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Inside the CFPB
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Court Ruling Turned Back RESPA Calendar to Agency’s Controversial Guidance on Marketing Services Agreements

June 28, 2018
Federal courts have thrown out the Consumer Financial Protection Bureau’s aggressive interpretation of anti-kickback provisions in the Real Estate Settlement Procedures Act. But plenty of questions remain about how new management of the agency will handle the issue or the fate of existing guidance on marketing service agreements, industry experts said this week.
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HUD Secretary Carson Tells Lawmakers Final Condo Rules Should be Out in September; Issues Too Complex, He Says

June 28, 2018
The Department of Housing and Urban Development will issue, in September, final rules to ease FHA requirements for financing condominium purchases and refinancings.
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CFPB Expected to Revisit Views on Marketing Services Agreements

June 27, 2018
Yemeng Yang
“There is potential for them to issue more guidance, and we hope it to be the right guidance that’s consistent with 40 years of the RESPA law,” said Kenneth Trepeta…
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A ‘Scratch and Dent’ Market Develops for VA ‘Orphan’ Loans

June 27, 2018
Paul Muolo
Some warehouse lenders are nervous about the VA ‘orphan loan’ mess as well, sources told Inside Mortgage Finance…
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Short Takes: HUD Chief Carson Gives a Target Date for FHA Condo Rule / Different Agencies, Different Criteria / No Changes in Ratings on Fannie and Freddie / Angel Oak Promotes Jumbo Loan / FHFA IG Official Steps Down

June 27, 2018
Paul Muolo, George Brooks, and Carisa Chappell
FHA may soon have a new condo lending rule, but one lobbyist called it "four years too late..."
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A Decline in FHLB Advances. Big Drops for JPM and Wells

June 27, 2018
Carisa Chappell
The figures show that compared to the first quarter of 2017, both JPM and Wells greatly reduced their FHLB borrowings…
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Short Takes: Amazon Moves Ahead with Banking Plans / A Martini for Ditech / Cooperman and Ocwen / More Cost Cutting at Ocwen / Britti Gets a New Title / U.S. Bank Hires Wells Fargo Official

June 26, 2018
Paul Muolo
Leon Cooperman has been increasing his stake in Ocwen Financial and now owns about 11 percent of the firm…
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Servicing Advisors Worry About the GSE Role in the ‘Flow’ MSR Market

June 26, 2018
Paul Muolo
Incenter Mortgage Advisors, Denver, is getting ready to launch a flow MSR marketplace of its own…
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CFPB Closes RESPA Violation Case Against Zillow

June 26, 2018
Paul Muolo
In the spring of 2017, it came to light the bureau would take legal action against Zillow...
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Trump Nominates an OMB Official To Lead CFPB; Mulvaney Stays

June 25, 2018
President Trump last week nominated Kathy Kraninger, a little-known White House budget official, to head the CFPB. The nomination has set the stage for a contentious Senate confirmation process. Most observers were surprised by Trump’s CFPB pick as Kraninger’s name has never come up in public discussion of possible nominees to become the next director of the bureau. The first question for many was: Who is Kathy Kraninger? The nominee currently serves as ...
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