FFIEC Issues Revised Interagency Examination Procedures for Compliance with the TRID. The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently put out new interagency examination procedures for the Truth in Lending Act (TILA), as implemented by Regulation Z, and the Real Estate Settlement Procedures Act (RESPA), as implemented by Regulation X. These procedures reflect CFPB amendments to Regulations Z and X published in the Federal Register in December 2013 and February 2015. Most of the changes to the procedures relate to the integrated mortgage disclosure requirements under TILA and RESPA, commonly referred to as the “TRID” requirements. Office of the Comptroller of the Currency Bulletin 2015-27 makes available on the OCC website the revised interagency ...
Since the end of December, at least $7.4 billion in seasoned mortgages have been securitized through Fannie Mae and Freddie Mac, a trend that appears to be gaining steam, especially among small- to medium-sized lenders. In early April, Inside MBS & ABS reported that Bank of America contributed $5.4 billion of seasoned loans (three months or older) to Freddie Mac MBS, which helped make the bank Freddie’s largest seller in the first quarter. A follow-up inquiry to BofA yielded...
New capital requirements for private mortgage insurers are a positive for the industry and should not cause a big change in MI premiums, high loan-to-value prepayments or net issuance of conventional MBS, according to a new analysis from Barclays Research. The reason for analysts’ optimism is that the effective rate for conventional conforming mortgages with private MI has been more attractive than on an FHA loan for borrowers with FICO scores above 700 and original LTVs of 80-95 percent. The opposite has been true for borrowers with low FICO scores. Consequently, issuance of conventional loans over the past year has largely favored...
Freddie Mac announced this week that it has securitized more than $100 billion in multifamily mortgages through its K-Deal program, a milestone for the initiative that was launched in 2009. K-Deals were introduced during the financial crisis when the CMBS market collapsed. Freddie created the program to help revive the market, but it had to convince lenders that selling a loan via securitization was better than selling a loan that Freddie would hold in its portfolio. “In 2008, when we first started talking to investors about doing a CMBS-style securitization, some of them thought...
Both Wells Fargo and JPMorgan note that they have taken significant steps to work with borrowers who have payment option ARMs and other loans that allow for negative amortization.
One thing investors and analysts look for is revenue growth and Ocwen Financial did not deliver. But at least all of its lending licenses are intact...
In the first quarter, the top sequential gainers were all nonbanks: loanDepot (up 50.6 percent), Caliber Home Loans (46.2 percent) and Stearns Lending (22.6 percent.)
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