Browse articles from all of our Newsletters related to State Regulators.
August 7, 2014 - Inside Mortgage Finance
The New York Department of Financial Services said it has concerns that certain nonbank servicers are using complex arrangements with affiliates to side-step borrower protections in force-placed insurance. Superintendent of Financial Services Benjamin Lawsky detailed what he called a troubling scheme between Ocwen Financial and a related party, Altisource Portfolio Solutions. This complex arrangement appears designed to funnel as much as $65 million in fees annually from already-distressed homeowners to Altisource for minimal work, Lawsky said in a letter this week to Timothy Hayes, Ocwens general counsel. According to the NYDFS, Ocwen recently implemented...
August 1, 2014 - Inside MBS & ABS
A trade group representing non-agency MBS investors continues to raise concerns about settlements that give servicers credit for completing loan modifications on mortgages in non-agency MBS. Regulators and others counter that the settlements include protections for the investors, who ultimately benefit from loan mods completed under the settlements. The latest flare-up involves $4.0 billion in loss mitigation actions required of JPMorgan Chase under a recent settlement with federal and state regulators. Last week, the settlements monitor credited Chase with $6.31 million in consumer relief under the settlement, with 56 percent of the relief completed on Chases own holdings and the remainder completed on loans serviced for others, likely mortgages in non-agency MBS. The settlement prompted...
July 31, 2014 - Inside Mortgage Finance
In recent weeks, speculators have been pressing their bets that certain publicly-traded mortgage companies could be in for a world of hurt because origination volumes are likely to remain subdued this year and there is little chance of growth through servicing acquisitions. According to figures compiled by Compass Point Research & Trading and public websites, the two most-shorted mortgage stocks are Nationstar Mortgage and PHH Corp. Measured by the percentage of shares publicly available (known as float), Nationstar has...
July 18, 2014 - Inside FHA Lending
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 loans 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 borrowers 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 10, 2014 - Inside Mortgage Finance
An industry that is used to reading about MERS court victories was stunned last week after a federal court judge in Pennsylvania found Merscorp Inc. and its electronic mortgage registry system in violation of state recording laws for real estate properties. While the ruling by U.S. District Court Judge J. Curtis Joyner may be appealed, MERS could be held liable for its role as an agent for member-lenders involved in property transfers and for alleged unjust enrichment, according to legal experts. The case was brought...
- GSE Private Mortgage Insurance Profile 2Q14
- GSE Seller Profile: 2Q14
- Mortgage Profitability Report: 1Q14
- Top Mortgage Players: 1Q14
- Agency Condo Market: 2013
- GSE Repurchase Activity Full Year 2013
- Servicing Strategies and MSRs
- Non-Qualified Mortgages
- CFPB Exam and Enforcement
- Mortgage Buybacks Guide 2014
- Mortgage Originations Channels
- CFPB Mortgage Disclosure Requirements
- Qualified Residential Mortgages and Risk Retention
- CFPB's LO Comp Rule
- Ability-to-Repay Rule and Qualified Mortgages
- Fair Lending Compliance
- CFPB Regulation of Mortgage Servicing
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