Browse articles from all of our Newsletters related to State Regulators.
September 29, 2014 - Inside the CFPB
State-licensed mortgage companies and the agencies that oversee them are on the verge of receiving the same kind of protections against waivers of privilege for information provided to the CFPB that was previously extended to depository mortgage lenders supervised by federal agencies. Before adjourning for the November elections, the U.S. Senate passed H.R. 5062, the Examination and Supervisory Privilege Parity Act of 2014. The bill would require the CFPB to coordinate its supervisory activities with state agencies that license, supervise or examine those non-depositories that offer consumer financial products or services. It also would provide that when someone shares information with those same state regulators, or with prudential regulators and state banking regulators, that sharing does not waive attorney-client privileges. ...
September 26, 2014 - Inside FHA Lending
Approved issuers must ensure that loans have the requisite federal insurance or guarantee before bundling them for securitization, cautioned Ginnie Mae. Loans that fail Ginnies loan matching review will be tagged as uninsured and will not be accepted for securitization, according to John Kozak, a Ginnie Mae account executive and a panelist at a conference sponsored by the agency this week. Ginnie Mae uses loan matching to screen for mortgages that may have been endorsed on paper but have not been actually insured or guaranteed by either the FHA, VA or the Department of Agricultures Rural Housing Development. Every month, Ginnie Mae takes a certain lenders entire mortgage portfolio and throws it up against the agencys insured/guaranteed database in search for loan mismatches. To do this, the agency uses two-string match criteria, which consist of a ...
September 25, 2014 - Inside Mortgage Finance
Ocwen Financial once the largest buyer of legacy mortgage servicing rights in the secondary market is mostly sitting on the sidelines these days when it comes to buying new product. According to servicing advisors and industry officials familiar with the company, the nonbank has been selectively bidding on smaller pools, staying away from larger deals. Meanwhile, Ocwen still hopes...
August 29, 2014 - Inside FHA Lending
A decision by the Department of Housing and Urban Development to suspend a Texas mortgage firm and its top executive was not arbitrary and capricious and did not violate due process, according to a recent Houston district court ruling. The court granted HUDs motion for summary judgment and dismissed all of the plaintiffs claims with prejudice. In Allied Home Mortgage Corp. v. Donovan, (No. H-11-3864, 2014 WL 3843561, S.D. Tex. Aug. 5, 2014), a U.S. Attorneys Office sued Allied Home Mortgage Corp. and its chief executive officer, James Hodge, in Manhattan federal district court for allegedly lying about its compliance with FHA requirements. Specifically, the former Houston-based mortgage net branch operator (currently doing business as Allquest Home Mortgage Corp.) allegedly violated the False Claims Act and the Financial Institutions Reform, recovery and Enforcement Act by ...
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