The New York Department of Financial Services made some concessions to industry participants by revising proposed cybersecurity standards. Some mortgage-industry officials were happy with the revisions while reiterating concerns about the proposed standards. The NYDFS first proposed cybersecurity standards in September. The proposal was the first of its kind from a state regulator and more prescriptive than guidance from the Federal Financial Institutions Examination ...

The new FHFA IG report is heavily redacted…

Mortgage compliance experts say there’s still a strong need for the Consumer Financial Protection Bureau to provide more guidance about acceptable business relations under Section 8 of the Real Estate Settlement Procedures Act. One of the issues that came to the fore in the bureau’s enforcement action against PHH Mortgage was lenders’ relationships under marketing services agreements. Even though banks these days may be using MSAs to a lesser extent than nonbanks, there is still a need for the CFPB to more clearly delineate do’s and don’ts. “On the lender side of the mortgage industry, there is...

With the formal transition of presidential power now a mere week away, Congressional Republicans and Democrats alike were busy this week reordering the teams that will take the field for the 115th Congress. Mortgage lenders are hopeful for at least some degree of regulatory relief from the Republican-controlled Congress and White House, but Democrats are vowing to defend the Dodd-Frank Act, one of the signature achievements of the outgoing Obama administration. Republicans in the House of Representatives got...

Some borrowers are obtaining mortgages for investment properties and occupying the home as a primary residence instead of renting out the home, according to industry analysts. Such “reverse-occupancy fraud” is especially prevalent among first-time homebuyers who might not otherwise qualify for a mortgage. Borrowers completing reverse-occupancy fraud aim to qualify for a mortgage with help from the theoretical rental income from the so-called investment property. Mortgages for a business purpose – typically including mortgages for investment properties – aren’t subject to the Consumer Financial Protection Bureau’s ability-to-repay rule, allowing lenders to use looser underwriting standards. Fannie Mae issued...

CPR&T predicted that the asset value of Ocwen’s mortgage servicing portfolio likely won’t benefit much from the recent spike in interest rates…

Borrowers completing reverse-occupancy fraud aim to qualify for a mortgage with help from the theoretical rental income from the so-called investment property…

Cordray, of course, could just nip this in the bud right now, resign and start his run for governor of Ohio…

According to his financial disclosure form, Mnuchin lists the value of his Advantage stake at $500,001 to $1 million.

As part of the settlement, the OCC lifted certain business restrictions that had been placed on HSBC…