The Federal Housing Finance Agency issued a proposed rule last week that would reduce the amount of approval the Federal Home Loan Banks would need from the regulator before engaging in new business activities. This comes after the FHLBanks wrote the FHFA in 2013 following a request for public comment on existing regulations. The agency said this was done to help improve the banks’ effectiveness and reduce their burden. The agency announced the rule modifying part of its regulations regarding requirements for the FHLBanks’ new business activity in the Aug. 23, 2016, Federal Register.
Panelists, including former Federal Housing Finance Agency Director Ed DeMarco, said that mortgage servicing has evolved over the years but the costs are still decades behind the times. During a recent seminar on mortgage servicing hosted by CoreLogic and the Urban Institute, industry experts discussed rising costs and the frequency of servicing transfers.Panelists, including DeMarco, now a senior fellow at the Milken Institute, said that mortgage servicing compensation has not changed in decades as the servicing industry itself has undergone what he called “profound changes. The minimum servicing fee for Fannie Mae and Freddie Mac has been stuck at 25 basis points since the 1980s, he said.
FHFA’s TCPA Exemption Request Denied. The Federal Communications Commission turned down the Federal Housing Finance Agency’s request to exempt GSE mortgage servicing calls from prohibitions against robocalls, or automated dialing and calling systems, to contact delinquent borrowers. It refused the request, citing the exemption for Fannie Mae and Freddie Mac loans “because little in the way of facts has been entered into the record.” According to the commission, the FHFA, in its request, cites two different exemption provisions. However, the FCC said the FHFA failed to provide the information necessary for determining whether the calls at issue would satisfy the threshold requirements for exemption. Under the rule, calls to cell phones are capped at no more than three attempts...
It was the highest three-month total for government-insured lending on record, although private mortgage insurance did more business in the second quarter than either FHA or VA…
RSS