Genworth U.S. Mortgage Insurance said the FHA mortgage insurance premium reduction earlier this year has not had much of an impact on private MI business so far in terms of creating more competition. “I would say competition with FHA is about the same,” said Rohit Gupta, president and CEO of Genworth. “We have seen the FHA price reduction actually having more impact on FHA streamline refis. Borrowers who have gotten into FHA loans three years ago are refinancing into another FHA loan just to reduce their annual payment.” In January, the FHA pared its annual MIP from 1.35 percent down to 0.85 percent to win over first-time homebuyers and other qualified borrowers. While Gupta emphasized that on the purchase side there hasn’t been that big of an impact yet, he said “we might have seen a little bit of an impact in the first quarter but nothing significant yet.” He added there are a lot more ...

FHA Releases Planned System Enhancements for SF Policy Handbook. The FHA is providing an overview of the FHA Connection (FHAC) system enhancements to help lenders get ready before the Single-Family Policy Handbook’s Sept. 14, 2015, effective date. The system enhancements primarily affect three screens in the FHAC case assignments, appraisal logging and insurance application. In the coming weeks, FHA plans to provide technical details for entities using direct interface with FHAC. FHA Announces Availability of Recorded Training Modules for SF Policy Handbook. FHA-approved mortgagees may now use new-recorded training modules to guide them through the ...

In total, almost 72 percent of all Ocwen employees are domiciled overseas where labor costs are much cheaper.

The former analyst said Freddie has “an inferior security [MBS] necessitating the need for a lot of time and expense to create a common securitization platform…”

Mortgage-related issues will likely play a central role in the end product of financial regulatory relief legislation working its way through the U.S. Senate. For now, though, the measure passed by the Senate Banking, Housing and Urban Affairs Committee last week is really an opening gambit, as congressional staffers confer over technical details and lawmakers horse trade and arm twist. “It’s a starter,” said Bob Davis, head of mortgage markets and the senior lobbyist at the American Bankers Association, speaking of the bill sponsored by committee chairman Sen. Richard Shelby, R-AL, the Financial Regulatory Improvement Act of 2015. “The Shelby bill will be...

The New York regional office of the Securities and Exchange Commission has opened up a preliminary investigation into the use of “collection agents” by mortgage servicers, including Ocwen Financial. In a recent 10-Q filing, Ocwen said it received a letter in February from SEC staff “informing us that it was conducting an investigation relating to mortgage loan servicer use of collection agents, and it made a request for the voluntary production of documents and information.” In the filing, Ocwen provided...

Nonbanks have indisputably bought a bigger share of the mortgage servicing market in recent years, but that doesn’t mean some banks haven’t been buyers during the migration. The servicing asset was a pariah not long ago, said Mark Garland, president of MountainView Capital Holdings, during a panel session at the recent secondary market conference sponsored by the Mortgage Bankers Association. “It was stepping into a buyback obligation. Suddenly, two years ago, it became the greatest asset ever,” he said. And although Bank of America, JPMorgan Chase, Wells Fargo and Citibank have pruned...

Black Knight plans to expand its offerings to existing clients, gain new clients, introduce new products and selectively acquire smaller vendors...

Although Freddie Mac did not disclose the exact purchase price, it said the cover bid was in "the mid 70s of UPB..."

According to the offering circular, the receivables are geographically dispersed with Texas accounting for the largest share at 7.2 percent.