Assessments levied on the Federal Reserve Banks for the CFPB came to $563.2 million for calendar-year 2013, up from $385.2 million for 2012, an increase of 46.2 percent, according to a new report from the Fed Office of Inspector General. The assessments are based on each Reserve Bank’s capital and surplus balances. Also, the bureau transferred to the Fed funding for the operations of the OIG in the amounts of $10 million and $3 million in 2013 and 2012, respectively. “Beginning in 2014, the bureau’s funding share of OIG operations will be adjusted based on actual OIG expenses and work allocation from the previous year,” the report said.

Movers & Shakers: Assistant Director Carroll to Depart CFPB for Wells Fargo. It looks like the name of Pete Carroll can be crossed off the list of candidates to head the common securitization platform joint venture of Fannie Mae and Freddie Mac. Carroll, who currently serves as assistant director for mortgage markets at the CFPB, has accepted a job offer from Wells Fargo, the nation’s largest residential lender and servicer, sources told IMFnews, an affiliated publication. At Wells, Carroll is expected to become a senior vice president within the capital markets group, coordinating strategy with industry trade groups and consulting with policy makers on housing finance issues. That post at Wells was recently held by Bob Ryan, who left the megabank to take a senior advisor position at the Federal Housing Finance Agency.

Two months after the Consumer Financial Protection Bureau’s ability-to-repay requirements took effect, non-agency lenders seem to have adjusted to the rule. The debt-to-income ratio requirements for qualified mortgages do not appear to have prevented many borrowers from obtaining a mortgage and lenders have adjusted their documentation requirements. “To my knowledge we haven’t lost any sales because people didn’t qualify under the QM banner,” said ...

Credit Suisse teamed with New Penn Financial to issue another jumbo mortgage-backed security at the end of February, the latest in a unique partnership. The $297.36 million issuance received a AAA rating with credit enhancement of 8.85 percent for the top-rated tranche. Some 13 lenders contributed to the deal, with 74.2 percent of the mortgages originated or acquired by New Penn, according to a final rating report by DBRS (no presale reports were issued). Standard & Poor’s ...

The Structured Finance Industry Group this week requested a 60-day extension of the comment period for revisions to Regulation AB proposed by the Securities and Exchange Commission. The SEC re-proposed part of its so-called Reg. AB2 rule on Feb. 25 and comments are currently due March 28. Richard Johns, the SFIG’s executive director, said the SEC’s proposed approach for disclosures on non-agency mortgage-backed securities is largely ... [Includes four briefs]

The five largest REIT MBS investors all reported double-digit drops during the final three months of 2013, while the mid-range companies generally had smaller declines and three smaller firms actually grew their portfolios.

According to industry sources, UGI wanted the new trade association to operate on the principle of unanimous consent both for budgetary and policy matters, which was opposed by other MIs.

"The facts regarding the department's work on mortgage fraud tell a much different story than this report," said a spokeswoman for the Department of Justice.

An affiliate of Nationstar Mortgage is preparing to issue an ABS backed by servicer advances and deferred servicing fee receivables, continuing a trend of nonbank servicers fueling their growth via securitization. Industry analysts suggest that the deals offer good returns to investors, even with regulators increasing their scrutiny of nonbanks. The $1.96 billion servicer advance ABS from New Residential Investment is expected to close on March 18, according to a presale report by Standard & Poor’s. The deal is set to receive a AAA rating from the rating service. “Based on the nature of the assets which historically display high recovery typically at the top of the waterfall, we would view...

A Morgan Stanley managing director, Brian Wornow, recently departed as head of the firm’s trading desk, but he is hardly alone among Wall Street traders who are weighing their options amid rapidly declining MBS production. According to Wall Street executives and lenders that feed their trading desks, there are other concerns about lower-than-expected bonuses this spring and an unwillingness on the part of some established firms to take risks in the mortgage market, particularly when it comes to new jumbo mortgages and other non-agency vehicles. Sources contend...