The Financial Accounting Standards Board has proposed technical corrections and changes to its codified accounting handbook for private companies, including revisions to guidance relating to FHA and VA loans as well as transfers and servicing of financial assets. The proposed updates respond to suggestions by stakeholders and affect a wide variety of topics in the Accounting Standards Codification, which was established in September 2009 as a comprehensive source of authoritative generally accepted accounting principles used by the private sector. Among other things, a proposed amendment to Subtopic 860-20, Transfers and Servicing – Sales of Financial Assets would add...

Was the TRID mess overblown? Tell that to all the mortgage firms that lost money on deals...

Most borrowers are having a positive experience with the new loan estimate and closing disclosure forms now in use under the Consumer Financial Protection Bureau’s integrated disclosure rule known as TRID, according to a new survey from TD Bank. The rule integrates the consumer disclosures required under both the Truth in Lending Act and the Real Estate Settlement Procedures Act. Of those responding to the survey, 40 percent reported having had an “excellent” experience ...

Recent legal developments bode well for GSE shareholder lawsuits, according to one of the attorneys involved in the Perry Capital LLC v. Lew et al case where shareholders question the validity of the Treasury sweep of the profits of Fannie Mae and Freddie Mac.The D.C. Circuit Court heard oral arguments in the case on April 15 before three federal judges. The oral arguments took place as part of the appeal of the Fairholme Funds case dismissal in 2014, in which investors argued that the Treasury sweep violated the Housing and Economic Recovery Act. Hamish Hume, partner with Boies Schiller & Flexner, who argued before the panel of judges, said...

However, the new Cordray letter provides no details on where it will land on errors.

Molly Boesel, a senior economist at CoreLogic, noted that in judicial states, servicers must provide evidence of delinquency to the courts in order to move a borrower into foreclosure.

Comments are due on Friday from working group members that have been participating in the effort.

The publicly traded servicer/originator took in $330.7 million in revenue, a 35.2 percent decline from 1Q15. Its origination revenue was a meager $23.2 million…

Thanks to rising loan applications and a stronger-than-anticipated start to the second quarter, merger and acquisition activity in the mortgage industry is at muted levels these days, according to investment banking officials. In other words, lenders will continue to “make hay while the sun shines,” believing that current profit margins are just too good right now to consider selling out. It was originally thought...

Lone Star was the first firm to issue a non-agency MBS backed predominantly by non-QMs...