D’Urso is the second top executive to leave Clayton over the past six months. Another key departure came this past fall when Tom Donatacci left...

The market had largely abandoned risky lending products before the QM rule ever kicked in…

Marketplace lenders may want to beef up their compliance staffs: The CFPB is now accepting complaints.

The Treasury Department helped facilitate discussions among the working group...

TRID errors were a topic of discussion at the LendersOne mortgage cooperative meeting in New Orleans. Pete Mills, senior vice president of the Mortgage Bankers Association, was giving a presentation.

Fitch didn’t adjust its loss expectations due to TRID compliance issues, noting that the risk for investors was “immaterial...”

Ellington is also investing in lenders that originate the loans.

Years of warnings from securities issuers and investors about regulatory uncertainty appear to have shifted to actual consequences as liquidity in the MBS and ABS markets has declined significantly in recent months. Almost every panel session at the ABS Vegas conference produced by Information Management Network and the Structured Finance Industry Group this week included comments regarding liquidity and regulation. Daniel McGarvey, the head of U.S. asset-backed products origination at Societe Generale, noted that in recent months spreads on MBS and ABS have increased due to illiquidity. “Credit risk is not currently a driver of credit spreads,” he said. “This should be a concern for all of us in the securitization market.” Delinquencies and losses, traditional factors in liquidity, remain...

The U.S. Department of Justice will reportedly decide within the next few months whether or not to bring the hammer down on Moody’s Corp. for allegedly overstating its ratings on MBS transactions in the run-up to the financial crisis, Bloomberg reported last week, citing “people familiar with the matter.” According to the news account, the Justice Department is scrutinizing credit ratings that Moody’s assigned during the housing boom and trying to determine if the firm massaged its criteria to earn business from Wall Street banks that were bundling residential mortgages into securities. A proposed settlement has apparently been...[Includes one data table]

The Consumer Financial Protection Bureau plans to host a call-in with a handful of trade groups shortly regarding delays and secondary market snafus caused by its integrated disclosure rule, but whether any true regulatory relief will be offered remains to be seen. In the meantime, industry officials continue to complain about delays in loan closings caused by the so-called TRID rule and the losses incurred by some nonbanks because loans are sitting on warehouse lines longer, especially non-agency jumbo loans. Late this week, Dave Stevens, president and CEO of the Mortgage Bankers Association, told...