Two large acquisitions of mortgage servicing rights have been put on hold by regulators at the Federal Housing Finance Agency and Ginnie Mae, causing consternation in the secondary market. Moreover, according to trade group officials and advisors in the space, a deal needs to be struck between regulators and the industry that spells out the rules of the road when it comes to transferring MSRs from banks to their ultimate destination at nonbanks that are hungry for both product and market share. “We need an environment where servicing can be transferred...
The servicing rules implemented by the Consumer Financial Protection Bureau at the beginning of this year appear to have resulted in improvements to customer service along with increased costs for servicers, according to industry analysts. “Most servicers have adapted their operations to make the customer experience a key focus of their servicing operations,” according to analysts at Standard & Poor’s. When reviewing servicers, S&P said...
Some stakeholders said they called the firm’s investor relations department about the latest probe and were told the firm would be saying more about the matter when it reports first quarter earnings.
The FHFA shortly will begin to collect additional, more specific and personal information on borrowers and loans as part of the National Mortgage Database project the agency launched with the Consumer Financial Protection Bureau.
Mortgage-banking income at nine major banks declined by 27.7 percent in the first quarter of 2014 compared with the previous quarter, according to an analysis by Inside Mortgage Trends.
ICYMI: Late last week, the Consumer Financial Protection Bureau released its guide to completing its integrated disclosure forms under the Real Estate Settlement Procedures Act and the Truth in Lending Act.
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