The CFPB issued a bulletin and interim final rule last week on three issues related to its mortgage servicing rules, one of which involves home-retention efforts after a borrower dies. According to new CFPB Bulletin 2013-12, starting Jan. 10, 2014, a servicer must have policies and procedures reasonably designed to ensure that, upon notification of the death of a borrower, the servicer promptly identifies and facilitates communication with a successor in interest of the deceased borrower with respect to the property that secures...
One mortgage recruiter noted that job losses in somewhat rural communities can be a big problem for workers. “Sometimes they’re the largest employer in town and there’s nowhere else to go,” he said.
Meanwhile, sources told Inside Mortgage Finance that the FHFA is looking to extract several billion dollars from Bank of America to settle claims that its Countrywide Financial division sold the GSEs toxic MBS.
According to one servicing advisor, large banks – including Wells Fargo – have been quietly selling excess servicing rights through private securitizations.
Through September $2.1 billion in originations by First Republic were included in jumbo MBS this year. The loans accounted for 17 percent of all non-agency jumbos securitized, according to exclusive figures compiled by Inside Nonconforming Markets.
The MGIC Investment Corp. reported its second straight profitable quarter in 2013 and another increase in new insurance written. While the numbers may not yet indicate a trend, it certainly appears that the Milwaukee-based mortgage insurer is slowly but consistently showing improvement in its performance since posting a net loss of $246.9 million for the same quarter a year ago. MGIC reported net income of $12.1 million in the third quarter and $12.4 million in the second quarter, compared with a net loss of ...
The FHA and the Department of Veterans Affairs this week appealed to lenders to be more sensitive to federal employees who might be struggling with their mortgage payments due to the government shutdown. FHA Commissioner Carol Galante said all approved lenders should make every effort to reach out and assist affected borrowers, which include those who have been furloughed, laid off or suffered a decline in income due to the shutdown. FHA would assist furloughed government workers by offering informal forbearance plans and other loss mitigation options to help affected borrowers avoid foreclosure. Lenders are also encouraged to ...
The Department of Housing and Urban Development’s inadequate response and poor implementation of corrective actions recommended by its own inspector general did little to stop claim files from squeezing through without reviews. HUD’s Office of the Inspector General urged Charles Coulter, deputy assistant secretary for single-family housing, to go back and implement the IG’s recommendations properly. The process HUD said it had implemented had failed to select all FHA loans that met review criteria, resulting in more than ...
FHA loan originations declined by 10.5 percent in August from July, following a downward trend that seems to suggest that private mortgage insurance companies are gaining the upper hand against their biggest government-backed competitor. Volume dropped to $16.8 billion in August from $18.8 billion in July, and from $22.1 billion a year ago, according to Inside FHA Lending’s analysis of FHA data. Purchase-mortgage originations comprised 68.7 percent of FHA business for the month as rising interest rates slowed refinancing activity. Despite the increase in purchase lending, FHA lenders noted it was ... [1 chart]
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