The migration of mortgage servicing rights from “more tightly to less tightly regulated parts of the financial system” should be addressed by regulators, according to the Treasury Department’s Office of Financial Research. The OFR, which was created by the Dodd-Frank Act to serve the Financial Stability Oversight Council, said Basel capital requirements have created incentives for banks to sell MSRs to nonbanks. In its annual report, the OFR cautioned that nonbanks aren’t as well regulated as banks. “Mortgage servicing activity and the accompanying risks appear...

A proposed FHA administrative fee as high as 4 basis points to fund quality assurance enforcement and technology upgrades also went down in flames.

Rep. Ed Royce of California: "Money coming in from the GSEs should go to the taxpayers instead of a slush fund for ideological housing groups to play around with.”

The data to be reported under the CFPB’s proposal likely will inflame the current fair lending regulatory environment.

But is DocMagic president and CEO Dominic Iannitti done buying? Stay tuned…

Sen, Menedez added: “These [programs] were not the drivers of the financial crisis. We’re going to hear the opposite of that in the next session of Congress.”

The new plea from the CHLA comes at a time when depositories are losing origination market share to fast growing nonbanks like Freedom Mortgage, United Wholesale Mortgage and others.

Compared to two years ago, staffing levels at the CFPB have increased a whopping 55 percent. Of course, Congress has no say over the agency’s budget.

Because of the irregular nature of legal settlements and contractor backlogs, the FHA did not properly recognize its receivables, the IG said.

One source told IMF that in some instances, certain nonbanks have been asked by the agencies to hold “more capital” in reserve accounts than other seller/servicers.