“We are hopeful this lawsuit will be resolved quickly so the fee waiver is granted, the data we seek is produced by HUD and the public is granted access to this important information,” the CRC said.
The mortgage refinance business began losing steam in the third quarter, but purchase-mortgage lending helped sustain agency single-family MBS production during the period, according to a new market analysis and ranking by Inside MBS & ABS. Fannie Mae, Freddie Mac and Ginnie Mae combined to issue $351.70 billion of single-family MBS during the third quarter of 2015, a slight 0.3 percent decline from the previous period. Even with the slowdown, year-to-date agency MBS volume of $976.40 billion had already topped the $929.49 billion in gross issuance for all of last year. The bright spot was...[Includes two data tables]
Ginnie Mae is considering the implementation of stress testing for MBS issuers to see whether they can withstand the worst economic and financial market conditions. Over the next couple of years, Ginnie Mae will develop a framework for stress testing modeled after the Dodd-Frank Act’s supervisory stress testing currently required of bank holding companies, said Gregory Keith, senior vice president and chief risk officer, during a recent Ginnie Mae summit. The test will subject...
The Financial Industry Regulatory Authority has adjusted a proposal that would set margin requirements for to-be-announced MBS. The independent regulator made some concessions to industry participants compared with a proposal issued in January 2014. FINRA’s proposed rule change was filed with the Securities and Exchange Commission this week. Comments will be accepted for 21 days after the proposal is published in the Federal Register, which is expected shortly. FINRA noted...
The guidance doesn’t “tells us anything more than where we were an hour before this guidance came out," according to Michael Barone, a director of legal and regulatory compliance at Lenders Compliance Group.
Recent disappointing job creation numbers and continued concern about slowing economic activity around the globe have convinced an increasing number of Wall Street analysts, participants and observers that the Federal Reserve’s Open Market Committee will not raise interest rates at its next meeting, scheduled for later this month. Further, more market professionals don’t predict an uptick in rates until sometime in 2016. And a few are even speculating a liftoff won’t come until the year after that. According to Peter Schiff, CEO and chief global strategist for investment firm Euro Pacific Capital, “the downright dismal September jobs report that was released last Friday may prove...
Fannie Mae and Freddie Mac released a new policy this week in hopes of providing clarity on correcting loan origination defects and solutions to the mortgage buybacks that have plagued lenders over the years. Based on input from lenders, the GSEs took the next step to lessen loan buyback risk and will now categorize defects in terms of “findings, price-adjusted loans, and significant defects.” Under the new “origination defects and remedies framework,” findings will not require a correction or a remedy from the seller as they are negligible defects that had no effect on whether the loan was acceptable to Fannie or Freddie. Those mortgages with one or more defects that are labeled price-adjusted loans would have been eligible for sale to the GSEs if...
Sellers/servicers of Fannie Mae and Freddie Mac will get a reprieve from immediately meeting the technical requirements associated with the Truth in Lending Act Real Estate Settlement Procedures Act Integrated Mortgage Disclosure Rule that took effect Oct. 3. Just a few days after the rule went into effect both GSEs issued guidance intended to reach anyone concerned about quality- control reviews while lenders absorb TRID into their business routines, said Brad German, spokesman for Freddie. The letter noted that in recognition of some seller/ servicers continuing to work toward implementing technical requirements of the rule, the GSEs won’t conduct routine post-purchase loan file reviews for technical compliance. After a transitional period, however, they will consider whether to begin such reviews for technical compliance.
Despite the uncertainty over marketing services agreements caused by Consumer Financial Protection Bureau enforcement actions, MSAs are still legal and viable, as long as they are properly ordered, according to industry experts at Lenders Compliance Group, a consulting firm in Long Beach, NY. During a webinar this week, three compliance pros at the firm delved into the first big splash the CFPB made on the MSA front, its Sept. 25, 2014, consent order with ...
RSS