Addressing the annual convention of the American Bankers Association, the CFPB chief stressed that his agency is proceeding full speed ahead with the January implementation of its mortgage rules.
At least two young mortgage insurance firms hope to go public by yearend. But how might the market receive these deals with so much uncertainty surrounding the GSEs?
Meanwhile, sources told Inside Mortgage Finance that the FHFA is looking to extract several billion dollars from Bank of America to settle claims that its Countrywide Financial division sold the GSEs toxic MBS.
Previously, speculation has ranged from January 1 to June 30. Mortgage bankers told Inside Mortgage Finance that whatever the FHFA decides on an implementation date, it had better do so soon.
The CFPB issued a bulletin and interim final rule last week on three issues related to its mortgage servicing rules, one of which involves home-retention efforts after a borrower dies. According to new CFPB Bulletin 2013-12, starting Jan. 10, 2014, a servicer must have policies and procedures reasonably designed to ensure that, upon notification of the death of a borrower, the servicer promptly identifies and facilitates communication with a successor in interest of the deceased borrower with respect to the property that secures...
The CFPB last week ordered Mortgage Master Inc. and Washington Federal to pay $425,000 and $34,000, respectively, in civil penalties for allegedly violating the Home Mortgage Disclosure Act, which requires certain mortgage lenders to accurately collect and report data about residential mortgages. In its HMDA reviews conducted at the two companies, the bureau said it found their compliance systems were inadequate and that they had severely compromised mortgage lending data. The CFPB said Mortgage Master had significant data...
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