Browse articles from all of our Newsletters related to State Regulators.
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.
October 10, 2014 - Inside FHA Lending
FHA to Extend Short Refi Program. The FHA has announced its intent to extend its Short Refinance Program for borrowers in negative equity positions. A mortgagee letter will be issued soon to announce the extension. Feedback Period extended for Draft Servicing Section of Proposed Single Family Handbook. The FHA is extending the comment period for the draft servicing section of the Single Family Housing Policy Handbook through Nov. 14, 2014 to allow stakeholders additional time to study and comment on the proposed section. The original deadline date was Oct. 17. CFPB Updates Reverse Mortgage Guide. The Consumer Financial Protection Bureau recently updated its reverse mortgage guide on its website to account for recent changes made by the Department of Housing and Urban Development to its Home Equity Conversion Mortgage program. The updated guide highlights new limits to ...
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...
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