Mortgage trade groups submitted a strongly worded brief last week calling for an order by the Federal Communications Commission to be overturned. In June, the FCC issued an omnibus declaratory ruling and order involving the Telephone Consumer Protection Act. The order placed restrictions on auto-dialed calls to cell phones. Violators of the TCPA can be subject to fines of $500 per phone call. A challenge to the FCC’s order led by ACA International is set...
Comments last week by a high-ranking official at the Treasury Department suggested that the Treasury was working toward making servicing standards in the Home Affordable Modification Program permanent. However, a source with knowledge of the Treasury’s efforts suggested that any continuation of HAMP servicing standards would be voluntary. Treasury Counselor Antonio Weiss said the Treasury has recently held several conversations with stakeholders to find common ground to continue the standardization and transparency that HAMP has brought to mortgage servicing. “Chief among these reforms are...
During the worst of the buyback storm in late 2012 and early 2013, the GSEs reported over $18.51 billion of unresolved repurchase requests and as much as $13.22 billion in buybacks during a single quarter.
What year-end slow down? Michigan Mortgage is searching for 14 new employees for ten of its 28 locations. A majority of the jobs are for loan officers and underwriter positions...
Fleig said Fannie’s new policy has prompted some questions as industry participants haven’t seen a draft of the subordination agreement seller/servicers will have to sign.
PIMCO led non-agency MBS investors in the filing of a class-action lawsuit against Citibank last week, alleging that Citi didn’t adequately perform trustee duties on MBS issued before the financial crisis. The lawsuit claims violations of New York’s Streit Act, which has been cited in several other lawsuits against trustees. PIMCO et al v Citibank was filed in New York’s state supreme court. Other investors involved in the filing include AEGON, Kore Advisors, Prudential and Sealink Funding Limited, and the plaintiffs aim to include all that have invested in 25 non-agency MBS where Citi is the trustee. The deals were issued...
Morningstar Credit Ratings proposed new criteria this week to rate residential MBS. The rating service published similar criteria in May but Morningstar has only rated one deal backed by new residential mortgages since then. The biggest addition in the proposed criteria details how Morningstar plans to handle transactions that include primary mortgage insurance. The provision could help Morningstar rate risk-sharing transactions from the government-sponsored enterprises. The rating service said...
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