MBA’s Bob Broeksmit this week criticized the 250% risk weighting placed on mortgage servicing rights held by federally insured depositories. Meanwhile, several top-ranked servicers discussed issues and challenges they’re facing, from forbearance to automation and beyond.
The delinquency rate was pushed up during the fourth quarter by a weakening economy and inflation. The unemployment rate is projected to increase this year, which will likely drive delinquencies higher. (Includes data chart.)
The sale of mortgage company “assets” are increasing while “franchise” deals remain few and far between. What lies ahead? In a few quarters we may see larger shops merge, one consultant predicted.
Bulk servicing packages continue to hit the open market as the first quarter draws to a close. Meanwhile, Mr. Cooper puts a number on its 2022 layoffs, burying the disclosure in an SEC filing: 1,200.
The Supreme Court justices met in private last week to consider whether to take a case involving the CFPB’s funding structure and other authorities. A decision on the case will have major ramifications for the agency.
Records obtained by a law firm under the Freedom of Information Act reveal that the CFPB opened only 25 new enforcement investigations in fiscal year 2022, compared to 64 in the year before. The bureau, meanwhile, has made headway in hiring attorneys.
The bureau has clarified that the Real Estate Settlement Procedures Act prohibits digital mortgage comparison platforms from steering shoppers to lenders using “pay-to-play tactics.”
An appeals court agreed with the CFPB’s argument that its pre-paid rule doesn’t impose mandatory model clauses. Instead, it provides companies the option to use model language or other “substantially similar” wording.
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