Industry joint-venture professionals are trying to stay upbeat as they feel their way around a changing economic and regulatory landscape. A number of them are pulling back somewhat as they strategize to find their niche in a recovering market and a business redefined by the Dodd-Frank Act. “As everybody here knows, there have been a long-standing number of mortgage joint ventures that have exited the business over the last couple of years,” Gerard Griesser, president of The Trident Group, said in introducing a panel of industry executives at the Real Estate Settlement Providers Council’s 2014 annual conference this week in Washington, DC. Robert Moline, president and chief operating officer at HomeServices of America, a Berkshire Hathaway affiliate based in Minneapolis, said...
The investigation by the New York Department of Financial Services of nonbank servicers including Nationstar Mortgage and Ocwen Financial has put a halt to servicing sales.
The Dodd-Frank Act prompted major changes for mortgage joint ventures, with some firms striking out on their own and others sticking with the smaller market.
The surge in recent years of Federal Home Loan Bank advances by big banks presents safety and soundness risks, according to the Federal Housing Finance Agency's Office of Inspector General.
Mortgage-related complaints to the CFPB as of the first quarter of 2014 were down significantly compared with the previous year, though they increased compared with the fourth quarter of 2013.
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