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CFPB Answers Industry Questions on RESPA/TILA Disclosures

August 27, 2014
Thomas Ressler
Some lenders asked the CFPB if creditors are required to provide revised loan estimates on the same business day that a consumer or LO requests a rate lock.
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Moody’s, Urban Institute Want Changes to FHFA’s MI Eligibility Rules

August 27, 2014
Charles Wisniowski
In early July, the FHFA unveiled the new MI eligibility standards, which propose – for the first time – risk-based capital rules that are tied to a measurement called “available assets.”
Read More

SEC Rule Mandates 3-Day Waiting Period for Non-Agency MBS Issuance

August 27, 2014
Brandon Ivey
However, non-agency MBS issuers won a slight concession on the matter: the SEC had initially proposed a five-day waiting period.
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Flagstar in Talks with CFPB Over Alleged Loss Mitigation Violations, Default Servicing

August 27, 2014
Paul Muolo
Flagstar, which owns roughly $69 billion in mortgage servicing rights, said it has already provided the CFPB with documents and “other information.”
Read More

Short Takes: Top FHA Lender with a (Relatively) Low LTV / Share Price of Altisource Unit Turns Ugly / Fannie Customer Count / Nationwide Title Goes Green / New President for BB&T

August 27, 2014
Paul Muolo
On Wednesday, shares of Altisource Asset Management Corp. were selling for $697 compared to a 52-week high of $1,209.
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Ginnie Mae Will Sell $5.7 Billion of Taylor Bean MSRs but Not Until Next Year

August 27, 2014
Paul Muolo
“BofA did a poor servicing job for us,” said Ginnie Mae President Ted Tozer.
Read More

81 Percent of Independent Mortgage Firms are Now Profitable

August 26, 2014
Paul Muolo
MBA derived its profit figures from data provided by 349 residential originators.
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Earthquakes, Hurricanes Not Much of a Risk for Investors in Non-Agency MBS

August 26, 2014
Brandon Ivey
Barclays said few loans in vintage non-agency MBS were exposed to the recent earthquake.
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Citibank to Refund Millions in Force-Placed Insurance Class Action

August 26, 2014
Thomas Ressler
The Casey lawsuit also alleged that Citibank increased the amount of force-placed flood insurance required for some borrowers in excess of their unpaid principal balance.
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FHFA IG Places Blame for TBW Scandal on Regulators, Counterparties, Investors

August 26, 2014
Paul Muolo
The FHFA IG claims a Fannie Mae executive back in 2000 discovered that TBW had pledged the same collateral – mortgages – to both Fannie and another company. But then Fannie took no action until two years later.
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