Although the recent spike in rates spooked some players in the non-agency market, conduits like Redwood Trust and Credit Suisse are still in the hunt for new customers.
Gordon Albrecht, executive vice president for FCI Lender Services, said, “The less the banks lend, for whatever reason, the more goes to private-money firms.”
On Tuesday the Fed will hold an open meeting to discuss final rule-making tied to the Basel III accords, which affects the value of mortgage servicing rights.
Now that the U.S. Supreme Court has decided to take on the presidential recess appointment issue in Noel Canning v. National Labor Relations Board, the odds are high that Richard Cordray’s appointment will also be reviewed and perhaps declared unconstitutional, according to the consensus expectations of a number of industry representatives. And if that happens, it could be a real mess for the mortgage lending community, according to one top industry lobbyist. In Canning, the D.C. Circuit Court of Appeals...
The CFPB issued a bulletin last week that details the kind of “responsible conduct” by a regulated institution that the agency may “favorably consider in exercising its enforcement discretion.”The factors include the nature, extent and severity of the violations identified; the actual or potential harm from those violations; whether there is a history of past violations; and a party’s effectiveness in addressing violations. The bureau said the guidance was being issued to inform those subject to its enforcement...
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