State regulators filed a complaint last week seeking to prevent the Office of the Comptroller of the Currency from creating a national charter for nonbank financial technology companies. The charter would preempt state laws, eliminating a “patchwork” of compliance issues for marketplace lenders and other fintech companies. “If the OCC is allowed to proceed with the creation of a special-purpose nonbank charter, it will set a dangerous precedent that any federal agency can ...

The two top executives at Impac Mortgage Holdings took home a combined $13.22 million in pay last year...

Perhaps the new Treasury secretary finally looked at the numbers, realizing that Fannie and Freddie – wards of the government since September 2008 – forked over roughly $20 billion to Uncle Sam…

PHH Corp. releases its first quarter results the second week of May.

Blockchain technology could help reduce the compliance costs associated with Regulation AB2, according to the Structured Finance Industry Group and the Chamber of Digital Commerce. The two trade groups recently submitted a comment letter to the Financial Industry Regulatory Authority in response to FINRA’s report on distributed ledger technology. FINRA, an independent regulator of broker-dealers, is considering the implications of blockchain for the securities industry. Blockchain is...

loanDepot rolled out another aspect of its digital origination software interface last week as a number of lenders work to use technology to improve the mortgage application and origination processes. A mortgage origination process that is completely online or digital is still being pursued by lenders, but officials at loanDepot suggest that the proprietary digital lending platform the nonbank has developed, known as mello, is “the future of lending.” “Technology advancements have ...

Of course the bigger question is this: what role, if any, will the Fed play in deciding the future of Fannie and Freddie?

According to President Jerry Selitto, the company used traditional LOs when it launched in 2016, but then switched gears “after we realized that’s not the model we wanted.”

The CFPB is not letting any grass grow under its feet on the examination and supervision front, the bureau’s latest semi-annual report to Congress shows. Under its previous Examiner Commissioning Program (ECP), which became effective Oct. 27, 2014, the agency had issued 173 commissions to examiners, field managers, and headquarters staff. Under the new ECP, an additional 20 examiners have achieved commissioned examiner status, bringing the total number of commissioned examiners to 187, which accounts for attrition through retirement and departures from the CFPB. On the technology front, the bureau is upgrading its existing examination management software. “The new system will aid the CFPB in supervising and enforcing federal consumer financial law by utilizing current technology to support monitoring of ...

Most lenders are usually shy when asked whether they would like to go public. But not Better Mortgage, a barely one-year-old “digital” mortgage lender that could triple loan production this year to $1.5 billion. “Yes, we’d like to go public,” company founder and CEO Vishal Garg told Inside MortgageFinance. “This company should be owned by the public.” As for when, that’s a different matter. The last time a nonbank mortgage lender sold...