The Consumer Financial Protection Bureau this week updated certain provisions in its complex new mortgage servicing rules, most notably the interplay between the servicing rules and the U.S. bankruptcy code, and the Fair Debt Collection Practices Act. “As servicing implementation enters its final phases, we heard from many sources that it was important to address these remaining issues to ensure a smooth transition and provide certainty to the market,” said CFPB Director Richard Cordray. “When mortgage servicers better understand the rules they have to follow, that is better for consumers.” One of the latest hot buttons to emerge regarding the servicing rules has been...
Still, one industry lobbyist warns that with Cory Booker’s election to the Senate, the White House may be willing to exert more influence to advance Mel Watt’s nomination to head the FHFA.
However, according to figures compiled by Inside Mortgage Finance, the U.S. subsidiary of the Canadian-owned bank doesn’t even rank among the top 30 lenders, at least not yet.
Although the credit characteristics of Fannie/Freddie purchase mortgages have remained fairly consistent over the year, there were some signs of loosening.
Since the summer, the regulator has been pondering reducing the current $417,000 maximum loan limit and the “high cost” limit of $625,500. At the earliest, a change could come by January.
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