Several large nonbank lenders have banded together to form what they call a “working group” to address key regulatory issues that they say are stifling their growth and future prospects for success in a rapidly changing mortgage industry. The group’s members – including Ocwen Financial – will initially strive to educate and inform regulators about nonbanks, but will not lobby Congress. Members of the group stress that the nonbank collective is not a trade organization and does not seek that status. For now, Ocwen is...
Ginnie Mae is taking a closer look at change-of-control applications from issuers and servicers, according to investment banking advisors who work in mortgage industry mergers and acquisitions. “Ginnie is toughening up the change-of-control process to keep folks who got their tickets – and don’t use them – from trying to increase the value of their company in an M&A situation,” said one advisor who represents clients before the agency. He noted...
Mortgage servicers will likely proceed more carefully with their borrower interactions after the Consumer Financial Protection Bureau compelled Flagstar Bank to pay $37.5 million to settle allegations it interfered with borrowers’ attempts to save their homes. In the first enforcement action based on its new mortgage servicing rule, the CFPB ordered Flagstar to pay $27.5 million to the victims, and $10 million in to the bureau’s civil penalty fund. According to the consent order, Flagstar committed...
Although 114 servicing workers are losing their jobs in Nebraska, the lender/servicer will add as many servicing positions in the Dallas area over the next six months.
The handbook is designed to support FHA’s broader goals of expanding access to mortgage credit and making it easier for stakeholders to do business with the agency.
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