CFPB Web Site Still Insecure, OIG Finds. Despite the work the CFPB has done to secure its consumerfinance.gov website, it hasn’t been enough, according to a report released last week by the bureau’s Office of Inspector General, which found that several control deficiencies need to be mitigated to protect the website from compromise.... Mortgage Complaints Among the Top for Older Consumers. Debt collection, home equity conversion mortgages (or reverse mortgages) and credit reporting were the top three most-complained-about consumer financial products and services among seniors, collectively representing about 60 percent of older consumer complaints submitted in March 2017, the CFPB said in its latest monthly consumer complaint report....
Capital Alpha projects that the “emerging reform thrust” might emulate ideas promulgated by the Mortgage Bankers Association, which is adamantly opposed to recap and release.
A few years ago, ComplianceEase was chosen to provide the technology platform that enables regulators and licensees to cooperate and share the electronic files necessary to facilitate e-exams.
Some $247.0 billion of subprime mortgages were outstanding at the end of the first quarter of 2017, according to estimates by Inside Nonconforming Markets.
Over the past six months, chief executive officers at three top 20-ranked mortgage firms have been replaced for varying reasons. Are more changes in store in what could turn out to be a down year for residential lending? That’s hard to say, but speculation is growing that the executive turnstiles might be spinning a little faster between now and yearend. The three companies that unveiled CEO changes are PennyMac Financial Services (Stanford Kurland departing ...
A surging home-purchase market helped boost new single-family business volume at Fannie Mae and Freddie Mac in May, according to a new ranking and analysis by Inside The GSEs.Together, the two companies issued $62.03 billion of single-family mortgage-backed securities in May, an unspectacular 6.3 percent increase from April. In fact, May’s volume was the second lowest monthly production of the year. But that’s because the early months of 2017 were still heavy with refinance business. Purchase-mortgage business at Fannie and Freddie was up a solid 15.5 percent from April, hitting $36.78 billion, tops so far in 2017. Meanwhile, Fannie and Freddie securitized just $23.98 billion of refinance loans in May.
Two major organizations, the Bipartisan Policy Center and the American Bankers Association, have both weighed in on GSE reform in recent weeks. The Bipartisan Policy Center released a brief late this week focusing on improving access and affordability in housing finance reform that is not dependent on any one structure or future role for the GSEs. It also wants to make sure that the government guarantee remains. “It is this guarantee that forms the basis of the obligation to ensure that the benefits flowing from the government backstop are as broadly available as possible, consistent with safety and soundness and taxpayer protection,” said Michael Stegman, a BPC fellow and author of the paper.
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