When trouble hits, a mortgage lender has two main choices: sell the company’s assets or hand over the office keys to the landlord and tell your employees the ugly truth.
Mick Mulvaney has been repeatedly saying he is not burning down the Consumer Financial Protection Bureau, but he has changed its course, reorganized it and opened up every nook and cranny for reevaluation and public input.
The Structured Finance Industry Group has expressed support for bipartisan legislation that would resolve problems arising from the government’s use of the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act in the context of mortgage insurance claims stemming from the financial crisis.
Wells Fargo lost its spot as the top-ranked retail originator in the first quarter and recently agreed to sell 52 branches to Flagstar Bank, but company officials insist that the lender is poised for growth in the retail and correspondent channels.
Although federal banking regulators are still toiling with language that will ease restrictions on how much mortgage servicing rights can count toward Tier I capital, depositories are aggressively reasserting their presence in the MSR market.
The Dodd-Frank Act does not require the Consumer Financial Protection Bureau to provide public access to its consumer-complaint database, but the law doesn’t prohibit the bureau from doing so, some law professors said.
Mortgages originated in recent years for investment properties have performed well, helped by improvements to underwriting standards after the financial crisis, although there are concerns about underwriting practices in the non-agency market.
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