Top mortgage industry representatives urged the CFPB to do more to facilitate the curing of loans with errors under the agency’s controversial Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule, otherwise known as TRID. One such organization was the Housing Policy Council of the Financial Services Roundtable. In its comment letter to the CFPB, the HPC said providing more formal guidance on when and how lenders may correct or cure errors is not just a question of potential liability for lenders; it’s also important in reducing the uncertainty of customers if they experience varying interpretations by different lenders. “We recognize that it is difficult to anticipate all types of potential errors in advance,” said the HPC. “There ...

One observer called the change “huge.”

Are nonbanks 'shadow' institutions, and if so, is that a bad thing?

Pingora Loan Servicing, Matrix Financial Services and Arvest Bank were the top acquirers of GSE servicing through co-issuance over the first nine months of the year.

Earlier in the year, the IRS said it planned to strengthen the protections for e-services accounts by requiring a stronger identity verification process for existing and new accounts.

The NPLs are being offered on behalf of a residential loan asset manager…

The Cato Institute said the former Freddie executive Anthony “Buddy” Piszel consistently received exemplary performance reviews and was cleared of any wrongdoing…

Guild Mortgage has partnered with FirstREX, a long-term investor in residential properties, in developing a downpayment program with a unique equity financing feature to help people buy larger homes while keeping their monthly mortgage payments low. Launched on Aug. 1, the FirstREX Homebuyer program allows FirstREX to contribute half of the 20 percent required for a Guild home-purchase loan. The 10 percent is an equity investment, not a loan, for which no ...

Fairholme Files Motion to Force Government to Produce Docs ASAP. Plaintiffs in Fairholme Funds Inc. v. United States, et al, filed an emergency enforcement motion this week arguing that the government is purposely taking too long to produce documents and requesting unnecessary extensions. “The defendant has repeatedly delayed complying with the court’s order,” said Fairholme in the court documents. The judge gave the government until Nov. 1 to produce the documents. Freddie prices $217M K-deal. Freddie Mac priced a new offering of Structured Pass-Through Certificates (K Certificates) that are backed by underlying collateral consisting of supplemental multifamily mortgages. The company expects to issue approximately $217 million in K Certificates, which...

Housing Finance Agency’s proposal to loosen regulation of new business activities by the Federal Home Loan Banks generally showed support for the changes but recommended further exclusions from the definition of “new business activities.” The comment period ended on Oct. 24 and the FHLBanks commended the FHFA for its “thoughtful proposal.” Nevertheless, it noted that it would still like to see the agency adopt proposed enhancements to the new business activity regulation. Back in 2013, the FHLBanks wrote the FHFA about their concerns with the burden of existing regulations. The FHLBanks said that the broad scope of the rule requires them to spend a large amount of time and effort determining whether a proposed activity is...