In another example of tag-team enforcement, the Consumer Financial Protection Bureau last week moved against three small, nonbank mortgage companies over their allegedly deceptive advertising practices that implied some status as an agents of the U.S. government, or that they had the approval or endorsement of the government. The crackdown stemmed from a joint sweep with the Federal Trade Commission of about 800 randomly selected ads across the U.S., and as a result of consumer complaints filed with both agencies. In one of the cases, the CFPB filed...

A letter addressed to the Consumer Financial Protection Bureau regarding a “definitional error” in the drafting of the qualified mortgage provisions in the Dodd-Frank Act that was supposedly penned by Sen. Tim Johnson, D-SD, has turned out to be a fake. According to an email from Drey Samuelson, who served as the former senator’s chief of staff until his recent retirement, “the letter in question was not authorized nor sent by Sen. Johnson, and he has communicated that fact to director [Richard] Cordray.” A CFPB staffer confirmed...

While mortgage performance continues to improve, servicers have put an increased emphasis on completing foreclosures in recent months, according to industry analysts. Foreclosure starts and bank repossessions have increased after more than a year of monthly declines, according to RealtyTrac. “Foreclosure ‘spring cleaning’ got off to a quick start in January,” said Daren Blomquist, a vice president at RealtyTrac. Servicers typically observe...

Production of loans with a Department of Veterans Affairs guaranty increased 44 percent in the fourth quarter of 2014 compared to the same period a year ago, thanks to strong refinance activity during the holidays, according to an agency spokesman. John Bell, assistant director for loan policy and valuation with the VA Home Loan Guaranty Service, said VA streamline refinance activity rose 18 percent year over year as more veterans took advantage of lower interest rates and lower downpayment in the fourth quarter. He said the VA is still in the process of collating data, declining to give further details. Nonetheless, VA production in the fourth quarter was fueled...

Freddie Mac earned just $227 million in the fourth quarter, blaming the 90 percent sequential decline in profits on derivative losses of $3.4 billion. In a briefing with the media, Freddie CEO Don Layton went out of his way to explain that when interest rates eventually rise, the government-sponsored enterprise could benefit greatly. “I wish that accounting was more tied to economics but it’s not,” he said. Layton stressed...

Ocwen’s massive servicing portfolio (roughly $377 billion in UPB) is worth more than the entire market capitalization rate of the company...

Ocwen’s share price has almost doubled! How’s that? Well...

Roughly 18 current members of the FHLBanks are affected by the proposed ban, seven of which are mortgage real estate investment trusts.

The due diligence findings must be published within five days after a deal prices.

The Fair Housing Justice Center accused M&T Bank of violating the Fair Housing Act by offering higher loan amounts to white borrowers and allowing more flexible criteria...