Lenders would be more willing to offer non-qualified mortgages if federal regulators established a “regulatory sandbox,” according to the Mortgage Bankers Association. David Stevens, president and CEO of the MBA, made the suggestion in a letter to the Treasury Department last week. He described the concept as a space where businesses can test innovative products and processes without risk of regulatory consequences from noncompliance. Stevens said a sandbox would be ...
Bill Ashmore, the former president of Impac Mortgage Holdings, is trying to raise money for a new venture that will focus on non-qualified mortgages. Ocwen Financial forgave approximately $857 million in mortgage debt in 2017, according to the firm. Since the beginning of 2008, the servicer has completed more than $18.5 billion of principal forgiveness via loan modifications, largely on non-agency mortgages. Velocity Commercial Capital is set to ... [Includes three briefs]
Fannie Mae’s Servicing Marketplace has been up and running since December and the government-sponsored enterprise plans to add additional features later this year.
Fannie Mae and Freddie Mac recorded sharp declines in new business volume during the first quarter of 2018 despite a promising launch into the spring homebuying season.
There is a lot of interest in Ginnie Mae’s proposed credit-risk transfer pilot with FHA that’s scheduled for later this year, according to the agency’s acting chief.
Owners of mortgage servicing rights are in a sweet spot right now – thanks to rising interest rates, which have caused the asset value of their portfolios to rise by as much as 15 percent this year.
This is what can happen when a federal agency is taken over by someone who once called it a “sick, sad joke.” Consumer Financial Protection Bureau Acting Director Mick Mulvaney this week issued a semiannual report asking Congress to remake the agency and require that major CFPB rules be approved by Congress.
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