Two of the top three entities associated with money transfers saw complaints against them leap by double digits, both in the second quarter and for the first half of the year, according to a new analysis by Inside the CFPB. The top target of criticism, MoneyGram, saw complaints jump in this regard 53.5 percent and 84.7 percent, respectively, while third-ranked PayPal experienced surges of 47.1 percent and 51.8 percent, respectively, for the two time periods measured. However, second-ranked Western Union saw just a slight uptick of 3.1 percent in the second quarter, and a modest downturn at the mid-year mark versus a year ago, 3.0 percent. ...

Bureau Wants Public Input as it Requests OMB Approval of Consumer Survey of ATM/Debit Card Overdraft Disclosures. The CFPB is soliciting public comment as it seeks authorization from the White House Office of Management and Budget to carry out a national online survey of 8,000 individuals as part of its review and analysis of ATM/debit card overdraft disclosure forms. “The survey will explore consumer comprehension and decision-making in response to revised overdraft disclosure forms,” the bureau said in a recent Federal Register notice. “It will also explore financial product usage, behavioral traits, and other consumer characteristics that may interact with a consumer’s experiences with overdraft programs and related disclosure forms.” The survey will include a representative sample of the U.S. ...

Multiple Issues With TRID Remain, Official Says. Mortgage Bankers Association Vice Chairman Rodrigo Lopez told attendees at the group’s Risk Management, Quality Assurance and Fraud Prevention Forum in Dallas recently that the MBA supports additional disclosures, but that “many issues remain to be resolved” when it comes to the TILA/RESPA Integrated Disclosure (TRID) rule. “So far, the CFPB has provided only limited guidance on the new rules,” he noted. “MBA is urging the CFPB to resolve a number of issues, including differences between state and federal laws, that threaten to add layers of complexity to the mortgage loan process.” Lopez went on to say that legislation in Congress that would provide mortgage lenders with a safe harbor for their good-faith ...

Another CFPB Official Cashes In as Webster Bolts for Wells Fargo. Brian Webster, previously the originations program manager at the CFPB, has joined a handful of other top officials at the bureau who have leveraged a relatively short stint at the bureau into a private sector gig. Webster, who was only with the agency since January 2013, has left the CFPB to join Wells Fargo Home Mortgage, effective Sept. 15, 2015, where he will serve as senior vice president and lead the lender’s Financial Reform Strategy team in the Business Capabilities Development group. “He will focus on the company’s strategic direction in the evolving regulatory environment, and lead a team that interprets legislative impacts and advises the implementation and delivery ...

Despite the 90 percent estimate offered by Applegate, the government-sponsored enterprises’ use of the CSP – let alone the GSE single security – looks to be a ways off.

Despite strong earnings from the MI sector the past year, regulatory scrutiny remains, particularly in efforts by an NAIC working group to develop risk-based capital standards...

David Applegate, CEO of Common Securitization Solutions, revealed this week that the joint venture owned by Fannie Mae and Freddie Mac has finished much of the work for a major milestone in the common securitization platform. Although officials promised more information about the timeline next year, the government-sponsored enterprises’ use of the CSP – let alone the GSE single security – looks to be a ways off. At the ABS East conference produced by Information Management Network this week in Miami, Applegate said CSS has completed about 90 percent of the work required for single-class security issuance by Freddie on the CSP. Officials at CSS, the GSEs and the Federal Housing Finance Agency revealed this week that Freddie would be the first to test the system, and that Fannie would go on board at a later date, when issuance of the interchangeable single security will begin. The officials also noted...

“It’s amazing that we’re talking about this seven years after the financial crisis,” said Bob Behal, a principal and co-head of ABS/commercial MBS Investments at Vanguard Group, during this week’s ABS East conference in Miami. He was referring to the practice of rating shopping, which is a current practice, particularly in the commercial MBS market, according to a number of industry participants. A panel regarding reforms for the rating services and due diligence providers attracted a standing-room audience at the conference produced by Information Management Network. The conference was...

Mortgage securitization rates in 2015 are still low compared to last year, but some of the decline is likely due to the lag between primary market origination and MBS issuance. For the first six months of the year, new MBS issuance represented 73.8 percent of total originations, according to a new Inside MBS & ABS analysis. That’s down from a 75.4 percent securitization rate for all of 2014. Securitization rates are...[Includes one data table]

Last week, Angel Oak Mortgage Solutions was slated to issue a roughly $150 million security backed by nonprime mortgages, an event that promised great things for both the company and the non-agency market. But then nothing happened, or so it appears. Two weeks after confirming to Inside MBS & ABS and another news organization that a new nonprime security was definitely ready to price, the company – and its underwriter, Nomura Securities – has suddenly stopped talking about the deal, both publicly and privately. One source who has held meetings with executives at both firms said...