Browse articles from all of our Newsletters related to State Regulators.
January 16, 2015 - Inside MBS & ABS
Although Ocwen Financial is in regulatory hot water with California a dicey proposition given the states importance to the mortgage industry the nations fourth-largest servicer will continue with a strategy of non-agency MBS clean-up calls and Ginnie Mae buyouts. At least, thats what company Executive Vice President and Chief Investment Officer John Britti told Inside MBS & ABS late this week. Britti confirmed continuance of the strategy, but declined to offer any new details or color. The big question, of course, is...
January 15, 2015 - Inside Mortgage Finance
Ocwens plan to sell roughly $182 billion of agency servicing rights may have gone up in smoke this week after it was revealed that the California Department of Business Oversight could pull its mortgage licenses in the state. One servicing advisor, requesting anonymity, said the nonbanks latest run-in with regulators effectively put an illiquid label on all of their servicing rights. Another advisor suggested...
January 9, 2015 - Inside Nonconforming Markets
Ocwen Financial agreed to a $150 million settlement with the New York Department of Financial Services in late December. Officials at the nonbank said Ocwens focus will shift to non-agency servicing and originations in 2015. The settlement includes a number of provisions beyond the monetary penalty. To acquire mortgage servicing rights the fuel for Ocwens dramatic growth in recent years Ocwen must receive approval from the NYDFS and meet performance benchmarks. The NYDFS will also appoint...
January 8, 2015 - Inside Mortgage Finance
Ocwen Financials massive exit from the agency servicing market is expected to be a multi-year phase-out complicated by its past regulatory problems and a weak market for legacy product, according to industry advisors. If the company follows through on its promise to exit all segments of the agency market Fannie Mae, Freddie Mac and Ginnie Mae it will wind up selling a hefty $182.51 billion of residential mortgage servicing rights, based on third quarter survey numbers submitted to Inside Mortgage Finance. At Sept. 30, the nonbank serviced...
December 22, 2014 - Inside the CFPB
In another example of multi-agency, multi-jurisdictional legal action, the CFPB and Floridas Attorney General Office brought an enforcement against two student debt-relief companies accused of tricking borrowers into paying upfront fees for federal loan benefits. We allege that both companies exploited vulnerable student loan borrowers, made false promises about their debt-relief services, and charged illegal upfront fees, said CFPB Student Loan Ombudsman Rohit Chopra. The bureau and the Florida AG shut down Tampa-based student loan debt-relief company College Education Services, and its owners, Marcia Elena Vargas and Frank Liz, for allegedly scamming students into paying upfront fees for student loan debt consolidation, loan forgiveness, and relief from garnishments, services that were never provided or not performed as promised, according to ...
December 19, 2014 - Inside FHA Lending
Production of FHA-insured jumbo loans ballooned in the third quarter of 2014 reflecting heightened activity in this loan segment during the period. A 23.7 percent quarter-over-quarter surge helped push FHA jumbo lenders total volume to $7.71 billion at the end of the nine-month period ending Sept. 30. It was a significant increase for a segment that represents only a sliver of FHAs overall business. However, compared to last years first nine months, volume was down by almost half (48.8 percent) as lenders struggled to keep pace with last years output. Strong purchase demand helped drive FHA jumbo originations (all FHA loans over $417,000 up to $625,500 in high-cost areas), as purchase mortgages accounted for 81.1 percent of all FHA jumbos originated during the first nine months of the year. Fixed-rates comprised 86.4 percent of FHA jumbos originated during ... [1 chart]
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