The Consumer Financial Protection Bureau this week fined mortgage servicer BSI Financial Services, Irving, TX, just over $230,000 for illegal mortgage servicing practices. A new consent order from the agency lays out the details.
States proposed standards in 2015 to increase oversight of nonbank lenders and servicers but didn’t act to finalize them. The new chairman of the Conference of State Bank Supervisors is making the issue a priority.
New FHFA Director Mark Calabria singled out GSE "charter creep" as something he would like to eliminate. But he was short on specifics. Still, an FHFA probe of the matter has been launched.
The total mortgage delinquency rate among large mortgage servicers in March was at the second-lowest level in the post-crisis era. A number of factors are contributing to strong loan performance.
New Jersey recently passed licensing requirements for mortgage servicers, taking the tally to about 40 states. More than 20 states also have licensing requirements for investors in servicing.
Possibly dozens of VA lenders have been handed subpoenas from the federal government tied to VA delinquencies and possibly loan churning. Is this a fishing expedition or something more? Needless to say, lenders are worried.
The agency has begun to assemble the team that is supposed to deliver on the new director's plans for housing-finance reform. So far, the industry is impressed.
Faxing income verification requests to the IRS may soon be a thing of the past as a bill seeking to modernize IRS processes has found strong support in Congress.
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