Also, the mortgage cannot have been acquired through securitization, nor can it have certain verboten features.

To date, CSS has yet to perform a beta test and has a “black budget” whose details are only known to Fannie, Freddie and their regulator.

As the TRID deadline moves closer, industry anxieties are getting stronger and more specific in nature.

Stevens also said that while he was FHA commissioner he chose not to go after lenders for violating the False Claims Act because he said such actions would have opened a “Pandora’s Box.”

Last fall, Ocwen tried to sell its Ginnie Mae servicing rights, but recently disclosed that it will keep the receivables instead...

The FHLBs and Office of Finance must now be more specific and include descriptions of their outreach activities in regard to minorities and women.

In efforts to encourage and promote diversity, the Federal Home Loan Banks and the Office of Finance were directed to include demographic data pertaining to their boards of directors in its annual minority and women inclusion reports submitted to the Federal Housing Finance Authority. “FHFA’s minority and women inclusion regulations reflect the importance the agency places on diversity and inclusion,” said Sharron Levine, associate director at FHFA’s Office of Minority & Women Inclusion. “The amendments to the regulation focus attention on the Federal Home Loan Banks’ responsibility to promote diversity in nominating or soliciting nominees for positions on their respective boards of directors.” The banks and Office of Finance must now be more specific and include descriptions of their outreach activities and....

New life-of-loan representation and warranty- exclusion guidelines issued by the GSEs in November, appeared to have little impact on banks’ lending policies so far, according to a recent Federal Reserve Board survey.The rep-and-warrant changes were intended to reduce uncertainty and increase transparency in addressing lenders’ concerns about when they might be asked to repurchase a loan. The concerns were based on repurchase risk and other market factors that can cause an increase in credit overlays. “Addressing these concerns by providing tighter definitions and clarity should encourage sellers to serve a broader range of qualified borrowers,” said Dave Lowman, Freddie’s executive vice president of single -family business, when the changes were announced in November.

The new sunset date is December 31, 2016.

For mortgage originators, going through a Consumer Financial Protection Bureau mortgage examination can be a daunting experience, but not if you walk in thoroughly prepared, according to compliance experts at GrantThornton. A CFPB lending exam can take up to six months to complete, can be quite expensive over time as well as delay business. At most banks and mortgage firms, the staff could work full time on just the CFPB audit, which could result in high overtime costs and ...