Capital requirements and standards proposed by state regulators for nonbank servicers appear to be unnecessary, according to trade groups representing servicers. State regulators issued the proposal in March, seeking to ensure that nonbanks conduct their servicing operations in a safe and sound manner and have strong consumer protections in place. “It is not clear that nonbank mortgage servicers require a prudential regulatory regime,” a group of 37 state ...
Here’s a fair lending regulatory compliance tip from the American Bankers Association’s 2015 regulatory compliance conference in Washington, DC: If you are advertising or marketing mortgage products in Spanish, you would be well advised to provide all requisite disclosures and servicing in Spanish. “As you think about how to reach people, advertising and marketing in Spanish is a good way to get to Spanish-speaking population,” said Andrew Sandler, chairman and executive partner at the BuckleySandler law firm, during a breakout session on fair lending. “But one thing regulators are intent on is, if you’re selling me in my language, then you need to be servicing me in my language too. So lenders should be careful to think about that,” the ...
The CFPB’s latest supervisory report finds illegal mortgage servicing practices are still continuing in at least corners of the marketplace. According to the report, the bureau’s examiners found at least one servicer that sent notices of intent to foreclose to borrowers already approved for trial modifications. “This dual-tracking could mislead consumers to believe the servicer had abandoned the trial modification,” the CFPB said. Bureau examiners also found at least one servicer that, because of a system error, sent notices to borrowers who were current on their loans, saying that foreclosure would be imminent. There are also still problems with illegal runarounds with loss mitigation applications, according to the report. For example, examiners found at least one servicer requesting additional documents ...
Ginnie Mae securitized $6.6 billion of VA jumbo loans in the first three months of 2015, up 15.9 percent from the prior quarter, according to an Inside FHA/VA Lending analysis of Ginnie Mae data.Jumbo loans – single-family mortgages with loan amounts exceeding $417,000 – comprised 18.7 percent of total VA originations in the first quarter. VA jumbo originations outpaced FHA jumbo production, which totaled $2.8 billion in the first quarter, up 17.0 percent from the prior quarter, according to the Inside Mortgage Finance database. VA jumbos in Ginnie mortgage-backed securities issued in the first quarter included modified VA loans as well as those originated in Alaska, Guam, Hawaii and the U.S. Virgin Islands. Wells Fargo ranked first among securitizers of VA jumbos in the first quarter, with $1.3 billion in production. Second-ranked Freedom Mortgage conveyed $652.7 million in ... [ 1 chart ]
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