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Inside the CFPB
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Sen. Reed: FHA Servicing Transfer Authority Might Be in Appropriations Package

March 12, 2015
George Brooks
HUD is seeking authority for the FHA to require, in certain instances, institutions with less expertise in servicing to hand off that function to a specialized servicer...
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Short Takes: Trade Group Wants G-Fees Cut Now / As for Fannie & Freddie Legislation… / What Does Ocwen Do With All That Cash? / Maine Republican Worries about MMIF

March 12, 2015
George Brooks, Brandon Ivey, and Paul Muolo
Most people who are not in straight-jackets believe the chances of GSE reform by 2016 are pretty much zero. Just in case you were wondering and needed a reminder…
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CFPB Chief Cordray Continues to Defend ‘Rate Checker’ Tool

March 11, 2015
Thomas Ressler
The CFPB seems to be spending quite a bit of time defending its "rate checker" tool, which is still in beta testing.
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Solutions to the LO Overtime ‘Problem’ Being Weighed

March 11, 2015
Paul Muolo
When it comes to mortgage overtime, management might just say "no."
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Short Takes: LO Overtime Pay: Just Say No / Always Working? / FHFA Critical of Fannie’s Audit Committee / Fitch Rates Rushmore / Mystery Over Spike in Ocwen’s Share Price

March 11, 2015
Brandon Ivey and Paul Muolo
The Supreme Court decision on overtime pay for loan officers is just over 48 hours old, but already some companies are fearing the worst...
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An Onslaught of Legislation to Change the CFPB? QM a Target

March 10, 2015
Thomas Ressler
Bills are expected to include provisions such as providing “qualified mortgage” status for many portfolio loans, with a much broader impact than the CFPB’s recent proposal.
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Short Takes: No Future for Common Shareholders of Fannie and Freddie? / DocMagic Furthers Electronic Closings / BofA MBS Settlement Gets One Green Light / Stonegate Hires Someone with Cha-Cha Experience

March 10, 2015
Brandon Ivey and Paul Muolo
KBW, by the way, has set a $1 per share price target for both Fannie and Freddie.
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Supreme Court Rules in Favor of Loan Officers in Overtime Pay Case

March 10, 2015
George Brooks
The Supreme Court ruling could cost mortgage bankers a bundle in terms of overtime pay. Or maybe not...
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Trade Group Says Nonbanks Subject to ‘Additional’ Requirements on Servicing

March 9, 2015
Paul Muolo
CHLA lists four specific concerns about the proposed capital rule, including a complaint that a 25 basis point “add on” (based on UPB) is too “severe.”
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Short Takes: Dump Walter, Says Compass Point / Cerberus Pulls Mortgage IPO / Not Exactly the Best Track Record in Mortgages / A GSE Solution is Essential to the Future of Mortgage Banking / A Six-Year ARM From First Savings

March 9, 2015
Brandon Ivey and Paul Muolo
Cerberus hasn’t had the best track record with its mortgage investments over the years...
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