The Department of Labor has asked the Supreme Court of the United States to review an appeals court ruling that put the kibosh on the agency’s policy that mortgage loan officers do not qualify under the administrative exemption to overtime pay. The legal question presented in Thomas E. Perez, Secretary of Labor, et al., petitioners, v. Mortgage Bankers Association, et al., is whether a federal agency must engage in notice-and-comment rulemaking before it can significantly alter an interpretation of an agency regulation. Last October, the U.S. Court of Appeals for the District of Columbia refused...

By itself, BofA accounted for 79.3 percent of the $606.3 billion shrinkage in commercial bank MSR portfolios during 2013. Where did all that servicing go to?

The Democrat and Republican heads of the Senate Banking, Housing and Urban Affairs Committee this week finally announced an agreement on comprehensive housing finance reform legislation but the release of a detailed bill for public consumption remains forthcoming. For now, it’s impossible to tell how the agreement reached by Committee Chairman Tim Johnson, D-SD, and Ranking Member Mike Crapo, R-ID, is any different than the bipartisan bill introduced early last year by Sens. Bob Corker, R-TN, and Mark Warner, D-VA. Johnson and Crapo are expected to release draft legislative language later this week, and move to a markup “in the coming weeks.” Like Corker-Warner, the Johnson-Crapo agreement includes...

Will investors think twice about buying mortgage servicing rights because of the sabre rattling from the Consumer Financial Protection Bureau?

The more detailed 'needs-to-improve' list includes Bank of America, CitiMortgage, Nationstar Mortgage, Ocwen Loan Servicing, Select Portfolio Servicing and Wells Fargo.

The CSP, headquartered in Bethesda, MD, has an annual budget of between $100 million and $300 million, according to Inside MBS & ABS.

In asking for the SCOTUS review, the DOL argues that the court of appeals erred in holding that an interpretive rule that alters the agency’s previous interpretation of a substantive regulation must be promulgated through notice-and-comment rulemaking.

"I'm pulling my old firm out of the mothballs," Glen Corso told IMFnews.

According to exclusive figures compiled by Inside Mortgage Finance, once Fifth Third departs, there will be just two depositories in the top 10: Flagstar and U.S. Bank.

Even though the Johnson-Crapo bill has no future outside of the Senate, one thing is certain regarding Fannie and Freddie: the two will continue to earn a ton of money going forward.