While reform of the nation’s housing system and the government-sponsored enterprises languishes on Capitol Hill, three important GSE risk-sharing innovations could revolutionize housing finance independent of Congressional action, according to experts at the Urban Institute’s Housing Finance Policy Center. “Fannie Mae and Freddie Mac have guaranteed at least half of all new mortgage originations for the past eight years. The two GSEs’ critical role ...
Consumer advocates are calling for reforms that would address servicers’ use of property preservation companies in instances where a home appears to be vacant and scheduled for foreclosure. In recent years, more than 250 lawsuits have been filed in at least 35 states against property management firms who were acting on behalf of servicers, according to Christopher Odinet, an assistant professor of law at the Southern University Law Center. In a paper published ...
When dealing with celebrity clients – TV and film stars in particular – mortgage loan officers rarely interact directly with the star talent over the loan details. Instead, they deal with a celebrity’s business manager or another intermediary, according to Barry Habib, CEO at MBS Highway and a well-known mortgage trainer and motivational speaker. Habib should know – besides being a mortgage professional, he’s also an actor and producer, whose credits include ...
Meanwhile, the U.S. House of Representatives approved a modified bill that would require federal banking regulators to study the role of depository institutions in the MSR market.
CFPB chief Richard Cordray promised: "If we see errors, we’ll point out what they are and how they should be corrected. We will not be looking to be punitive toward people.”
Despite shrinking housing receivables, Citigroup marked up the asset value of its MSR contracts to $1.924 billion, a 14 percent improvement from the end of the first quarter.
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