JPMorgan Chase Bank last week agreed to a $53 million settlement with the U.S. Attorney for the Southern District of New York, bringing to a close allegations of discriminatory lending against minority borrowers through its wholesale-broker channel in violation of the Equal Credit Opportunity Act and the Fair Housing Act. According to the consent order, prior to January 2006 and continuing until early 2009, Chase originated and funded residential mortgage loans through a wholesale channel. “Applications for these loans were brought to Chase by thousands of independent mortgage brokers throughout the United States who had entered into contracts with Chase for the purpose of bringing mortgage loan applications to it for origination and funding.” Also, from 2006 to 2009, approximately ...

Republicans Again Introduce Legislation to Change CFPB Leadership Structure to a Board. Republican Sens. Deb Fischer (NE), Ron Johnson (WI) and John Barrasso (WY), recently introduced S. 105, legislation that would replace the CFPB’s single-director leadership structure with a bipartisan, five-member board. ... Cordray Assures CFPB Staff Re: PHH Dispute in October Email. In an Oct. 17, 2016, email to “all hands” at the CFPB, a copy of which was obtained by Inside the CFPB, the agency’s director, Richard Cordray, offered some words of reassurance in light of the decision by the three-judge panel of the District of Columbia Circuit Court of Appeals that found the bureau’s leadership structure was unconstitutional. ...

For all of 2016, Redwood came to market with just three jumbo MBS deals.

This source continued: “If only Castro had put the MIP cut through right after the actuarial report came out, we probably wouldn’t be talking about this right now.”

On the extreme end, 30 percent expressed dissatisfaction with their current LOS but did not say whether they were ready to toss it overboard…

Fortress also owns roughly 70 percent of Nationstar Mortgage, a stake it has held for quite some time.

Fun fact: Fannie, Freddie and Ginnie accounted for 95.6 percent of multifamily mortgages securitized in 2016…

In the past, Home Point has been a selective buyer of servicing rights and other companies...

The mortgage division will employ loan advisors, providing them with incentives that reward service, not just sales...

Three of the nation’s most active nonprime mortgage originators – Citadel Loan Servicing, Angel Oak and Deephaven Mortgage – are all working on new MBS deals, a bullish sign for a market that has been mostly dormant for years. Executives at all three shops confirmed to Inside MBS & ABS this week their intention to bring new MBS to market – most likely through rated transactions. As for details, that’s a different matter. All three are...