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Inside the CFPB
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CFPB Promulgates Annual ‘Privacy Notices’ Final Rule

October 21, 2014
Thomas Ressler
Under the CFPB’s new rule, financial institutions will be able to post privacy notices online instead of distributing an annual paper copy.
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New Attorney General Likely to Continue Aggressive Use of FIRREA in Mortgage Fraud Cases

October 21, 2014
Charles Wisniowski
FIRREA – ushered in during the nation’s savings and loan crisis – has four notable elements which make it an attractive path to prosecution...
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Ginnie Mae Will Allow for Supplemental Insurance on the VA Guaranty

October 21, 2014
George Brooks
HUD's Castro noted that the VA program limits its loan guarantee to a maximum of 25 percent, leaving many lenders exposed and reluctant to offer VA-guaranteed loans.
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Short Takes: MBA Shows the Love for FHFA’s Mel Watt / Looser Mortgage Credit? Are You Crazy? / The CFPB ‘ePilot’ Moves Closer / The Fear of Running Out of Money / Are You Afraid of Ghosts?

October 21, 2014
Paul Muolo and Thomas Ressler
After all, didn’t America suffer a housing “depression” because credit was too loose? Some GOP conservatives in Congress live by the edict: those who can own; those who can’t rent…
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Ocwen’s Stock Plunges After NYS Levies More Allegations Against the Firm

October 21, 2014
Paul Muolo
At press time, the firm’s share price was getting crushed, down 25 percent on the day to a new 52-week low of $19.89.
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CFPB Throws the Industry a Few Bones on theTRID Rule

October 20, 2014
Thomas Ressler
This could mean lenders would require borrowers to lock interest rates only during business hours or even early in the day.
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Ginnie Mae Ushers in New Capital Rules for Issuers; Firms Will be Scored Monthly

October 20, 2014
John Bancroft and Paul Muolo
Buyers of “bulk” Ginnie mortgage servicing rights will have to meet the test by January 2015.
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A New Player in Mortgage M&A: Mid-sized Commercial Banks

October 20, 2014
Paul Muolo
Charbonneau, Klein and other advisors report that mortgage M&A activity is the strongest it has been in years.
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Short Takes: Will FHFA’s Mel Watt Deliver the Goods? / Actually, Fannie is Buying 97 Percent LTV Loans, But… / IBM Gets Whacked / First Republic’s GOS / Quicken CEO Sworn in at MBA Show

October 20, 2014
Paul Muolo
What does IBM have to do with the mortgage business? Actually quite a bit, IBM is one of Fannie Mae’s largest technology vendors...
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FHFA Chief Floats Initiatives Tied to Looser Credit: More Buyback Relief and Higher LTVs

October 20, 2014
Paul Muolo
In defining misrepresentations, FHFA will set a minimum number of loans that must be identified with one of the six trigger elements.
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