In a warning to other lenders on the importance of proper vendor oversight, the CFPB recently brought a$10 million enforcement action against Santander Bank, based in Wilmington, DE, because of its allegedly illegal overdraft services practices. Among the practices at issue, the bureau said the bank signed up consumers for overdraft services without their consent. “In some instances, Santander’s telemarketerbriefly described [the bank’s] Account Protector [service] to consumers, then asked for the last four digits of their Social Security numbers, and enrolled them without their consent,” said the CFPB. “In other instances, consumers said they did not want to enroll but requested information about the overdraft service, but the telemarketer enrolled them anyway,” the bureau added. Also, call ...

Caliber executive William Pendleton noted the nonprime MBS recently issued by Lone Star Funds (which owns Caliber) will help the lender significantly reduce interest rates on new originations.

Smaller depositories held 8.0 percent of the banking industry’s total mortgage servicing assets in 2015, up from a share of less than 2.0 percent as recently as 2009.

Home Point, which has backing from a PE firm, may have its ears open to future deals…

“We have a pretty good idea of what the bureau is going to do in substance,” said Donald Lampe, a partner in the financial services group at Morrison & Foerster…

Nonprime lender Angel Oak Mortgage Solutions is now offering a “no-income” loan to investors with credit scores as low as 660...

However, one bright spot was originations, which increased sequentially by 35 percent to $1.32 billion.

Applications and refis are so robust that production "capacity" is now a major concern...

However, EverBank has been cutting back its presence in residential finance, a trend that was cemented when Tom Wind left the company in December...

Flagstar capitalized its residential servicing portfolio at 99 basis points at June 30, compared to 106 bps at March 31.