The number of complaints that consumers filed with the CFPB about debt collection practices fell 9.6 percent from the first quarter to the second and plunged 53.3 percent at the six-month mark versus one year ago, a new analysis by Inside the CFPB found. The biggest banks among the top 50 companies as ranked by complaints all acquitted themselves well at the mid-year 2015 point compared with the year before. Most notable in this regard was Wells Fargo, which saw consumer gripes fall 74.7 percent.Top debt collection firms had a more mixed performance. On the one hand, Encore Capital Group saw consumer criticisms fall 67.2 percent year over year, and 14.9 percent quarter over quarter. But Enhanced Recovery Company ...
Former CFPB Deputy Director Steve Antonakes is the latest high level official at the bureau to cash in on his few years at the agency, taking a position as chief compliance officer for Eastern Bank, a full-service commercial bank headquartered in Boston. Antonakes, who most recently served as deputy director and as the associate director for supervision, enforcement and fair lending at the CFPB, brings 25 years of compliance, risk management and financial services experience to Eastern Bank. While at the CFPB, Antonakes served as its second-highest-ranking official and was responsible for the supervision of all banks and non-banks under the bureau’s jurisdiction and the enforcement of federal consumer protection and fair lending laws. Antonakes was appointed by successive governors ...
Get Your TRID On. The CFPB has put out a Know Before You Owe guide for real estate professionals to help them navigate the upcoming TILA/RESPA Integrated Disclosure rule, otherwise known as TRID. The guide spells out the major elements of the rule, such as the steps associated with closings, and provides an explanation of the new disclosures. Industry pros can download from the bureau’s website print-ready versions in Adobe Acrobat PDF format as well as pre-order printed copies from the U.S. Government Printing Office. TRID Drives ClosingCorp to Integrate With Savana’s Loan Origination Product. ClosingCorp, a San Diego-based residential real estate closing cost data and technology vendor for the mortgage and real estate services industries, has integrated its Loan ...
Commercial banks and savings institutions kept increasing their stake in agency mortgage-backed securities during the second quarter of 2015, according to a new Inside MBS & ABS ranking and analysis.
Commercial banks and savings institutions continued to grow their investments in agency MBS during the second quarter of 2015, according to a new Inside MBS & ABS ranking and analysis. Banks and thrifts held $1.583 trillion of agency and non-agency MBS on their balance sheets at the end of June. That was up just 0.3 percent from the first quarter, but it was the highest level since the first nine months of 2012, when bank and thrift MBS holdings topped $1.60 trillion. All the gain came...[Includes two data tables]
Issuers of non-agency MBS injected some variety into the market in recent weeks with a deal backed solely by non-qualified mortgages and improvements to the representations and warranties on a jumbo MBS. Lone Star Funds issued a $72 million non-agency MBS backed mostly by non-QMs originated by Caliber Home Loans, a lender owned by the private-equity firm. Bloomberg first reported on the deal, which was priced on Aug. 7. Details on COLT 2015-A have been...
Two more long-running legacy MBS lawsuits were resolved last week after defendants Goldman Sachs and Deutsche Bank separately agreed to settle with plaintiffs.
Securitization industry participants raised concerns after an appeals court last week refused to hear an appeal of an earlier ruling that reversed the long-held federal preemption that nonbanks have relied on to keep securitized loans exempt from state usury laws. The U.S. Court of Appeals for the Second Circuit denied the appeal of Madden v. Midland Funding last week. No explanation was provided with the denial. The appeal was supported by the Structured Finance Industry Group and the Securities Industry and Financial Markets Association, among others. SFIG said...
Fannie Mae on Thursday unveiled that Lone Star (LSF9 Mortgage Holdings) was the sole winning bidder on its second sale of non-performing mortgages. The auction was marketed in late July and is expected to settle Sept. 25.
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