The CFPB is not letting any grass grow under its feet on the examination and supervision front, the bureau’s latest semi-annual report to Congress shows. Under its previous Examiner Commissioning Program (ECP), which became effective Oct. 27, 2014, the agency had issued 173 commissions to examiners, field managers, and headquarters staff. Under the new ECP, an additional 20 examiners have achieved commissioned examiner status, bringing the total number of commissioned examiners to 187, which accounts for attrition through retirement and departures from the CFPB. On the technology front, the bureau is upgrading its existing examination management software. “The new system will aid the CFPB in supervising and enforcing federal consumer financial law by utilizing current technology to support monitoring of ...
Consumer complaints to the CFPB about mortgages are down in every single category tracked by this publication, and in fact show double-digit declines in all but one grouping, according to a new analysis and ranking by Inside the CFPB. Total mortgage-related criticisms to the bureau came to a relatively scant 8,334 for the period ending March 31, 2017, the second lowest first quarter total in the five-plus years since the agency began collecting such data in the fourth quarter of 2011. That number represents a decline of 14.8 percent from the fourth quarter and an even larger drop of 23.0 percent from the same period one year ago.On the loan modification front, borrower gripes fell to 2,987 during 1Q17, ...
In remarks recently at an event of the U.S. Chamber of Commerce, CFPB Director Richard Cordray spelled out how the bureau is trying to aid the mortgage industry’s compliance efforts by promoting greater understanding of its rules, as well as regulatory review, streamlining and modernization. “Our efforts with the mortgage rules went much further than simply reacting passively to industry inquiries (though we have fielded thousands of them),” the director said. “We also took affirmative steps to help the industry understand our rules through publications, videos, webinars, and phone calls with individual institutions.” The bureau adopted a diagnostic and corrective approach to supervision in the early months to ease anxieties about the difficulties of complying with certain components of the ...
UWM is the nation’s largest table funder in the nation, followed by Caliber Home Loans and Stearns Lending, according to a full-year 2016 ranking from Inside Mortgage Finance…
Nonbank mortgage lenders have been killing it in the GSE market in recent years, even gaining a dominant 52.3 percent share of new single-family business back in the second quarter of 2016. Recently, however, not so much. A new Inside The GSEs analysis reveals that nonbanks sold 45.0 percent of single-family loans securitized by Fannie Mae and Freddie Mac during the first quarter of this year. That was the third straight decline in nonbank share of the GSE market.While total Fannie/Freddie MBS issuance fell 27.1 percent from the fourth quarter, nonbank production was off 32.5 percent. And surprisingly, large banks picked up most of the slack.
There are multiple sides to the Treasury sweep debate but despite rumors to the contrary, the GSEs sent the bulk of their fourth-quarter earnings to the Treasury at the end of March, as scheduled. While some advocate for suspending the profit sweep, others question whether the timing of future payments could be altered to reduce the likelihood that either Fannie Mae or Freddie Mac might need another bailout. In early March, industry officials and lobbyists began voicing their belief that the FHFA, possibly with Treasury’s blessing, might alter or suspend the quarterly dividends. One possibility floated was changing the four quarterly payments to one annual one. Speculation may have been fueled...
While hopes were high for GSE reform with the incoming Trump administration, housing industry experts seem to agree that major changes at Fannie Mae and Freddie Mac may not happen anytime soon. Panelists at a housing finance conference sponsored by Moody’s agreed with the ratings agency’s sentiment and said that the policy environment is in flux and unpredictable with GSE reform unlikely in the near term. “The election of Donald J. Trump as president amid Republican control of Congress has created a new political landscape with potential implications for the U.S. housing and finance markets,” said Moody’s in a recap of the conference. “However, panelists at our conference saw targeted legislative or regulatory changes as...
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