The four surviving private MIs that are still writing new business after the wreckage of the hous-ing market collapse last week agreed to pay a relatively modest $15.40 million to settle a longstanding dispute over their arrangements with captive reinsurance entities sponsored by lenders. The Consumer Financial Protection Bureau alleged that Genworth Financial, United Guaranty, Radian Guaranty and Mortgage Guaranty Insurance Corp. violated the Real Estate Settlement Proce-dures Act by paying illegal kickbacks – in the form of reinsurance premiums – to get business from mortgage lenders. “The payments made as supposed ‘reinsurance’ premiums did not correspond to a proportionate transfer of insurance risk between the parties,” said CFPB Director Richard Cordray. An Inside Mortgage Finance analysis of MI regulatory filings suggests...
Fannie Mae and Freddie Mac are now earning money hand-over-fist - cash that will wind up in the coffers of Uncle Sam. But is the White House underestimating how much the two GSEs will earn?
This past fall the Mortgage Bankers Association was pushing for a housing policy coordinator in the White House to ensure that federal regulations complement one another rather than conflict.
The upcoming White House meeting on mortgage and housing issues may not address loan standards at all. Wells confirms plan to hire MSR 'project manager.'
Two-thirds of the nearly 2,000 real estate agents that responded to a Campbell Communications and Inside Mortgage Finance survey want mortgage closings in 30 days or less.
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