Due diligence reviews can be costly, especially when the mortgages being produced are pristine.

The Garden State is following in the footsteps of Pennsylvania, which created a Consumer Financial Protection Unit last July and hired a former CFPB attorney to lead the initiative.

The new non-agency MBS from Invictus is a bit of a rarity: the bond is backed only by mortgages on single-family rental properties.

CEO Jay Bray was eligible for a maximum bonus of $6.90 million…

Is Bank of America doing a slow fade on mortgages?

Ditech added that under new leadership, the lender/servicer “continues to develop and execute various strategies to improve” its performance.

The Community Home Lenders Association called for regulatory streamlining for smaller independent mortgage bankers in a comment letter to the CFPB in response to its request for information on enforcement and supervision. The CHLA, which claims to be the only national association that exclusively represents IMBs, said the bureau should reduce burdens and compliance risks faced by IMBs “through targeted CFPB exam and enforcement exemptions.” Under current law, every nonbank ...

Trade Groups Wrote to Support a CFPB Commission. Twenty-three trade organizations representing the financial services industry, including the American Bankers Association and Mortgage Bankers Association, last week wrote to Congress to support legislation that would change the CFPB’s leadership structure from a single director to a bipartisan commission. The letter was sent to Reps. Dennis Ross, R-FL, Kyrsten Sinema, D-AZ, David Scott, D-GA, and Ann Wagner [Includes four briefs] ...

Consumer complaints to the CFPB jumped in the first quarter, with a major surge in the area of credit reports, according to a new analysis by Inside the CFPB. Overall, total gripes to the bureau rose 22.9 percent from the fourth quarter of 2017 to the first quarter of 2018, and 11.0 percent year over year. Criticism about credit reports leapt by 120.3 percent from a year ago to 28,283, a 26.0 percent increase from 4Q17 to 1Q18. Experian ranks 1st by the number of [includes exclusive data chart] ...

The Consumer Financial Protection Bureau released its last two requests for information – one on financial education programs and another on the handling of consumer complaints and inquiries. Acting Director Mick Mulvaney has said before that consumer education would be one of the bureau’s priorities. In his testimony before the House Financial Services Committee last week, Mulvaney reiterated that he will pay more attention to financial education ...