One analyst familiar with the case noted that $109.2 million “is a big chunk” for PHH, adding that the case shows “the CFPB is crazy and doesn’t want to be questioned or challenged…”
The conversation about the “millennial” generation and its effect on the housing and mortgage markets just isn’t going away. Although some mortgage professionals confess to being sick and tired of hearing about the millennials, they can’t argue that, at 82 million strong, those born between 1980 and 1999 are a home-buying force to be reckoned with. But selling loans to them isn’t always so easy. “These new arrivals to the home-buying scene want to text and email ...
With the Consumer Financial Protection Bureau bringing its considerable weight to bear on e-mortgages as part of a broader push to reinvent the origination process, mortgage lenders and the technology vendors and consultants that serve them have been paying more attention to reconstituting existing processes to support a more digital format. E-signatures play a key role, and perhaps the single most critical component of e-signature technology is user authentication ...
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.
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