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CFPB Chooses Not to Appeal PHH RESPA Ruling. A Shift from ‘Regulation by Enforcement’

May 10, 2018
Yemeng Yang
Former CFPB Director Richard Cordray challenged PHH’s captive reinsurance program, ruling that any referral of settlement business that involves payments is prohibited under RESPA…
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Short Takes: Impac Employees Looking Around? / Ex-CFPB Chief Cordray Wins in Ohio, but… / Will Warren Pick Cordray to Head the CFPB (Again)? / AIG Unit Readies Jumbo MBS / PennyMac Restarts Jumbo Unit

May 10, 2018
Brandon Ivey and Paul Muolo
Cordray was never popular in the mortgage industry because of all the regulations he heaped on lenders and servicers...
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CFPB Chooses Not to Appeal PHH RESPA Sec. 8 Ruling But Gives No Clear Signal on Future Policy

May 10, 2018
Neither PHH Corp. nor the Consumer Financial Protection Bureau will ask the Supreme Court of the United States to review a lower court decision that overturned the agency’s controversial interpretation of anti-kickback provisions in the Real Estate Settlement Procedures Act.
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Ginnie Mae Reinstates Nations Lending Following Talks on Loan Churning

May 8, 2018
George Brooks
Nations Lending was reinstated by Ginnie Mae after reaching a confidential agreement…
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Short Takes: Caliber Brings Ginnie MSR Deal / The Nation’s Highest Paid Loan Broker: Doug Lebda ($59M) / Ex-Fannie Exec a Candidate for FHFA Job? / The PHH Head Count

May 8, 2018
Brandon Ivey and Paul Muolo
It was a nice pay check last year for LendingTree founder and CEO Douglas Lebda...
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Short Takes: Ditech Sets Comp Package for New CEO Marano / Share Price Struggles / Two Ditech Directors Take Home the Bacon / GE Sets Aside $1.5B for WMC Settlement / Better Hires CFO

May 8, 2018
Paul Muolo
Ditech directors – George Awad and Neal Goldman – had pay packages of $573,700 and $553,500, respectively.
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Freddie Now Extending Lines of Credit to Nonbanks. The Collateral: Mortgage Servicing Rights

May 7, 2018
Paul Muolo
One former Fannie Mae executive was critical of the effort, calling it “mission and charter creep.”
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Figuring Out Who Might Succeed Mel Watt as FHFA Director – It’s Complicated…

May 4, 2018
Paul Muolo
Also, there’s a growing fear that in the absence of Congressional action, a free-market leaning Treasury Department, in tandem with a Trump-appointed FHFA director, might alter the way GSEs operate...
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Prospects Suddenly Brighten for Regulatory Relief…

May 4, 2018
Yemeng Yang
Earlier in the month, Rep. Jeb Hensarling, R-TX, said he is open to “other pathways…”
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What We’re Hearing: The New MBA CEO Will Be… / A ‘November Surprise’ for GSE Reform? / Is it 10 Years Already? / What ‘Mr. Market’ Thinks of Fannie and Freddie / GSE CRT Deals, a Great Return? / NewDay in the Clear?

May 4, 2018
Paul Muolo
Here’s a prediction: GSE reform legislation will only pass if, and when, the Democrats take control of the House, Senate and the White House.
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