Rep. Watt’s slightly more than two-pages of prepared testimony was long on biographical detail but lacking on mortgage-finance specifics.

Servicers appear to have won a battle with consumer advocates regarding state adoption of servicing requirements that exceed those established by the Consumer Financial Protection Bureau. The Council of State Governments this weekend decided against recommending California’s “Homeowner’s Bill of Rights” as model legislation for states, according to a spokesman for the CSG. The Mortgage Bankers Association had warned that piecemeal adoption of California’s bill would increase costs and create confusion. California’s Homeowner’s Bill of Rights included...

The secondary market for residential servicing rights remains robust.

JPM is losing certain staffers to Freedom Mortgage. Meanwhile, is Art Ringwald contemplating a return to mortgage banking?

The new Bachus bill could be a sign that House Republicans are making a fresh push to force a compromise with the Obama administration over the structure of the CFPB.

One source said Bexil shareholders will hold a meeting on the issue, possibly by week’s end.

One of the best kept secrets in the servicing sector is a “bifurcated” mortgage program initiated by Fannie Mae that has been gathering momentum over the past six months.

There is a whole other level of supervisory and enforcement authority available to the bureau under a director approved with the consent of the Senate, mostly having to do with non-bank lending.

The expanded system would include a more comprehensive method for measuring lenders’ loss mitigation activities as well as their compliance with FHA’s default servicing requirements.

Provident Funding has one word for last week's rate spike: "Ugly." Meanwhile, the TBW MSR portfolio finally gets sold...