And since RBS is essentially owned by the British government, any settlement money will indirectly come from U.K. taxpayers. Who knows, maybe Adele, Paul McCartney and Elton John can chip in…
Mortgage repurchase activity by banks and thrifts took an unexpected turn higher during the second quarter, according to a new Inside Mortgage Trends analysis of call reports. Call reports show that banks and thrifts repurchased $804.1 million of single-family mortgages, or otherwise indemnified a buyer, during the second quarter. That was up $40.0 million or 5.2 percent from the first three months of the year and marked the second straight quarterly ... [Includes one data chart]
Presidential candidates Hillary Clinton and Donald Trump both want to promote homeownership, but they have different views on how to go about it. The Democrats’ platform supports giving “everyone a fair shot at homeownership” in America by putting them in a financial position to own a home, and preserving the 30-year fixed-rate mortgage while “modernizing” credit score models. The GOP platform assures voters that the “American Dream” of homeownership “is not a stale slogan,” ...
Mortgage lenders were making big strides in reducing the number of loan defects related to documentation just as the new integrated disclosure rule took effect, leading to a surge in compliance-related defects. That’s according to a new report based on an analysis of the post-closing quality control data associated with more than 50,000 mortgages that was performed by ACES Risk Management Corp., otherwise known as ARMCO, a provider of web-based audit technology ...
Fannie Mae and Freddie Mac are well underway preparing to implement the Uniform Closing Dataset that will become mandatory in the second half of 2017. A big part of the change is moving to an electronic process to support the Consumer Financial Protection Bureau’s closing disclosure.This month, Fannie announced a new collection service that it said offers flexible options for delivering the UCD file in multiple phases of the business process. It includes the ability to verify data and eligibility electronically. Banks can submit either a single file or batch file, get data quality and eligibility feedback messages, and each submission is...
HFSC Continues to Seek Five-Member Commission for FHFA. During a full committee markup this week, the House Financial Services Committee voted to convert regulatory agencies currently headed by single directors, such as the Federal Housing Finance Agency, along with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency, into bipartisan, five-member commissions. The HFSC voted to make the Treasury’s one-time GSE privatization study become an annual report/testimony. FHFA Publishes Open Government Plan 2016. The Federal Housing Finance Agency published a document this week highlighting some of the ways it plans to advance the principles of “transparency, participation and collaboration” through open communication and public engagement.
RSS