In addition to having the most failed metrics, CitiMortgage was found to be in “widespread” noncompliance with the timeliness requirement to notify a borrower of any missing documents in his modification application.
Yet another plan to reshape the mortgage market has been published, this one from noted housing economist Mark Zandi, and Ellen Seidman, once the nation's top S&L regulator.
MBA pushes for GSE AU engines to be synchronized. Meanwhile, a factoid of mortgage history: Treasury chief Paulson wanted Fannie and Freddie put in receivership.
The treatment of balloon loans under new federal rules is one example where regulation is taking a broad brush approach that disadvantages community banks.
The CFPB recently put out two more small entity compliance guides, one for its loan originator rule and the other for its mortgage servicing rules that were finalized in January and kick in Jan. 10, 2014. The loan originator rule generally regulates how compensation is paid to a loan originator in most closed-end mortgage transactions. That includes prohibiting a loan originator’s compensation from being based on the terms of the transaction or a proxy for a transaction term. The LO rule also prohibits loan...
Nationstar Mortgage, which has been feasting on legacy packages of mortgage servicing rights the past three years, recently priced $2 billion of asset-backed term notes and variable funding notes. The term notes are for $1 billion, as are the VFNs. The debt carries a weighted average rate of 2.10 percent and a term of three years. The notes replace $1.9 billion of existing non-agency advance facilities “and are expected to result in a reduction in rate of 1.75 percent, the nonbank servicer said. When Nationstar and other well-heeled servicers buy...
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