Nevada Addresses ‘Super Lien’ Concerns. Nevada’s governor signed legislation last week addressing concerns raised by the FHFA regarding homeowners’ association liens. In September, the Nevada Supreme Court determined that an HOA super lien has priority lien status, which can trump the GSEs’ first lien status during foreclosure. Senate Bill 306 in Nevada aimed to address some of those issues by establishing a new limited right of redemption for lien holders after an HOA foreclosure sale, among other provisions. The FHFA has repeatedly noted it has an obligation to protect the GSEs’ rights, and will aggressively do so by bringing or supporting actions to contest HOA foreclosures that purport to extinguish GSE property interests in a manner

You might say that investor (and former Wall Streeter) John Devaney is bullish on Ocwen Financial...

Over the past year, RPM has been in the hunt to buy other mortgage companies, investment banking sources told IMFnews.

According to Moody’s rating scale of long-term corporate obligations, obligations rated Caa are judged to be of “poor standing” and are subject to “very high" credit risk...

Some lenders have predicted delays ranging from a few days to more than a month.

Meanwhile, the pipeline of issuer applications has dropped dramatically at Ginnie Mae...

The Consumer Financial Protection Bureau indicated this week that it will be somewhat accommodating to mortgage lenders when it comes to enforcing the pending integrated disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act. The agency confirmed in a blog post that it delivered a letter to members of Congress stating that its oversight of the TRID rule “will be sensitive to the progress made by those entities that have been squarely focused on making good-faith efforts to come into compliance with the rule on time.” The agency also said...

Last week’s $9 million settlement between wholesale lender Provident Funding and the Consumer Financial Protection Bureau and the Department of Justice to resolve allegations of excessive discriminatory fees on the part of independent mortgage brokers, has some key takeaways for the rest of the mortgage industry, top compliance attorneys say. “The first is that it obviously signals that mortgage lending is still on the radar at these agencies,” even though their attention has evolved into other types of lending products, “and they are still concerned with wholesale mortgage pricing,” said Melanie Brody, partner and co-lead of the fair lending practice at the K&L Gates law firm in Washington, DC. She also noted...

The Department of Housing and Urban Development is working on a new proposed rule to ease the backlog in FHA insurance claims filings as well as to revise the department’s “curtailment of interest” policy to relieve the burden on mortgagees. The FHA expects to finalize the proposed rule in August this year, according to HUD’s new regulatory agenda, although the agency rarely comes even close to its projected rulemaking timelines. Specifically, the proposed rule would establish...

A federal district court judge in Washington, DC, has granted Quicken Loan’s motion to stay a government lawsuit until another federal judge in Detroit decides whether to proceed with Quicken’s preemptive lawsuit against the government. The decision by U.S. District Court Judge Reggie Walton in Washington would give Quicken the opportunity to shine light on FHA compliance issues, loan sampling and the Department of Justice’s use of the False Claims Act to prosecute FHA lenders. Such enforcement actions have resulted in more than $4.5 billion in settlements with FHA lenders. In April, Quicken sued...