State regulators proposed prudential standards for nonbank servicers this week, including provisions that would apply solely to “large, complex” servicers. Many of the standards align with generally accepted business practices and existing standards, including those established by the government-sponsored enterprises. “State regulators have primary credentialing and licensing authority over nonbank mortgage servicers, and are working to ensure ...
Mortgage professionals overwhelmingly believe the Dodd-Frank Act should be revised, removing barriers to innovation and to reduce the cost of manufacturing a mortgage.
Although RoundPoint isn’t taking any questions regarding a possible sale of the company, it recently published a statement regarding its co-issuance and subservicing businesses.
Although Ocwen is out of compliance with the NYSE, it continues to sell mortgage servicing rights. Late Monday it disclosed a $25 billion MSR sale to Nationstar.
Fitch said the downgrade was tied to Green Tree’s “aggressive portfolio growth,” noting that the nonbank grew its MSR portfolio by almost three-fold over the past two years.
It looks like some of the biggest mortgage lenders in the nation will be closing their loans themselves largely without closing agents, once the CFPB’s integrated disclosure rule kicks in Aug. 1, 2015, one top vendor representative revealed recently. And that might put the big banks at a competitive advantage vis-à-vis their nonbank rivals. “Because this is a paradigm shift, and because the liability is staying on the lender side – both in terms of the accuracy of the disclosure and in the timing – we’ve heard some of the bigger lenders are going to close the loans themselves instead of using settlement agents,” John Vong, CEO of ComplianceEase, told Inside the CFPB recently. “For some of the banks, they have already ...
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