Speaking at the MBA convention, one executive said that under current rules, bank holdings of MSRs are treated more harshly than holdings of Greek bonds.
Ocwen Financial revealed last week that it has settled with four more jurisdictions – Arkansas, the District of Columbia, Tennessee and Texas – resolving regulatory actions brought against the nonbank over some of its mortgage lending and servicing practices, as well as financial reporting issues. That brings to 21 the number of jurisdictions the firm has made peace with. “We continue to work cooperatively with the remaining 10 state regulatory agencies and two state attorneys general to reach acceptable resolutions,” spokesman John Lovallo said. Terms of the settlements with Arkansas, DC and Texas are virtually identical to those previously announced and reported by Inside the CFPB. One of the most significant provisions is that Ocwen will not acquire any new mortgage servicing ...
Complaints consumers made to the CFPB about their mortgages fell in every single category tracked during the third quarter of 2017, according to a new analysis and ranking by Inside the CFPB, further evidence of the recovery underway in the market. In fact, the sole category that saw an increase on a year-over-year basis was the loan application/ origination grouping, which was still at elevated levels after a surge in the first quarter, possibly due to issues associated with the implementation of the integrated disclosure rule. Total criticisms fell by 21.2 percent from the second quarter to the third, and by 27.7 percent from the third quarter of 2016 to the third quarter of 2017. [With exclusive data] ...
MBA chief Dave Stevens: “What happens if the president nominates a new [FHFA] director who thinks the government role in mortgage finance is too large and wants to scale it back?"
Cowen: “We continue to believe the Senate Banking Committee must release a legislative plan in 2017 for Fannie and Freddie if it is to be enacted in the 115th Congress.”
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