Many banks and credit unions support the efforts of the CFPB to bring nonbank money-transfer operations within the scope of the bureau’s oversight. In January, the agency issued a proposed rulemaking that generally would amend the current regulation that defines larger participants of certain consumer financial products and services by adding a new section defining larger participants of the international money-transfer market. The proposal lays out the framework by which the CFPB would identify a nonbank market for international money transfers and define the “larger participants” of this market that would be subject to the CFPB’s supervisory authority. Namely, an entity would be a larger participant if it has at least one million aggregate annual international money transfers. This proposal...
CFPB Servicing Rules Having Intended Effect on Foreclosures. The data and analytics division of Black Knight Financial Services recently examined the impact of the implementation of the CFPB’s new mortgage servicing rules in January and observed a sharp shift in the timing of foreclosure starts. “As the CFPB rules dictate that foreclosure cannot begin until after 120 days of delinquency, the data showed foreclosure starts at the 90-day mark have all but ceased, while four-month delinquency starts have risen over 100 percent since December,” the firm said. At the same time, foreclosure sales hit the lowest levels since 2007. “With fewer loans in the foreclosure process, these numbers will continue to decline, but the result has been an increase in...
The National Association of Realtors also urged the FHA to use its “granted discretion” to adjust loan limits for areas that have experienced significant declines.
During a recent webinar on MSR strategies, industry attorney Larry Platt of K&L Gates said he knows of “certain sales that have been held up for quite some time.” He noted: “You really can’t get a handle on what the cause of it is.”
The MBA said applications for purchase-mortgages with high loan balances have increased in recent months while applications for lower-balance mortgages has declined…
The first three months of 2014 represented the strongest quarterly ABS issuance number since the third quarter of 2009, when $53.27 billion of new deals were issued. It was up a modest 1.7 percent from the strong start in 2013.
Bad news for Nationstar and Ocwen? S&P said downgrades on servicer-advance ABS are possible because the analysis that accompanied ratings on certain deals didn’t consider subordinated interest amounts as part of the ratable promise.
But Wells also offers up disappointing news on its mortgage gain-on-sale results. Its GOS fell to 161 basis points in the first quarter compared to 177 bps in 4Q and 256 bps in 1Q13.
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