The Consumer Financial Protection Bureau late last week said it will take a close look at mortgage brokers acting as mini-correspondents, particularly if they are just trying to get around disclosure requirements and limits on broker compensation. The CFPB is concerned that some mortgage brokers are claiming to be mini-correspondent lenders by establishing warehouse funding lines when they are still essentially just facilitating a transaction between a borrower and a lender. “While some brokers may be setting up such arrangements because they intend to grow into full correspondent lenders, the bureau is concerned...

Ocwen's consumer council will consider issues such as principal reduction loan modifications, reducing urban blight, helping minorities and improving language access to borrowers with limited English proficiency.

Morgan Stanley’s regulatory action plan supplements the firm’s global risk-management program for third-party servicers, which is currently in place.

Analysts at Wells Fargo Securities believe there could be a huge downside to owning shares of Nationstar and Walter Investment.

MGIC is operating with each GSE as an eligible insurer under a remediation plan. In trading Wednesday, its share price was down 9 percent…

Mortgage firms are concerned they may be sanctioned or penalized if they make a mistake, but the FHA at this time likely will not take any action because the system is so new.

“If the cap is 2.75 percent, it doesn’t leave much, but you have to keep in mind that the lender is building ‘everything else’ into the note rate,” said Marc Savitt.

Several other nonbanks have entered the non-QM space the past few months including Bayview through its Lakeview unit, Impac and others.

One California-based mortgage broker had this to say: “All the CFPBs is doing is driving up costs, further confusing the consumer, and wasting even more tax payer dollars.”

Under the terms of the settlement, Citigroup will pay $4.5 billion in cash and provide $2.5 billion in consumer relief.