The CFPB’s final amendments to its 2013 mortgage servicing regulations will enhance the industry’s practices and benefit the non-agency residential mortgage-backed securities market, according to analysts with Moody’s Investors Service. On the other hand, costs are going to go up, and the brunt of that burden will be borne by smaller servicers. “The new CFPB rules set forth multiple timeline requirements, compliance to which will require servicers to implement several system changes,” the analysts said in a new report. “Such changes will likely result in increased automation of servicing processes that will improve overall efficiencies.” However, implementation costs are going to go up because servicers will have to update their technology and adjust staffing levels to meet the new requirements...
CFPB Proposes Changes to FOIA Procedures, Treatment of Information; Would Expand Disclosure of Confidential Supervisory Information to State AGs. The CFPB has proposed amendments to the procedures used by the public to obtain information from the bureau under the Freedom of Information Act, the Privacy Act of 1974, and in legal proceedings.... Bank of America Close to Fulfilling Settlement Obligations. Bank of America has conditionally fulfilled more than 91 percent of its obligation to provide $7 billion worth of consumer relief under the terms of its historic mortgage settlement agreement with the U.S. Department of Justice and six states, according to Eric Green, the independent monitor of the agreement...
Although the new requirements could prompt an increase in costs, analysts said a new requirement aimed at increasing the number of times troubled borrowers are evaluated for loss mitigation will be particularly helpful in certain states…
HUD has been criticized by consumer advocates who feel the agency's NPL auctions have unfairly benefitted private equity firms and hedge funds at the expense of troubled borrowers.
Commercial banks and savings institutions are continuing their years-long flight from the volatile business of holding mortgage-servicing rights on their balance sheets, according to a new Inside Mortgage Trends analysis of call report data. At the end of June, banks and thrifts serviced $3.916 trillion of single-family mortgages for other investors, usually mortgage-backed securities trusts. That was down 2.1 percent from the previous quarter and ... [Includes one data chart]
A proposed rule published by the Federal Deposit Insurance Corp. earlier in the year regarding recordkeeping requirements would “unnecessarily increase costs for banks and servicers,” according to George Green, an associate vice president at the Mortgage Bankers Association. The proposed rule would apply to depositories with more than two million deposit accounts. Under the regulation, banks would generally be required to maintain complete and ...
Proponents of the mortgage interest tax deduction point out that the real estate and mortgage industries employ thousands upon thousands of workers with spillover to other sectors...
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