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Inside the CFPB
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MSR Asset Mark Ups Average 15 to 20 Percent

July 26, 2013
Paul Muolo
If anything, the second quarter might be remembered as a period in which banks hiked their MSR values significantly.
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What We’re Hearing: Wells to JVs: Drop Dead, After All / Wells on JV Departure: Dodd-Frank Made Us Do It / CFPB LO Bonus Suit Raises Questions / CoreLogic Units Have to Answer to the CFPB / Carrington Unveils Large Loss

July 26, 2013
Wells Fargo blames regulations for ending its mortgage JVs. Meanwhile, how did the CFPB unearth its information on 'up-selling' at Castle & Cook?
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Treasury Toying with Adjustments to Reduce HAMP Re-Defaults

July 25, 2013
Brandon Ivey
At the end of April, the re-default rate on HAMP loan modifications topped 46 percent for restructurings completed in 2009.
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FHA Chief Galante Backs Senate Bill but Worries About Servicer Accountability

July 25, 2013
George Brooks
FHA chief Carol Galante expressed concern about the absence of any provision in the bill that would ensure servicer accountability for their performance.
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Industry Reps Call for Changes, Clarifications to Qualified Mortgage Points-and-Fees Calculation

July 25, 2013
With six months left before a host of rules from the Consumer Financial Protection Bureau kick in, mortgage industry representatives continue to ask for changes and clarifications – including some related to the components of the pending “qualified mortgage” points-and-fees calculation. Early this month, the CFPB formally proposed for public comment amendments to rules issued in January under the Equal Credit Opportunity Act, Real Estate Settlement Procedures Act and the Truth in Lending Act. Much of the focus of the proposed amendments relates to loan originator compensation and mortgage servicing issues. Industry commenters focused...
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Wells Fargo Pulls the Plug on Its Remaining Mortgage JVs, Citing Regulatory Oversight

July 25, 2013
Paul Muolo
Although Wells Fargo promised some JVs that everything was "fine" earlier in the year, the megabank is now exiting the joint venture space.
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CFPB Accuses Castle & Cook of Paying 500 Quarterly Bonuses Tied to Loan Terms

July 24, 2013
Paul Muolo
If the CFPB is successful in its case against Castle & Cook, will the loan officers have to pay back the bonus money?
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PATH Act Narrowly Clears House Financial Services Committee

July 24, 2013
Charles Wisniowski
During the debate, Committee chairman Jeb Hensarling accused Democrats of protecting the status quo by defending the current Fannie and Freddie dominated regime.
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Freddie Mac Issues Risk-Sharing Transaction But is Light on Details

July 24, 2013
Brandon Ivey
Amherst Securities said the risk-share deal was structured in a way that it will likely never take a loss.
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Short Takes: MGIC Increases Business by 45 Percent / More Foreclosure Reviews Coming? / Are MBS REITs Toxic? / Application Decline Not So Bad / Uncle Continues to Milk GSE Earnings

July 24, 2013
Paul Muolo
Not only have Fannie Mae and Freddie Mac staged a comeback, but so has MGIC. The MI giant finally turned a profit and sees better days ahead.
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