In a report released late Thursday, the Consumer Financial Protection Bureau mulled over the future of the so-called “GSE patch,” which exempts qualified mortgages at Fannie Mae and Freddie Mac from the CFPB rules limiting debt-to-income ratios to 43 percent.
The slow-motion acquisition of mortgage insurance giant Genworth Financial by real estate and insurance conglomerate China Oceanwide got a significant nudge forward, when the Delaware insurance commissioner last month gave its final approval for the purchase.
Comptroller of the Currency Joseph Otting early this week became the second member of the Trump administration to simultaneously run two federal agencies when he took charge as acting director of the Federal Housing Finance Agency.
The country’s fourth-largest subservicer, Mr. Cooper, will purchase IBM’s mortgage servicing subsidiary Seterus. The deal, expected to close in the first quarter of 2019, will give Mr. Cooper servicing rights to $24 billion in GSE mortgages as well as subservicing contracts for another $24 billion in loans. In addition, Mr. Cooper will acquire Seterus’ mortgage servicing platform.