However, a separate lawsuit filed by Pershing Square Capital Management in the U.S. Court of Federal Claims is unaffected by Judge Lamberth’s ruling.

Fitch does not single out any servicers by name, but it’s common knowledge that both Ocwen Financial and Nationstar Mortgage have thousands of servicing-related workers housed in India...

One active NPL bidder has been Lone Star Funds, but sources tell IMFnews the hedge fund has been having a “brain drain” of sorts when it comes to talent.

To some, the MSR transfer prohibition slapped on Flagstar is similar to the one New York regulators placed on Ocwen Financial regarding the Wells Fargo deal.

Among other things, the CFPB is warning that the technical nature of the HMDA rule could cause operational headaches.

Did Apple Place Itself Within CFPB’s Purview? Some legal experts think the recent rollout of mobile payment technology by Apple Inc. might have put the consumer technology heavyweight in the CFPB’s regulatory crosshairs. Georgetown Law Professor Adam Levitin said in a recent blog that Apple may have unwittingly become a regulated financial institution through the release of its Apple Pay service. “Basically, I think Apple is now a ‘service provider’ for purposes of the Consumer Financial Protection Act, which means Apple is subject to CFPB examination and UDAAP [unfair, deceptive or abusive acts or practices],” he said. Levitin then proceeded to walk readers through a number of legal definitions to bolster his argument. Vivian Kim, an associate at the Dykema ...

Credit history and debt-to-income outpaced collateral as the primary contributors to mortgage application denials in the purchase-loan segment in 2013, according to an analysis by Inside the CFPB of the latest Home Mortgage Disclosure Act data released last week by the CFPB and the Federal Financial Institutions Examination Council. It was a much closer horse race in the refinance space, but then again, collateral is always more of an issue for refis. Credit history was identified as the cause of denial for 26.3 percent of applications last year in FHA/VA purchase mortgages, followed by DTI at 23.3 percent, with collateral registering only at 12.4 percent. Things were a little more competitive in the conventional home purchase loan space. There, credit ...

Representatives of some of the leading lenders of non-qualified mortgages are optimistic about the prospects for the future of the space, seeing opportunity where many see only risk. Brian Simon, chief operating officer for New Penn Financial, answered the question: Why open a non-QM market? “I think, as everyone is aware, the current credit environment has shut out many potential homeowners,” he said during a webinar last week sponsored by Inside Mortgage Finance, an affiliated newsletter. “There’s a narrow credit box in the current mortgage market, which means that the people who were hardest hit in the housing crisis have little access to credit.” New Penn Financial has decided to market products that allow access to affordable credit. “That just ...

Most lenders showed improvement in the complaints consumers registered with the CFPB about their bank accounts, according to a new ranking and analysis by Inside the CFPB. Thirty-two out of the top 50 ranked institutions saw such gripes decline from the first quarter of 2014 to the second, with 15 seeing increases, our analysis found. Further, 14 out of the top 15 showed an improvement, many by double digits. Overall, consumer complaints about banking services fell 11.3 percent, as the chart on page 9 illustrates. However, the most dramatic movement was seen among the lenders with increases in consumer criticisms. The worst performances were turned in by Associated Bank (up 200 percent), followed by BMO Harris (114.3 percent), Union Bank ...

A number of leading industry groups are united in their opposition to the CFPB's proposal to augment its complaint database with consumer narratives, citing concerns such as statutory overreach and a risk to consumer privacy, among a host of concerns. Frank Keating, president and CEO of the American Bankers Association, said in a comment letter that the CFPB’s plan to include customers’ “unauthenticated stories” in its complaint database “exceeds its statutory mandate and imposes excessive risks on banks and customers.” He contrasted the CFPB’s approach to the longstanding approach of the prudential regulators, in which complaints are kept confidential and shared with banks to correct problems and address supervisory concerns. The bureau’s approach, however, “erodes customer privacy, impairs the confidential ...