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CFPB Singles Out Loan Servicers for Tech Failures. Are Fines Coming?

June 23, 2016
Thomas Ressler
CFPB examiners found problems with loan modification acknowledgement notices, including sending them too late and having incorrect information or deceptive statements…
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Ocwen to Settle with DOJ for $30 Million in FCA Lawsuits Involving HAMP and FHA

June 23, 2016
Brandon Ivey
In trading Thursday, Ocwen’s share price was up almost 8.0 percent on the day to $1.69 a share.
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Short Takes: What’s an NBA Championship Worth? About 25 BPs / MountainView Selling Ginnie Mae MSRs / 20 Percent Down Isn’t the Right Answer? / Homeownership, a Complicated Affair / Ditech Hires Ex-SunTrust Exec

June 23, 2016
Paul Muolo, Brandon Ivey, and Macie Jones
Who needs a toaster when you can have a mortgage at a 25 basis point discount?
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Ginnie Mae Hosts ‘Liquidity Summit’ on Friday; A Concern That the Megabanks Have Split for Good?

June 23, 2016
Paul Muolo
How big of a deal in this liquidity summit? Well, officials from the Federal Reserve and Treasury Department will be there...
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Subservicing Keeps Growing as Regulatory Headaches Force MSR Owners to Cut Costs and Outsource

June 23, 2016
Subservicing vendors continued to increase their contract totals in the first quarter as owners of mortgage servicing rights moved more of their business to these specialists to counter regulatory burdens that show few signs of abating. According to exclusive survey figures compiled by Inside Mortgage Finance, $1.625 trillion of home mortgages were being handled by subservicers at March 31, a 5.5 percent sequential increase and a 19.5 percent gain year-over-year. Subservicing firms – a business mostly dominated by nonbanks with one key exception – now process...[Includes one data table]
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Slow Judicial Foreclosure Process Seen as Helping To Prevent Housing-Price Bubbles in Certain States

June 23, 2016
The slow foreclosure timelines in states with a judicial foreclosure process appear to have a silver lining: home-price bubbles are more prevalent in other states, according to Fitch Ratings. In a report released this week, analysts at the rating service said home prices nationally appear to be on solid footing, although some regional pockets of price risk are growing, primarily in states in the West and Southwest. Fitch said...
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CRT Capital Group Pulls the Plug on Sterne Agee CRT; Firm Followed Several Mortgage Stocks

June 22, 2016
Paul Muolo
CRT Capital’s backers include Aquiline Capital Partners, which 18 months ago bought a large stake in subservicer/service provider LenderLive.
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Federal Regulators Plead for Housing Finance Reform Legislation, Note They are ‘Approaching the Limits of their Ability to Enact Reform’

June 22, 2016
Brandon Ivey
Financial regulators tell Congress: Do something now on GSE reform before it's too late...
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25 Trade and Community Groups Tell FHFA Chief Mel Watt: Kill LLPAs Now

June 22, 2016
Paul Muolo
The mortgage industry and others want LLPAs eliminated now...
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IMA Selling Almost $5 Billion of GSE Servicing Rights

June 22, 2016
Paul Muolo
The market is beginning to see more MSR auctions, much of it tied to GSE product...
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