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Inside the CFPB
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FHA Chief Galante Warns Lenders on MIP Errors

August 15, 2013
George Brooks
The FHA has consulted with the CFPB regarding the impact of faulty TILA disclosures, which could spell trouble for the industry.
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Short Takes: PennyMac’s Recent NPL Deals Near $1 Billion / Cash-Out Refis Continue to Tank / MGIC Shows More Progress / MountainView Hopes to Capitalize on Mortgage M&A / Surprise: HUD Cancels Some Furlough Days

August 15, 2013
Paul Muolo and George Brooks
PennyMac is once again stepping up to the NPL plate with some major deals. Meanwhile, cash-out refis continue to dwindle.
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Due Diligence in Vetting Vendors Critical to QM Compliance

August 15, 2013
Thomas Ressler
Michael Chan, vice president of ComplianceEase, has come up with a check-list that should be part of every lender's due diligence effort.
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Report: 20 Percent Downpayment, Premium Recapture Gone From QRM Rule

August 15, 2013
Paul Muolo
FBR notes that a key provision in the draft QRM rule is that any mortgage securitized by Fannie or Freddie is automatically a QRM.
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Short Takes: Going, Going, Gone: GSE Buybacks? / CapWest Enters the Wholesale Arena / Redwood About to Reward Its Executives? / The Terrible Twos for the CFPB / Fannie Mae Hired Someone It Was Suing

August 14, 2013
Paul Muolo and Thomas Ressler
It would appear that the GSE buyback scourge may be winding down. Meanwhile, Fannie Mae has egg on its face over someone it hired.
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PennyMac Raising $248 Million in Equity, Will Buy Nonperforming Loans

August 14, 2013
Paul Muolo
The market did not react kindly to PennyMac's announcement about selling more shares of common stock.
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With New HUD Letter, It Looks Like Curtains for Eminent Domain

August 14, 2013
George Brooks
Any private label mortgage seized through the use of eminent domain will not be eligible for FHA coverage, HUD hints in a new letter.
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Fannie, Freddie Capital Markets Staff Turnover Mitigated For Now

August 14, 2013
Charles Wisniowski
The IG's evaluation survey found that the total cumulative voluntary attrition rate at Fannie’s capital markets group “increased somewhat” from January 2010 through 2012.
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HUD May Scotch Richmond's Eminent Domain Dreams

August 13, 2013
George Brooks
According to a new letter obtained by Inside Mortgage Finance, HUD says it is uncertain whether any new loan created under the controversial eminent domain plan would qualify for FHA insurance.
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FHFA Hires Spencer Stuart for Common Securitization Platform CEO Search

August 13, 2013
Paul Muolo
FHFA has handed over a list of CEO candidates to Spencer Stuart, which bills itself as an international recruiting firm with 54 offices in 29 countries.
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