The Federal Housing Finance Agency is expected to unveil final rules on Private Mortgage Insurer Eligibility Requirements (PMIERs) by the end of March, but there could be a surprise in the works. According to industry lobbyists and MI executives interviewed by Inside Mortgage Finance this week, the FHFA may publish the PMIER rules in tandem with new guidelines on loan-level price adjustments or LLPAs. “The MI industry is...
Now that the hurrahs and uproar over FHA’s reduced annual premiums have died down, analysts are having mixed views regarding its short- and long-term effects on private mortgage insurers. Some analysts predict FHA’s 50 basis-point reduction of the annual mortgage insurance premium charged on 30-year forward loans should have a modest impact on private MI business. The cut should benefit the lower FICO brackets – borrowers with credit scores of 679 and lower – a segment in which private MIs write little business, they suggest. “We believe...
Meanwhile, JPM marked down the asset value of its residential servicing portfolio to $7.436 billion at Dec. 31, 2014, a 10 percent reduction from 3Q14.
The risk of illegal, improper or erroneous use in the CFPB’s purchase card program is low and the risk level for the agency’s travel card program is medium, according to a recent assessment by the bureau’s Office of Inspector General. “As a result, we will include an audit of the travel card program in the OIG’s 2015 annual audit plan, and we will not include an audit of the purchase card program in that plan,” said the OIG in a new report. “Nevertheless, the Office of Procurement and the Travel Office should continue to take appropriate actions to ensure proper oversight of their respective programs.” The OIG conducted the risk assessment of the programs to determine the frequency and scope ...
The CFPB’s fourth annual human capital report touted the progress the bureau has made in bolstering its human resources capabilities. But it had nothing to say about the controversy over allegations of discrimination and retaliation towards some of its own staff that emerged last year and lead to congressional hearings and a last-minute scramble to adjust the paychecks of select personnel. The closest the bureau got to that issue was a brief mention of requiring a two-day employment civil rights training session for all managers and supervisors, as part of broader effort at leadership development and succession planning. The CFPB also briefly discussed the efforts it is making to attract and retain a diverse workforce. The bureau’s report indicated that ...
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