A proposal by federal regulators to delay tougher capital requirements for mortgage servicing assets will have a “marginally positive impact” on banks subject to the proposal, according to banking regulators. Near the end of August, the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corp. issued a proposed rule that would extend the current treatment on mortgage servicing rights and related assets, delaying tougher standards established by Basel III. The proposal would apply to banks that aren’t subject to the “advanced approaches” capital rules – generally banks with less than $250 billion in total assets. “For small banking organizations that have significant amounts of MSAs ... the proposal could...

Lenders and servicers of Fannie Mae and Freddie Mac mortgages notched a big win in the U.S. Court of Appeals for the Ninth Circuit, which found that a federal bar on foreclosure on government-sponsored enterprise loans preempted Nevada’s superiority lien law. As a published decision, the court’s ruling in Berezovsky v. Moniz resolves the dispute in favor of the federal foreclosure bar, according to Marc James Ayers and R. Aaron Chastain, attorneys with Bradley Arant Boult Cummings. It serves as a binding precedent in the Ninth Circuit and should guide other circuits in deciding cases involving homeowners associations’ super-priority liens, they said. In Berezovsky, the panel affirmed...

Fun fact: Ocwen is one of the sponsors of the event where CFPB Director Richard Cordray will be speaking…

Investors Unite speaks for GSE shareholders – except senior preferred holders (the Treasury Department)…

Spot-condo approvals would require property recertification every three years…

As another hurricane approaches the U.S. more loan closings are cancelled...

Sounding like a candidate, the CFPB Director noted: “If we do not push back on the forces that press people down, we are allowing America’s promises to go unfulfilled.”

Groups signing the Patenaude letter include the Center for Responsible Lending, Community Mortgage Lenders of America, NAACP, NAR and many others…

CFPB's Cordray clerked for both Robert Bork and Anthony Kennedy...

Delinquencies on non-qualified mortgages have been minimal and many borrowers with the loans seek to refinance relatively quickly, according to an analysis by Wells Fargo Securities. Among non-QMs with at least two years of seasoning that were included in nonprime mortgage-backed securities, more than 97 percent haven’t missed a payment, according to Wells. “Borrower credit performance has been robust so far, with delinquency rates and losses still subdued,” the analysts said. As of the end of July, only one non-QM in a nonprime MBS has gone...