Morgan Stanley notes: “The agreement in principle is subject to final approvals by the parties. In connection with the settlement, the company will record an addition to legal reserves of $150 million, which will have the impact of reducing income..."
The starting salary for the CEO is said to be about $450,000 plus benefits, which is roughly double what the new director of the Federal Housing Finance Agency, Mel Watt, earns.
The HUD chief told Hispanic real estate professionals that in today’s market, mortgage credit is too hard to obtain for consumers with low credit scores.
The rating service singles out Ocwen Financial, Nationstar Mortgage, Walter Investment Management, Quicken Loans, Provident Funding and PennyMac Loan Services, all of which have significantly increased their MSR portfolios.
Public Comments on the Mortgage Closing Process are Due Feb. 7. Early in January, the CFPB solicited consumer comments on the mortgage closing process, specifically asking consumers to identify the key “pain points” associated with mortgage closing and how they might by addressed by market innovations and technology. The bureau specifically said it wanted comments on how to increase the use of technology and promote inventions that encourage a more streamlined mortgage closing process while also improving consumer knowledge. The CFPB...
The Federal Reserve Office of Inspector General has completed its audit of the CFPB’s consumer financial Civil Penalty Fund, giving the bureau a passing grade. “Overall, our audit determined that the CFPB has been implementing internal controls for the CPF since June 2012,” said the OIG, citing the bureau’s development of the CPF rule and various internal procedures. “During our audit of the CPF, which was conducted from June 2013 to November 2013, we identified an opportunity to improve the controls developed to implement the CPF,” the OIG said...
Heightened scrutiny by the CFPB of potentially discriminatory auto lending practices is probably going to end up raising lender regulatory costs in 2014, according to analysts at Fitch Ratings.“Fitch believes the CFPB is currently in discussions with various auto finance players, including banks, captive finance arms of auto manufacturers and independent finance companies regarding their lending practices,” the rating agency said. The regulatory actions have to do with the auto lending industry’s widespread practice of making...
The qualified mortgage is here, and while the rotation of the earth has yet to slow, there are still several areas of the regulation that are not crystal clear to much of the industry, including some questions having to do with Fannie Mae and Freddie Mac purchases of mortgages being originated under the new regime. For instance, “If lenders bake the loan-level price adjustments into the interest rate, are they allowed to show those adjustments to the originator? If they show them, will the CFPB count them into the points and fees?” asked Tammy...
As mortgage lenders begin preparing for the new mortgage disclosure regime being instituted by the CFPB’s final rule, they should revisit lessons learned during their previous adventures with the Truth in Lending Act and the Real Estate Settlement Procedures Act. “RESPA reform from January 1, 2010, is still close in many of our minds, and we remember back to ’09 being a year that we spent a massive amount of time implementing that new regulation,” said Amy Thoreson Long, senior counsel in the consumer lending division at Wells Fargo. Then in 2010...
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