IMA is out with a new $1.294 billion package of bulk Ginnie Mae MSRs, plus a monthly “flow” deal that could net a buyer an additional $900 million in Fannie Mae/Freddie Mac and Ginnie rights.
In an email exchange with IMFnews, RFC's Stein confirmed the sale, but declined to provide any details including the size of the MSRs or the purchase price.
Just when mortgage lenders thought it was safe to go back in the water, the CFPB revealed a big shark fin earlier this month by indicating it intends to develop additional reporting requirements under the Home Mortgage Disclosure Act. “As Congress required in the Dodd-Frank Act, we are considering proposing rules that would make changes in how financial institutions report their mortgage activity,” CFPB Director Richard Cordray said. “One of the main purposes of this effort is to gain greater insight into issues about access to credit.”...
As part of the CFPB’s new push for additional reporting requirements under the Home Mortgage Disclosure Act, the bureau, in conjunction with the Federal Financial Institutions Examination Council, has released a new, fairly robust online tool to enable interested parties to explore mortgage data in ways previously unavailable. “Users now have more flexibility in how they sift through the data. They can filter it, download it, create summary tables, and share the results,” said CFPB Director Richard Cordray. “The tool uses a format that is...
Mortgage lender representatives urged the CFPB recently to delay its project to address the “pain points” associated with the mortgage closing process until after its integrated disclosure rule under the Real Estate Settlement Procedures Act and the Truth in Lending Act takes effect and is fully digested by the industry. “The new rule is intended to greatly simplify consumer disclosures, eliminate surprises at closing and broadly improve the consumer experience,” said the American Bankers Association, the Financial Services Roundtable of the...
House Republicans had planned on voting on a package of CFPB-related legislation last week, but were forced to regroup after deliberations related to the federal government’s debt limit took center stage. An aide to Republicans on the House Financial Services Committee told Inside the CFPB that the GOP leadership plans to push another vote by the end of the month. It looks like the dominant legislative vehicle will be H.R. 3193, the Consumer Financial Freedom and Washington Accountability Act, legislation which reflects the texts of several...
The CFPB is now dedicating one third of its current staff to supervision, making it clear that exams will be a major focus this year. For many in the mortgage arena, that level of scrutiny will be a new experience – especially for nonbanks. But even for those who’ve been subject to federal examination for years or decades, the CFPB exam process will be, in some cases, like starting from scratch and the focus – on consumer impact rather than soundness of the entity – is altogether different. One area on the bureau’s short list is...
In another sign that more regulatory scrutiny could be brought to bear upon financial institutions that market bank accounts, prepaid and debit cards and other products to college students, the CFPB recently highlighted concerns about how such products are marketed and how transparent the related agreements between financial institutions and colleges and universities are. Recently, the bureau alerted financial institutions about what it thinks is the potentially risky practice of not readily disclosing arrangements with colleges and universities to...
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