A handful of large nonbank servicers have expanded aggressively over the past decade by hiring cheap, back-office workers overseas, but don’t tell that to the nation’s largest subservicer, Cenlar FSB. The Ewing, NJ-based firm has no plans whatsoever to outsource its workforce to foreign lands. “We’ve looked at it for a number of years,” said Cenlar Executive Vice President of Business Development Dave Miller. “But it’s not something we felt comfortable with.” Will Cenlar ever change its ...
There is still roughly $9.64 billion in housing-related funding available under the federal government’s Troubled Asset Relief Program, just in case mortgage lenders/servicers are interested in making more Home Affordable Modification Program loan modifications. According to a new report from the Government Accountability Office, as of Oct. 31, 2015, the Treasury Department has obligated $37.51 billion to three TARP housing programs – Making Home Affordable ...
CFPB Makes Annual Threshold Adjustments Per HMDA, TILA Regulations. Late last month, the CFPB issued two final rules regarding annual threshold adjustments under the implementing regulations for the Home Mortgage Disclosure Act and the Truth in Lending Act. Under the HMDA regulation, Reg. C, the asset-size exemption for banks, savings associations and credit unions will remain at $44 million. As a result, such institutions with assets of $44 million or less as of Dec. 31, 2015, are exempt from collecting HMDA data in 2016. “An institution’s exemption from collecting data in 2016 does not affect its responsibility to report the data it was required to collect in 2015,” the CFPB said. The rule became effective Jan. 1, 2016, and applies ...
In addition to misrepresenting prices sought by buyers and sellers of MBS, the DOJ said Siegel and co-conspirators misrepresented that bonds held in RBS’s inventory were being offered for sale by a fictitious third-party seller…
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