State regulators are evaluating regulation and supervision of nonbank servicers due to the growth seen in the sector in recent years, according to officials at the Conference of State Bank Supervisors, which last month closed a request for proposals on the issue. “This is just a really good time for us as a system to look at this change, what does this change mean, and how should it inform the licensing regime on the state side,” said Michael Stevens, senior executive vice president at the CSBS. Among other issues, state regulators are researching...

The amended consent process that led to faster cash payouts to victims of improper loan modifications and foreclosure practices should be evaluated and tested further to ensure servicers’ implementation of foreclosure prevention principles, according to the Government Accountability Office. The new GAO report represents the third and final phase of the watchdog’s examination of the Office of the Comptroller of the Currency’s Independent Foreclosure Review (IFR) process. In 2013, the IFR was replaced for most servicers with cash payments and foreclosure prevention actions. The latest report found...

One of PHH’s largest private label clients is Merrill Lynch, which is owned by Bank of America.

Before joining the FHFA in late 2011, Hornsby spent 26 years at the Federal Reserve Bank of San Francisco, the last 10 under Janet Yellen, who is now the nation’s central banker.

Redwood Trust officials said its next jumbo MBS likely will be issued late in the second quarter.

“They’re either going to shut their doors, merge or sell out to someone else,” one M&A advisor told Inside Mortgage Finance. “We could see 2,000 firms disappear.”

“The first thing we found is that homeowners need to know that they’ve been assigned a trusted advisor who will help them navigate the work out process,” explained one Fannie Mae official.

CSP watchers say the GSE platform is starting to look like an orphan under director Mel Watt. But will Watt mention the project in his first public speech next week?

The transfer of mortgage servicing rights from one owner to another will continue to be a focus for state regulators.

Beginning in December, the FHFA directly stepped into the MSR sales market, requiring its approval on all Fannie/Freddie transfers involving 5,000 loans or more. This additional level of approval initially caused concern in the market because it added another layer of oversight to sales.