Fannie Mae and Freddie Mac, at the direction of the Federal Housing Finance Agency, are moving forward together to develop industry-wide data standards, according to updates from both GSEs. A component of the FHFA-mandated Uniform Mortgage Data Program, the Uniform Mortgage Servicing Dataset will define a standard dataset that will facilitate data exchanges between servicers and investors with standardized definitions, formats and valid data values. “The adoption of an industry standard data model will provide long-term benefits to servicers, GSEs and the mortgage industry,” noted the GSEs’ update published Dec. 12.

Investors in non-agency mortgage-backed securities are pushing back against a loan modification program proposed by the Obama administration that would target underwater loans backing their investments. “Quite simply, investors have already been significantly harmed by the poor performance of many of the mortgage loans in non-agency MBS, and the Market Rate Modification proposal would only increase the severity of losses suffered by institutional investors,” Tom Deutsch ...

The Consumer Financial Protection Bureau is considering expanding the size and scope of the exemption on its pending final rule regarding servicing practices, according to agency officials. The CFPB also downplayed concerns that the servicing rule will expand loss-mitigation options beyond those approved by mortgage investors. During a webinar this week hosted by Inside Mortgage Finance, Mitchell Hochberg, regulatory counsel at the CFPB, said the agency is “very heavily” thinking about ...

Damage from Hurricane Sandy will have a negligible impact on mortgages in outstanding non-agency mortgage-backed securities, according to a new analysis by Opera Solutions. The servicing analytics provider said 45 non-agency MBS deals with $19.6 billion in outstanding balance have mortgages with exposure to significant damage from the storm and the likely affected balance is $6.0 billion. “Based on a detailed analysis of each portion of affected ZIP codes, the ultimate exposure is much lower ... [Includes four briefs]

The CFPB has a pretty full plate digesting hundreds of comments related to its mortgage servicing proposed rule, making it difficult to predict how the final product might end up as it presses to balance the industry’s legitimate concerns with the regulatory mandates of the Dodd-Frank Wall Street Reform and Consumer Protection Act. During a recent webinar sponsored by Inside Mortgage Finance, an affiliated publication, Mitchell Hochberg, counsel in the division of research, markets and regulations at the CFPB...

There was a pronounced difference of opinion between a leading industry attorney and a top official from the CFPB at a recent event over whether the bureau’s proposed mortgage servicing standards create a private right of action that could bring any foreclosure proceeding to a grinding halt. During a webinar sponsored by Inside Mortgage Finance, Larry Platt, financial services practice area leader with the law firm of K&L Gates, said, “The consequence of these regulations is to create a federal cause of action that...

The FHA this week announced additional measures to restore the financial health of its insurance fund and better protect consumers, including tighter underwriting on new FHA loans and elimination of a widely used standard fixed-rate reverse mortgage product. Acting FHA Commissioner Carol Galante unveiled the latest structural reforms in a Dec. 18 letter to Sen. Bob Corker, R-TN, who has repeatedly expressed concerns over the slow pace of reforms at FHA. The reforms address issues the senator raised with Department of Housing and Urban Development Secretary Shaun Donovan at a Dec. 6 Senate Banking, Housing and Urban Affairs Committee hearing on ...

A Senate vote on FHA reform legislation appears unlikely unless Senate Majority Leader Harry Reid, D-NV, and Senate Banking Committee Chairman Tim Johnson, D-SD, find a way to persuade Republican lawmakers to sign off on a House-approved bill before the end of the year, industry sources say. Senate Republicans are poring over the bill, H.R. 4264, the FHA Emergency Fiscal Solvency Act of 2012, which the House passed overwhelmingly 402-7. It is unclear how much Republican support the bill would have if – and when – it is taken to the Senate floor, said one trade group executive. The bill would strengthen the ...

The CFPB was able to convince judges in California to put a stop to two alleged mortgage loan modification scams it believes ripped off thousands of struggling homeowners across the country, accusing scammers of taking in more than $10 million by charging consumers for services that falsely promised to prevent foreclosures or renegotiate troubled mortgages. At the request of the CFPB, U.S. District Court judges in California ordered a halt to the operations of the Gordon law firm and the National Legal Help Center...

The Department of Housing and Urban Development reported strong note sales of more than $1.7 billion under the expanded Distressed Asset Stabilization Program (DASP) and announced another big sale in the first quarter of 2013. Preliminary results from the sale in September showed record participation among interested bidders on 13 pools. In total, the 13 pools went to 10 different entities, among them nonprofit and community-based organizations, according to HUD. While still in the process of settling the transactions, the FHA said it is very ...