrat Bill Would Put Ginnie in Charge of All Government-Backed MBS. No Chance This Year

A significantly bigger Ginnie Mae would be placed in charge of all MBS issued with a government backing while Fannie Mae and Freddie Mac would be wound down and stripped of their government sponsorship under a bill filed last week by House Democrats. The legislation – the Partnership to Strengthen Homeownership Act, H.R. 5055, sponsored by House Democrats John Delaney (MD), John Carney (DE) and Jim Himes (CT) – has zero chance of gaining traction this year. It would create a new Ginnie Mae MBS backed by conventional mortgages that would have the full faith and credit of the federal government while tapping private capital to absorb some of the risk. The new structure under the Delaney-Carney-Himes bill would create...


July 18, 2014 - Inside MBS & ABS

FINRA Eases TBA Margin Requirement Proposal For Smaller Participants, Forgoes Other Suggestions

After hearing from some market participants about certain unintended consequences, the Financial Industry Regulatory Authority decided to revise its earlier proposal to establish margin requirements for to-be-announced transactions to accommodate smaller players in the market. Last week, its board authorized FINRA to file with the Securities and Exchange Commission the revised amendments to FINRA Rule 4210 (Margin Requirements) to establish margin requirements for TBA transactions (including adjustable-rate mortgage transactions), specified pool transactions, and transactions in collateralized mortgage obligations, with forward settlement dates. The proposal is...


July 18, 2014 - IMFnews

Put Ginnie Mae in Charge of All Government MBS?

Over five years, Fannie and Freddie would be wound down, but would be allowed to be sold and recapitalized as private entities with different business plans.


July 17, 2014 - Inside Mortgage Finance

The Dodd-Frank Act at Four: Helping to Prevent Mortgage Problems and Decreasing the Pool of Potential Borrowers

Mortgage industry participants suggest that the Dodd-Frank Act has helped to ensure that problems seen in the mortgage market in 2005 and beyond are unlikely to occur again. However, lenders suggest that the DFA has also limited access to credit for potential borrowers. Four years after the DFA was signed into law, a number of think tanks convened panels this week to analyze its impact. Predictably, consumer advocates are largely happy with the DFA while lenders have more mixed feelings about the law, which created the Consumer Financial Protection Bureau and a landslide of new mortgage regulations. “The mortgage market is...


July 17, 2014 - Inside Mortgage Finance

House Democrats’ ‘Middle Ground’ Bill Lauded by Industry But Lawmakers Tired of Mortgage Reform

A new “middle ground” legislative proposal that would replace Fannie Mae and Freddie Mac with a beefed-up Ginnie Mae is getting high marks from industry observers, but lawmakers on both sides of Capitol Hill have no more appetite for housing finance reform this year. The Partnership to Strengthen Homeownership Act, H.R. 5055, sponsored by House Democrats John Delaney (MD), John Carney (DE) and Jim Himes (CT), would create a new Ginnie Mae mortgage-backed security for conventional mortgages. It would have the full faith and credit of the federal government while tapping private sector capital to absorb some of the risk. H.R. 5055 has...


July 17, 2014 - Inside Mortgage Finance

Industry Groups Across the Spectrum Generally Support Possible DTI ‘Right to Cure’ For QM

Representatives of the various segments of the mortgage banking world are mostly receptive to a hypothetical “right to cure” an otherwise qualified mortgage loan that inadvertently breeches the QM 43 percent debt-to-income threshold – despite the complexity associated with putting it into play. Most supporters of such a corrective mechanism agreed with the Consumer Financial Protection Bureau that utilizing it could be complicated. “We agree that creditors’ use of any DTI cure provision would be limited. Nevertheless, we do not believe the idea should be dismissed simply because it may be complicated,” the Consumer Mortgage Coalition said in its public comment letter to the agency. The Housing Policy Council of the Financial Services Roundtable also acknowledged...


July 17, 2014 - IMFnews

The Dodd-Frank Act Turns Four: Good in Some Respects, but Access to Credit Harmed

According to an Inside Mortgage Finance analysis of loan-level data on mortgage-backed securities from the GSEs, underwriting standards on mortgages have loosened only slightly over the past year.


July 17, 2014 - IMFnews

Industry Groups Across the Spectrum Support DTI ‘Right to Cure’ for QM

The American Bankers Association said its members were not able to clearly identify instances where a DTI cure mechanism would be useful in the normal course of bank operations.


July 17, 2014 - IMFnews

Judge Grants Partial Discovery in GSE ‘Takings’ Case, Public Access Limited

“In essence, defendant asserts that the court should merely take its word that the documents – some of which defendant itself has not reviewed – are privileged,” wrote Sweeney. “This suggestion runs contrary to law.”


July 17, 2014 - IMFnews

FHFA IG Frets Over Nonbank and Small Lender Counterparty Risk to the GSEs

"Buying loans from some nonbanks could damage the enterprises' reputations," the FHFA IG says.


July 16, 2014 - IMFnews

Short Takes: Strong Earnings for MGIC, But a Warning Too / Non-QM to the Rescue? / Ocwen in Stock Deal with Ross / Stonegate Mortgage Gets a ‘Neutral’ Rating / Canada in for a Big Housing Correction?

MGIC is operating with each GSE as an eligible insurer under a remediation plan. In trading Wednesday, its share price was down 9 percent…


July 16, 2014 - IMFnews

Wells Fargo Securities Downgrades Nationstar, Walter; Says Stocks May Plunge

Analysts at Wells Fargo Securities believe there could be a huge downside to owning shares of Nationstar and Walter Investment.


July 16, 2014 - IMFnews

Federal Reserve Plan Means More Due Diligence on Third-Party Servicers

Morgan Stanley’s regulatory action plan supplements the firm’s global risk-management program for third-party servicers, which is currently in place.


July 16, 2014 - IMFnews

Ocwen Partners with Consumer Advocates to Track Issues Borrowers are Having with the Servicer

Ocwen's consumer council will consider issues such as principal reduction loan modifications, reducing urban blight, helping minorities and improving language access to borrowers with limited English proficiency.


July 15, 2014 - IMFnews

W.J. Bradley Finds Investor Partners for New Non-Agency Products

Several other nonbanks have entered the non-QM space the past few months including Bayview through its Lakeview unit, Impac and others.


July 15, 2014 - IMFnews

To Avoid QM Landmines, Some Wholesalers Cap Fees to Brokers at Under 2 Percent

“If the cap is 2.75 percent, it doesn’t leave much, but you have to keep in mind that the lender is building ‘everything else’ into the note rate,” said Marc Savitt.


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Home-equity lending is beginning to show new life. My company (pick one):

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Is not making second liens and has no plans to do so.

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