Ginnie Mae took umbrage at the IG’s findings, saying it was aware of the market share shift to nonbanks in 2012 and was already taking action…

The new Ginnie Mae buyout authority expires March 31 of next year…

Kroll Bond Rating Agency assigned AAA ratings to the deal.

Last week, the CFPB issued new proposed policy guidance spelling out how it intends to disclose the loan-level data that financial institutions will report under the Home Mortgage Disclosure Act. The guidance would apply to HMDA data to be reported under Regulation C as of Jan. 1, 2018. The bureau intends to make this data available to the public starting in 2019. “Public disclosure of mortgage data is central to the achievement of HMDA’s goals,” the agency said. “The bureau has considered whether and how HMDA data should be modified prior to its disclosure to the public, in order to protect applicant and borrower privacy while also fulfilling HMDA’s public disclosure purposes.” First, the CFPB is proposing to exclude from ...

To some, CFPB Director Richard Cordray does not sound like a candidate…

Angel Oak expects that production by its wholesale arm will grow by 62.8 percent this year.

In general, 2017 is turning out to be a better year than many originators expected...

Amending one regulation to make it easier for lenders to comply with another, the CFPB last week issued modified Equal Credit Opportunity Act regulations it hopes will give mortgage lenders greater flexibility in collecting consumer ethnicity and race information. The bureau “is issuing a final rule that amends Regulation B [which implements the Equal Credit Opportunity Act] to permit creditors additional flexibility in complying with Regulation B in order to facilitate compliance with Regulation C [which implements the Home Mortgage Disclosure Act]...,” the rule states. The new rule also adds certain model forms and removes others from Reg B, and makes various other amendments to the regulation and its commentary to facilitate the collection and retention of information about the ...

The latest supervisory highlights report from the CFPB found that mortgage lenders, banks and nonbanks alike, put the controversial TILA/RESPA Integrated Disclosure rule – TRID – into effect without much of a problem, more or less. “Initial examination findings and observations conclude that, for the most part, supervised entities, both banks and nonbanks, were able to effectively implement and comply with the Know Before You Owe mortgage disclosure rule changes,” the report stated. However, examiners did find some violations relating to the content and timing of loan estimates and closing disclosures. The problem, however, is that the CFPB does not indicate in these reports which lenders or how many of them may have been guilty of the infractions, so there’s no way ...

The CFPB has frequently failed to provide the mortgage industry with enough guidance to ensure proper compliance with its substantial outpouring of new rules and regulations, resulting in “regulation by enforcement” far too often, according to a new white paper issued by the Mortgage Bankers Association.“Director Richard Cordray has argued that the bureau’s enforcement regime provides ‘detailed guidance for compliance officers’ and that it ‘would be compliance malpractice for the industry not to take careful bearings from [consent] orders about how to comply with the law,’” the white paper pointed out. “Unfortunately, the reality is that the bureau’s enforcement program offers only fragmentary glimpses of how the bureau interprets the laws and regulations it enforces.” Instead of giving the ...