H.R. 5983, the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act by Rep. Jeb Hensarling, R-TX, chairman of the House Financial Services Committee, has incorporated the provisions of a number of bills that have either already passed the committee or the full House of Representatives and that would affect ...
The CFPB recently provided some written guidance on its mortgage rules to the Conference of State Bank Supervisors. The guidance, in the form of a letter, highlights some of the important changes to the mortgage rules that likely apply to many of the small lenders that CSBS members supervise. The letter, a copy of which was obtained by Inside the CFPB, came in response to a meeting this spring between Texas Department of Banking Commissioner and CSBS Chairman Charles Cooper, members of the ...
Bank of New York Mellon has expanded its servicing oversight business by looking beyond the shrinking non-agency MBS market. The company recently started handling reporting duties for many small servicers on mortgages serviced for the government-sponsored enterprises. For 25 years, BNY Mellon has been a master servicer on non-agency MBS. The role involves oversight of primary servicers. BNY Mellon’s master servicing portfolio for non-agency MBS has declined along with the total amount of non-agency MBS outstanding. The firm handled...
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 originators reported a sharp increase in home-equity lending during the second quarter of 2016, although it wasn’t as robust a gain as the 34.2 percent surge in first-lien originations. Lenders generated an estimated $53.5 billion in home-equity business during the second quarter, an increase of 18.9 percent from the first three months of the year. It was the strongest quarterly production number for the HEL market since the financial crisis. Halfway through 2016, home-equity lending was up 15.9 percent from last year and tracking toward $200 billion in annual production. Although home-equity lending has strengthened over the past few years as house prices have recovered to pre-crisis levels, the outstanding supply of home-equity debt continues...[Includes three data tables]
The CHOICE Act also would make changes to the structure of the Consumer Financial Protection Bureau, including replacing the single directorship with a five-member board or commission.
It’s not clear how many of the consumers with unauthorized accounts had mortgages with Wells, though the megabank and its peers have put an emphasis on cross-selling financial products to jumbo customers.
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