Deputy Director Antonakes to Depart. CFPB Deputy Director Stephen Antonakes, the number two figure at the bureau, is leaving the agency at the end of July to spend more time with his family, according to an internal memo circulated within the CFPB, a copy of which was obtained by Inside the CFPB. “Steve has been an enormous asset to the bureau, and a great friend and colleague to me since our time together in [Supervision, Enforcement and Fair Lending] in the early days of the bureau,” said the memo, which was authored by Director Richard Cordray. “His contributions to this agency have been extensive in his dual roles as deputy director and supervision, enforcement, and fair lending associate director, and ...
Overview Conference Call for Mortgagees, Servicers and Other Interested Parties. The FHA will host an industry briefing session on July 16, 2015, 2 p.m.-3 p.m., to provide an overview of the Servicing and Loss Mitigation Section of the Single-Family Policy Handbook, as outlined in the Highlights of Changes and Clarifications document. The conference call’s dial-in number is (800) 700-7784. The participant access code is 364218. USDA Performs System Maintenance. The U.S. Department of Agriculture’s mortgage guaranty system will not be functioning at full capacity from July 10-13 due to routine maintenance. Maintenance work is scheduled to begin at 2 p.m., July 10, CDT. The Guaranteed Underwriting System will be operating at a reduced level. Lenders will not be able to make final submissions or upload documents for the entire work period. In addition, the ...
There are three major cooperatives that serve as middlemen between lenders and various counterparties: Lenders One, Capital Markets Cooperative and The Mortgage Collaborative.
Ginnie Mae this week announced plans to reform its document-custody policies as part of a long-term effort to modernize the way it manages documents in order to minimize agency risks. Michael Drayne, Ginnie’s senior vice president of issuer and portfolio management, said the updates and improvements will apply to loan documents that serve as collateral for securitized pools of mortgages. Ginnie will follow...
In recent years there has been speculation that Nationstar would spinoff Solutionstar, but officials at Nationstar now see Xome as a way to differentiate the nonbank from other lenders.
The Financial Industry Regulatory Authority started publishing pricing data for a broad range of ABS this week in an effort to increase transparency. Industry participants suggest that the new disclosures will prompt a decrease in trading and have some impact on pricing. The ABS pricing details are available through the Trade Reporting and Compliance Engine and include deals issued as 144A private placements. “The dissemination of transaction information in ABS is...