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CFPB to Drop PHH Dispute Over RESPA Interpretation

June 7, 2018
Attorneys at the Consumer Financial Protection Bureau this week formally threw in the towel on the agency’s controversial interpretation of anti-kickback provisions in the Real Estate Settlement Procedures Act.
Read More

Short Takes: CIT Exits Servicing Business / Hensarling and Godot / Sinking Share Prices for Fannie and Freddie / Who You Calling Small? / Cooper Labs?

June 7, 2018
Paul Muolo
If you’re looking for a barometer on reform legislation passing, just take a peek at the share price of Fannie and Freddie common.
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Ditech Posts $467 Million Profit for 1Q18 – Thanks to BK Filing and Debt Cancellation

June 6, 2018
Paul Muolo
Ditech CEO Tom Marano: “I am pleased with the improving performance of our servicing business; however, I am disappointed with the performance of the origination business...”
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MBA Makes the Case to IRS that Lenders are Eligible for 20 Percent Deduction Included in Tax Reform

June 6, 2018
Brandon Ivey
The trade group argues that if lenders organized as pass-through entities do not receive the new deduction, they will be at a competitive disadvantage...
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Mulvaney Wants to Make the CFPB a ‘Gold-Standard’ Regulator

June 6, 2018
Yemeng Yang
Interim CFPB chief Mick Mulvaney: “We are still closely associated with Sen. Elizabeth Warren. We are her baby. That’s not where a gold-standard regulator should be.”
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Lenders Lost Money on Originations in 1Q18; Servicing to the Rescue…

June 6, 2018
Paul Muolo
Personnel expenses averaged $5,899 per loan in 1Q18 compared to $5,560 in the fourth quarter, up 5.7 percent…
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Competition for Non-QMs Slowing Ellington’s Plans

June 6, 2018
Brandon Ivey
CEO Laurence Penn said he hopes the flow of non-QM originations will increase…
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Short Takes: Hey, Hands Off of GSE Multifamily / What Ed DeMarco Wanted To Do / Cuts at Stearns? / More Non-QM Lenders Target Self-Employed Borrowers / New Hires at Promontory MortgagePath

June 6, 2018
Paul Muolo and Brandon Ivey
Over the years it seems as though commercial banks have basically ceded the multifamily market to nonbanks that use the GSEs as their secondary market takeout…
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CFPB Disbands Consumer Advisory Board

June 6, 2018
Yemeng Yang
“The bureau has not fired anyone,” a CFPB spokesperson maintained.
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Guaranteed Rate Plots Growth with ‘Aggressive’ Recruiting of Underwriters, Processors

June 5, 2018
Brandon Ivey
GR is aggressively recruiting mortgage processors, underwriters and secondary analysts...
Read More
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