The six, including Sen. Mark Warner, D-VA, and Mike Crapo, R-ID, are seeking additional information on such things as the role mortgage insurers play in credit risk...
The Consumer Financial Protection Bureau threw the book at PHH Corp. over its captive reinsurance activities, refuting a handful of court rulings, an administrative letter from the Department of Housing and Urban Development and several points made by an administrative law judge. CFPB Director Richard Cordray overrode a $6.4 million penalty set by an ALJ in the matter and ordered PHH to pay $109.2 million – all the mortgage insurance premiums it received from its captive reinsurer, Atrium, after July 2008, regardless of when the loan was originated. July 2008 was...
Lenders pushed back against state regulators that are considering changes to the Nationwide Multistate Licensing System and Registry licensing forms and the Mortgage Call Report. The State Regulatory Registry, which operates nationwide systems for state regulators, received a total of 11 comments from individuals and organizations regarding a proposal issued in May. Lenders provided a few constructive suggestions along with voicing frustration regarding state regulators’ data collection efforts. Pete Mills, a senior vice president of residential policy and member services at the Mortgage Bankers Association, urged...
In recent years there has been speculation that Nationstar would spinoff Solutionstar, but officials at Nationstar now see Xome as a way to differentiate the nonbank from other lenders.
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