There are a variety of components for a successful compliance-management program mortgage lenders should implement, but the primary goal needs to be preventing harm to consumers, according to bank examiners with the Federal Reserve Bank of Boston. “Given the challenges associated with the regulatory environment of today, we’d like to emphasize the importance of looking at bank operations while asking two questions from a consumer compliance perspective,” said ...
A New York state judge last week dismissed with prejudice a $567 million legal action brought by the Federal Housing Finance Agency against Deutsche Bank in 2012 over the bank’s refusal to repurchase hundreds of millions of residential mortgage-backed securities from Freddie Mac. Judge Eileen Bransten of New York’s State Supreme Court in Manhattan ruled the FHFA’s suit is barred by New York’s six-year statute of limitations.The FHFA sought to have the bank cover Freddie’s losses on defective MBS purchased from a $1.4 billion transaction.
The Dodd-Frank Act prompted major changes for mortgage joint ventures, with some firms striking out on their own and others sticking with the smaller market.
The investigation by the New York Department of Financial Services of nonbank servicers including Nationstar Mortgage and Ocwen Financial has put a halt to servicing sales.
Purchase mortgages securitized by Fannie, Freddie and Ginnie in the first quarter of 2014 were down by 76.3 percent compared with the first quarter of 2013.
The outage of Ellie Mae's Encompass systems at the end of the first quarter appears to be due to a malfunction on Ellie Mae's end, not a malicious attack.
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