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Inside the CFPB
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Flagstar in Talks with CFPB Over Alleged Loss Mitigation Violations, Default Servicing

August 27, 2014
Paul Muolo
Flagstar, which owns roughly $69 billion in mortgage servicing rights, said it has already provided the CFPB with documents and “other information.”
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SEC Rule Mandates 3-Day Waiting Period for Non-Agency MBS Issuance

August 27, 2014
Brandon Ivey
However, non-agency MBS issuers won a slight concession on the matter: the SEC had initially proposed a five-day waiting period.
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CFPB Answers Industry Questions on RESPA/TILA Disclosures

August 27, 2014
Thomas Ressler
Some lenders asked the CFPB if creditors are required to provide revised loan estimates on the same business day that a consumer or LO requests a rate lock.
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Moody’s, Urban Institute Want Changes to FHFA’s MI Eligibility Rules

August 27, 2014
Charles Wisniowski
In early July, the FHFA unveiled the new MI eligibility standards, which propose – for the first time – risk-based capital rules that are tied to a measurement called “available assets.”
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Short Takes: Will the FHFA Extend the Comment Period for MI Firms? / Some Consumers Believe HARP is a Scam / Freddie (and Fannie) Got Taken by a Wolf / Bill Erbey (Indirectly) Owns a Much Larger Stake in Altisource

August 26, 2014
Paul Muolo
Indirectly, Bill Erbey controls about 5.9 million shares of Altisource through a limited liability company called Salt Pond Holdings.
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FHFA IG Places Blame for TBW Scandal on Regulators, Counterparties, Investors

August 26, 2014
Paul Muolo
The FHFA IG claims a Fannie Mae executive back in 2000 discovered that TBW had pledged the same collateral – mortgages – to both Fannie and another company. But then Fannie took no action until two years later.
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Earthquakes, Hurricanes Not Much of a Risk for Investors in Non-Agency MBS

August 26, 2014
Brandon Ivey
Barclays said few loans in vintage non-agency MBS were exposed to the recent earthquake.
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Citibank to Refund Millions in Force-Placed Insurance Class Action

August 26, 2014
Thomas Ressler
The Casey lawsuit also alleged that Citibank increased the amount of force-placed flood insurance required for some borrowers in excess of their unpaid principal balance.
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In Settling with the FHFA, Goldman Will Buyback PLS for $3.15 Billion

August 25, 2014
Paul Muolo and Brandon Ivey
According to the Inside Mortgage Finance MBS Database, the original unpaid principal balance of the PLS deals in question was almost $40 billion.
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SEC Set to Vote on Non-Agency MBS Rules Requiring Increased Disclosure and Credit Ratings

August 25, 2014
Brandon Ivey
The Securities and Exchange Commission proposed controversial changes that would place greater burdens on MBS issuers and potentially increase privacy concerns for borrowers.
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