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Coming June 1 From the CFPB: Ban on Mandatory Arbitration

May 29, 2013
Thomas Ressler
The CFPB's ban on mandatory arbitration provisions was part of the bureau’s final rule on loan originator compensation promulgated in January.
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FHA Applicants Must Now Have a Minimum Net Worth of $1 Million

May 29, 2013
George Brooks
According to new FHA rules, no less than 20 percent of a lender’s required net worth must be in the form of liquid assets consisting of cash or an equivalent.
Read More

Citigroup Settles GSE MBS Lawsuit with FHFA, No Terms Disclosed

May 29, 2013
Paul Muolo
Citigroup will pay Fannie Mae and Freddie Mac damages for the faulty MBS it sold to them but no one knows the cost of the settlement.
Read More

PHH Subpoenaed by U.S. Attorney, HUD for FHA, GSE Foreclosures

May 29, 2013
Paul Muolo
Not only is HUD looking into PHH's underwriting practices, but the government has questions about the lender's foreclosure expenses.
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Short Takes: Nonperforming Loan Prices Continue to Rise / CFPB Ready to Issue Rule for Small Lenders / Speculators Won’t Like Isakson’s GSE Bill / Applications Tank Again / LenderLive in New Mortgage Effort

May 29, 2013
Paul Muolo, Thomas Ressler, and Charles Wisniowski
The auction market for nonperforming mortgages is beginning to generate heat with prices rising nicely from last year.
Read More

Freddie to Impose Charges on Seller/Servicers for Not Doing Enough Business

May 28, 2013
Charles Wisniowski
Come next year, Freddie Mac will assess lenders a fee of $7,500 if they fail to deliver mortgage loans with an aggregate principal balance of more than $5 million.
Read More

Nonbank Servicers Keep Loans Per Employee Low

May 28, 2013
Brandon Ivey
Nonbank servicers had an average of 275 loans per employee in the second half of 2012, according to Fitch, about the same level seen since 2010.
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Bank MBS Investment Continued to Shrink in Early 2013

May 28, 2013
John Bancroft
Bank investment in residential MBS fell 1.1 percent during the first quarter of 2013 to $1.562 trillion.
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IMA Sets Auction Date on $1B Package of MSRs

May 28, 2013
Paul Muolo
New bulk MSR packages continue to hit the market. Many of the new deals have low coupons and hardly any delinquencies.
Read More

Corker-Warner GSE Bill Already Dead on Arrival?

May 28, 2013
Paul Muolo
A new bill to replace Fannie and Freddie with a single government guarantor is already being dismissed.
Read More
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