Not only are several mortgage banking firms exploring sale opportunities these days, but dozens of vendors that serve the industry either have changed hands or are up for grabs as well – with more deals expected in the months ahead.
There are some in the industry who believe the entire subservicing sector is far behind in technology and customer service – and is ripe for a technology disruption of a major kind.
The Department of Veterans Affairs has withdrawn a recent directive to provide lender-certification disclosures as part of early disclosure requirements for Interest Rate Reduction Refinance Loans (IRRRLs).
The Consumer Federation of America agreed that the FICO score used by Fannie and Freddie is outdated and amounts to a monopoly on scoring. It supports the lender-choice option, but with constraints. The CFA recommended that lenders be required to pick a provider for a minimum period and said the models used by the two government-sponsored enterprises should align with one another.
Verus Mortgage Capital is boosting its correspondent acquisition volume by focusing on non-agency mortgages, including non-qualified mortgages. The aggregator was founded in 2015 by Invictus Capital Partners, an investment firm based in Washington, DC.
Recent structural changes and new priorities at the Consumer Financial Protection Bureau will significantly reduce the bureau’s ability to police discriminatory lending, the Brookings Institute said.
The inspector general of the Federal Housing Finance Agency last week said the regulator of the two government-sponsored enterprises should set stricter guidelines for Fannie Mae and Freddie Mac, more like the approach taken by banking regulators.
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