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BofA’s Mortgage Settlements Lead to Loss in First Quarter, Originations Decline

April 16, 2014
Brandon Ivey
BofA's mortgage-related settlements led to a loss for the lender in the first quarter of 2014.
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SHORT TAKES: U.S. Bank's Originations Drop / Purchase-Mortgage Applications Remain Down / Servicing Up for Bid / CFPB Forum on Mortgage Closings / Foreclosure Rescue Scams

April 16, 2014
Brandon Ivey and Thomas Ressler
U.S. Bank's mortgage originations in the first quarter of 2014 declined by 71.2 percent compared with the first quarter of 2013.
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FHFA-OIG: Big Bank Members Boost FHLBank Advances, Reporting Needed

April 16, 2014
Charles Wisniowski
The surge in recent years of Federal Home Loan Bank advances by big banks presents safety and soundness risks, according to the Federal Housing Finance Agency's Office of Inspector General.
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DeMarco Touts Common Securitization Platform on His Way Out

April 16, 2014
Charles Wisniowski
With Mel Watt remaining silent, Ed DeMarco used one of his last days at the Federal Housing Finance Agency to reminisce.
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Ellie Mae: Encompass Outage Wasn’t Due to an Attack, There was No Data Breach

April 15, 2014
Brandon Ivey
The outage of Ellie Mae's Encompass systems at the end of the first quarter appears to be due to a malfunction on Ellie Mae's end, not a malicious attack.
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Steve Cohen’s SAC Ups Stake in Walter Investment

April 15, 2014
Paul Muolo
Walter, through its affiliate Green Tree Loan Servicing, is a top 10 ranked servicer, according to figures compiled by Inside Mortgage Finance.
Read More

SHORT TAKES: Negative Outlook / Fannie to Assess Late Fees / Servicers Implement CFPB Rules / Crowdfunding Servicing Purchases / Johnson-Crapo Outlook

April 15, 2014
Brandon Ivey
DBRS suggests it's likely that most of the U.S. population won't be able to qualify for a mortgage any time soon...
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Mortgage Complaints to CFPB See Big Drop from Year Ago

April 15, 2014
Thomas Ressler
Mortgage-related complaints to the CFPB as of the first quarter of 2014 were down significantly compared with the previous year, though they increased compared with the fourth quarter of 2013.
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GSEs Will Comply with Chicago's Vacant Property Rule But Not Pay Under Settlement by FHFA

April 15, 2014
Charles Wisniowski
The FHFA and Chicago settled a legal battle that started in November 2011 regarding maintenance and fees for vacant properties.
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Citi’s Retail Originations Drop 37% in First Quarter of 2014

April 14, 2014
Brandon Ivey
Citi continued the trend of big banks reporting sharp declines in their mortgage originations, driven by a lack of refinance business.
Read More
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