According to the government, Golden First Mortgage Corp. of Great Neck, NY, failed to carry out its duties and responsibilities as a direct endorsement lender, leaving FHA with large losses.
CFPB’s crosshairs, the bureau revealed week as it announced enforcement actions against four private mortgage insurers over the industry’s use of captive reinsurance arrangements, and fining the companies relatively small amounts. These units have been in runoff mode for several years, as captive re withered after the market collapse. “[I]n every kickback situation, there is somebody paying and somebody receiving. It takes two to tango,” said CFPB Director of Enforcement Kent Marcus. “Today, we’re dealing with those paying...
The CFPB went “live” with a significantly expanded consumer complaint database late last month, featuring a wealth of new data on problems consumers have with credit cards, mortgages, student loans, bank accounts, services and other consumer loans. The CFPB characterizes it as “the nation’s largest public database of federal consumer financial complaints, opening up to consumers information on more than 90,000 individual complaints on financial products and services.” CFPB Director Richard Cordray said, “By sharing these...
The Conference of State Bank Supervisors is calling upon the Consumer Financial Protection Bureau to adopt a petition process to define “rural” counties as the bureau prepares to implement balloon “qualified mortgage” and escrow requirements for rural creditors. The Dodd-Frank Wall Street Reform and Consumer Protection Act confers QM benefits on certain balloon loans if they are made in rural or underserved areas. In implementing the standard, the CFPB decided to use the USDA Economic Research Service’s Urban Influence Codes as...
Fannie Mae and Freddie Mac securitization volume reached its highest level in nearly four years during the first three months of 2013, according to a new Inside Mortgage Finance market analysis and lender ranking.
The independent foreclosure review process established by federal regulators for 14 servicers was “deeply flawed,” Rep. Maxine Waters, D-CA, said on Thursday in response to a report on the reviews by the Government Accountability Office. Waters said she will introduce legislation next week to address problems relating to use of outside contractors for enforcement actions.
The creation of a “sustainable housing finance policy” and an end to the “too big to fail” oversight approach with large banks top April’s to-do list for the House Financial Services Committee when Congress returns from its two-week spring recess next week.
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