Some good news for default servicing: For all the loans that are out there, there will always be excessive debt, illness, divorce, unemployment, or some other disruptive factor, noted one expert.
Further, the decision opens up prior actions taken by the bureau to potential challenges to the validity of past guidance, consent orders, fines and rules.
Reversing at least temporarily a long-running trend in the mortgage market, the four biggest banks in the U.S. expanded their presence in the GSE single-family market in the third quarter of 2016. Together, Wells Fargo, Chase, Bank of America and Citigroup delivered $61.88 billion of single-family loans into Fannie Mae and Freddie Mac mortgage-backed securities during the third quarter, according to a new Inside The GSEs analysis and ranking. That was up a hefty 45.0 percent from the second quarter, well above the 29.7 percent increase in overall MBS issuance by the two GSEs. The four megabanks, all with over $1 trillion in assets, expanded their combined GSE footprint by 2.2 percent from the second quarter.
Reversing at least temporarily a long-running trend in the mortgage market, the four biggest banks in the U.S. expanded their presence in the GSE single-family market in the third quarter of 2016...
The traditional interpretation of Section 8 of the Real Estate Settlement Procedures Act that the mortgage industry has relied on for decades was vindicated this week when ...
ICYMI: The brouhaha over the Wells Fargo phony account creation debacle took another turn this week, with CEO John Stump opting for early retirement...
Further empirical confirmation of a recovering mortgage market continued to accumulate at the CFPB during the third quarter, as related consumer complaints dropped 19.8 percent ...
Since the repurchase and indemnification phenomenon is unlikely to disappear anytime soon, many correspondent lenders, credit unions and other recipients of a repurchase/indemnification demand want to know how best to respond in order to mitigate potential damages. During a recent webinar sponsored by American Mortgage Law Group, AMLG Senior Managing Member James Brody said there are many different factors to consider. “One of the things that really helps in getting any resolution is...
PHH Corp. this week scored a key legal victory in its battle with the Consumer Financial Protection Bureau over captive reinsurance and the Real Estate Settlement Procedures Act. But despite this good news, there are still clouds over the nonbank. The “worst” of the recent spate of bad news for the company surrounds the early October disclosure that Merrill Lynch is breaking all ties to PHH when it comes to private-label originations and servicing. The effective date for the end of the contract is...
RSS