With the troubles from the financial crisis fading in the rear-view mirror, the residential mortgage servicing industry could be on “the edge of glory,” if companies can elevate their game and keep it at a high level, according to analysts with S&P Global Ratings. “The financial crisis left mortgage servicing hanging on a moment of truth,” they said in a new report. “This led to substantial changes in the industry in the past 10 years, the effects of which are still being felt today.” The changes included...

Under this test, an employer must show that the employee is paid at least $455 per week…

Mel Watt called the credit score explorations one of the “most difficult” evaluations he’s taken on as FHFA director.

Mortgage software provider Ellie Mae said in a recent SEC filing that “part” of its business strategy is to target larger mortgage lenders...

Fannie Mae and Freddie Mac are well aware of the issue and have leeway to replace LIBOR with another benchmark when the time comes, industry officials said.

Servicing costs have risen dramatically this decade, but maybe there’s light at the end of the tunnel…

A higher dividend than what Fannie and Freddie pay?

Given the Trump administration’s expressed interest in scaling back federal regulation and giving corporate interests greater freedom to conduct their business as they see fit, political and legal observers expect the Department of Justice to respond in the affirmative to a recent judicial invitation to formally opine on Ocwen Financial’s dispute with the CFPB. The nonbank mortgage servicer recently asked Judge Kenneth Marra with the U.S. District Court for the Southern District of Florida to invite the U.S. attorney general to appear and to participate in the company’s challenge to the constitutionality of the bureau.“There are at least two clear reasons to invite the attorney general to participate here,” said the company. “First, inviting the views of the attorney ...

The CFPB has told Zillow, the online real estate database firm, to settle with the agency over alleged violations of the Real Estate Settlement Procedures Act or face an enforcement action, the company revealed last week in its 10-Q filing with the Securities and Exchange Commission. “Based on correspondence from the CFPB in August 2017, we understand that it has concluded its investigation,” the firm said in its SEC disclosure. “The CFPB has invited us to discuss a possible settlement and indicated that it intends to pursue further action if those discussions do not result in a settlement.”At issue are certain co-marketing activities, which Zillow defended. “We continue to believe that our acts and practices are lawful and that ...

The Conference of State Bank Supervisors told the CFPB that the ability-to-repay /qualified mortgage rule has negatively affected financial institutions that, because of their proximity to the local community, rely on more flexible underwriting and determination of ability to repay. “State regulators continue to support the principles that drive the ATR/QM rule, but have several recommendations to better tailor the rule commensurate to the community bank business model,” the CSBS said in its comment letter on the bureau’s proposal to begin assessing the rule. Citing Federal Deposit Insurance Corp. data, the regulators noted that since 2010, 1,173 community banks have either left the residential mortgage lending space or extensively restricted those business lines. Rural Lending is Suffering “Although this decline ...