More defects and fraudulent information were found in mortgage applications in December and January, according to the First American Loan Application Defect Index. Analysts blame the increase on the dwindling share of less risky refinance transactions. January numbers show that the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications increased 5.8 percent in January compared with December. “This month, the Loan Application Defect Index continued...
It looks like the CFPB may be prepping an enforcement action against Altisource Portfolio Solutions over certain unspecified technology services provided to Ocwen, its largest customer, according to Altisource’s 10-K filing with the Securities and Exchange Commission, filed in recent days. “[O]n Nov. 10, 2016, Altisource received a Notice and Opportunity to Respond and Advise (NORA) letter from the CFPB indicating that the CFPB is considering a potential enforcement action against Altisource relating to an alleged violation of federal law that primarily concerns certain technology services provided to Ocwen,” the firm said. On Dec. 15, 2016, Altisource provided a written response to the NORA letter setting forth the legal, policy and factual reasons why it believes an enforcement action is ...
Fannie Mae and Freddie Mac ended 2016 with a bang when fourth quarter combined earnings totaled stellar results, nearly $9.9 billion, representing the best quarter of the year. Fourth-quarter earnings were largely driven by high gains in the fair market value of the GSEs’ hedges, which gained $10.2 billion on a combined basis. “Interest rates went up in the fourth quarter, therefore you saw an unusually large gain in the accounting,” Freddie CEO Donald Layton told Inside The GSEs. Both GSEs had quarterly earnings increases throughout the year. Fannie reported $5.0 billion in the fourth quarter, up from the $3.2 billion in the third quarter, and Freddie more than...
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