Browse articles from all of our Newsletters related to State Regulators.
November 21, 2014 - Inside Nonconforming Markets
The servicing transfer from Wells Fargo to Ocwen Financial that had been on hold for more than eight months was cancelled last week by the two firms. Scrutiny from the New York Department of Financial Services prompted Ocwen to place the transfer on hold in February. The transfer was first announced in January and would have involved servicing on non-agency mortgage-backed securities with an unpaid principal balance of $35.9 billion along with $3.3 billion in mortgages serviced for ...
November 20, 2014 - Inside Mortgage Finance
Wells Fargo is not expected to take new bids at least anytime soon on a highly delinquent $39 billion non-agency servicing portfolio that Ocwen Financial failed to buy because of all the regulatory scrutiny the nonbank is facing. However, servicing advisors who have seen some of the details on the portfolio contend that Wells may eventually try to unload the package next year, but is by no means under the gun to do so. One thing you have to keep in mind is...
November 13, 2014 - Inside Mortgage Finance
Although residential lenders are coming off a better than expected production quarter and enjoying a decent last three months of the year analysts and investors seem undecided on whether theres opportunity in the market or its time to stay on the sidelines. Several high profile publicly traded shops that are considered high touch specialists Nationstar Mortgage, Ocwen Financial and Walter Investment continue to trade at steep discounts to their 52-week highs with all three facing possible class-action lawsuits from angry investors whove seen billions of dollars in stock equity evaporate over the past year. And then theres...
November 10, 2014 - Inside the CFPB
Numerous mortgage banking trade groups from across the U.S. urged the Conference of State Bank Supervisors to hold off on making changes to the Nationwide Mortgage Licensing System mortgage call report (MCR) until after the CFPBs Home Mortgage Disclosure Act rulemaking is final and the bureaus integrated disclosures have been implemented. The MCR proposal, released Oct. 1, 2014, would expand the current data collected to create a new definition of application, and it would require reporting on the amount and count of closed loans classified as qualified mortgages under the CFPBs ability-to-repay rule. Further, the proposal would require additional nationwide and state-specific servicing reporting, along with additional fields to capture changes in loan amount between the time of application and ...
November 7, 2014 - Inside Nonconforming Markets
Ocwen Financial is working on a settlement with the New York Department of Financial Services regarding various servicing-related concerns raised by the state regulator. The $100 million in legal reserves that Ocwen booked in the third quarter of 2014 for a potential settlement is the minimum the company expects to spend, according to William Erbey, Ocwens chairman. I would caution that this does not mean that we have settled with the [NYDFS] ... [Includes two briefs]
November 6, 2014 - Inside Mortgage Finance
A proposal from the Conference of State Bank Supervisors to increase reporting requirements on state mortgage call reports has been met with strong resistance from a number of lender trade groups. In October, the CSBS proposed collecting additional quarterly information regarding qualified mortgages and servicing, among other data submitted as part of the Nationwide Mortgage Licensing System and Registrys mortgage call report. The comment period closed late last week. We join...
October 30, 2014 - Inside Mortgage Finance
Late this week, Ocwen Financial Corp. announced that it has set aside $100 million for a possible regulatory settlement with the New York Department of Financial Services, a move that couldnt come too soon for the troubled high-touch servicer. But the company also cautioned that a settlement with the NYDFS is hardly a sure thing. More-over, some Ocwen watchers believe a deal with New York could spur other state regulators to take action against the company. One consultant who has done work for Ocwen told...
October 27, 2014 - Inside the CFPB
The Conference of State Bank Supervisors recently formed a mortgage servicing rights task force to develop options for prudential standards for non-bank mortgage servicers. The CSBS noted that there has been a significant growth of mortgage servicing assets in non-depository servicers in recent years. The state regulators group said it is important for the states to understand how this growth should inform changes to the regulatory framework.
October 24, 2014 - Inside FHA Lending
Total originations of FHA forward and home-equity conversion mortgages across the U.S. and in the territories increased from the first to the second quarter, with California accounting for the lions share of all FHA loans produced by state. Production of FHA-insured forwards, including jumbo loans, and HECM loans during the first half of 2014 totaled $68.3 billion, a whopping 49.0 percent drop from volume reported over the same period last year. On the other hand, total originations in the 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands rose 11.5 percent quarter-over-quarter. Originations totaled $36.1 billion in the second quarter. Forward mortgages accounted for $61.1 billion of new FHA-insured loans originated during the first six months while HECMs comprised $7.2 billion of loans produced over ... [ 1 Chart ]
October 24, 2014 - Inside FHA Lending
A top-ranking housing official soon to become acting FHA commissioner assured lenders that the agency is reviewing the pricing of its mortgage insurance, but made no promises during the annual convention of the Mortgage Bankers Association held this week in Las Vegas. Biniam Gebre, now the deputy assistant secretary for housing at the Department of Housing and Urban Development, said the agency has been reviewing our premium levels on a regular basis. He added, Im sure we will come back to it over the next couple months and next year. The pricing of FHA mortgage insurance premiums is a very important question, Gebre said. Many in the mortgage industry have been focused on the availability of credit, but the affordability of credit is important as well, he added. We believe we reached a tipping point when we raised premiums in response to ...
October 24, 2014 - Inside Nonconforming Markets
The New York Department of Financial Services has found serious issues at Ocwen Financial, including the backdating of potentially hundreds of thousands of letters to borrowers, the NYDFS said in a letter to the nonbank servicer released this week. The allegations could be the most damaging yet for Ocwen, which has faced concerns from the NYDFS since February when Ocwen placed a planned $39.2 billion mortgage acquisition on indefinite hold in an effort to resolve issues raised by the agency ...
October 23, 2014 - Inside Mortgage Finance
The Conference of State Bank Supervisors this week formed a task force on mortgage servicing rights to develop options for capital requirements for nonbank servicers. The task force includes representatives from nine state regulators, including the New York Department of Financial Services.
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