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Inside the CFPB
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Lender Recommendations from Real Estate Agents Tied to Closing Issues

April 10, 2013
Brandon Ivey
Two-thirds of the nearly 2,000 real estate agents that responded to a Campbell Communications and Inside Mortgage Finance survey want mortgage closings in 30 days or less.
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LTVs North of 105 Account for 47 Percent of HARP Refis

April 10, 2013
Charles Wisniowski
Borrowers with loan-to-value ratios greater than 105 percent accounted for 47 percent of HARP volume in January.
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Short Takes: About That White House Mortgage Meeting… / Wells Confirms It May Hire MSR ‘Project Manager' / NPL Sales Could Double / Mortgage Applications Rise, So Do Refis

April 10, 2013
Paul Muolo
The upcoming White House meeting on mortgage and housing issues may not address loan standards at all. Wells confirms plan to hire MSR 'project manager.'
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HUD Asks for $943 Million Treasury ‘Draw’ for FHA as Industry Warms Up to Risk Sharing

April 10, 2013
George Brooks and Paul Muolo
According to the new White House budget, it appears that the FHA will need a draw from the U.S. Treasury after all. But will it happen?
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BofA Settlement Boosts NCUA Recoveries From Bad MBS Deals

April 9, 2013
George Brooks
The National Credit Union Administration keeps racking up the "wins" in its drive to recover losses on faulty MBS sales.
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Short Takes: Will Obama Show at the White House Mortgage Meeting? / JPMorgan and Citi Clean Up on Captive MI Business / Radian Sees New Business Gaining / Aging Appraisers?

April 9, 2013
John Bancroft, Paul Muolo, and Thomas Ressler
In two weeks the White House will meet with some of the largest residential funders in the U.S. But will President Obama show?
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UBS Loses Appeal to Dismiss FHFA Subprime MBS Case

April 8, 2013
Charles Wisniowski
After losing an appeal, the UBS MBS case brought by the Federal Housing Finance Agency is set for trial early next year.
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Golden First Mortgage Sued by DOJ for FHA Violations

April 8, 2013
George Brooks
According to the government, Golden First Mortgage Corp. of Great Neck, NY, failed to carry out its duties and responsibilities as a direct endorsement lender, leaving FHA with large losses.
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Lenders Next Expected Targets As CFPB Goes After Captive Re

April 8, 2013
CFPB’s crosshairs, the bureau revealed week as it announced enforcement actions against four private mortgage insurers over the industry’s use of captive reinsurance arrangements, and fining the companies relatively small amounts. These units have been in runoff mode for several years, as captive re withered after the market collapse. “[I]n every kickback situation, there is somebody paying and somebody receiving. It takes two to tango,” said CFPB Director of Enforcement Kent Marcus. “Today, we’re dealing with those paying...
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CFPB’s Vastly Expanded Complaint Database Raises Legal Questions

April 8, 2013
The CFPB went “live” with a significantly expanded consumer complaint database late last month, featuring a wealth of new data on problems consumers have with credit cards, mortgages, student loans, bank accounts, services and other consumer loans. The CFPB characterizes it as “the nation’s largest public database of federal consumer financial complaints, opening up to consumers information on more than 90,000 individual complaints on financial products and services.” CFPB Director Richard Cordray said, “By sharing these...
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