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Inside the CFPB
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Mortgage Closing Process, “Pain Points” Take Center Stage at CFPB Forum

April 23, 2014
Thomas Ressler
The bureau is expected to announce a pilot project to improve the mortgage closing process from A to Z for all stakeholders – not just consumers – an initiative likely to rely heavily on the industry’s technological capabilities.
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FHFA May Seek Industry Input on G-Fee Hike

April 23, 2014
Paul Muolo
In January, newly sworn-in FHFA Director Mel Watt officially delayed a GSE guaranty fee increase that had been scheduled by his predecessor Edward DeMarco.
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Fannie Mae and Freddie Mac Deliver ‘Scorecard’ Comments to FHFA

April 23, 2014
Paul Muolo
The score card was the brainchild of former Acting FHFA director Edward DeMarco, who is retiring from the agency at the end of April.
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Short Takes: Lenders Begin to Loosen Credit Standards? / Ellie Mae Snafu Called ‘Bizarre’ / MBA, Others Want GSE Reform Now / Applications Slump Again / Sorry, No One’s Making Mortgages

April 23, 2014
Brandon Ivey, Paul Muolo, and Charles Wisniowski
As for details, a spokesman for the company said Ellie isn’t talking about the topic at this time. In an email exchange with IMFnews, mortgage technology consultant Tony Garritano of Progress in Lending called the whole episode “very bizarre”…
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Ocwen Investors Getting Concerned About Latest Lawsky Probe?

April 22, 2014
Brandon Ivey
Some stakeholders said they called the firm’s investor relations department about the latest probe and were told the firm would be saying more about the matter when it reports first quarter earnings.
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First Quarter Mortgage Complaints to CFPB Take a Huge Drop

April 22, 2014
Thomas Ressler
The strong improvement from last year was driven largely by a 46.8 percent plunge in grievances about loan modifications.
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Servicing Deal Makers Say MSR Market is Not Frozen

April 22, 2014
Paul Muolo
However, a new research report from Sterne Agee notes: “We see the DFS as the primary log jam on the servicing transfer front.”
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Short Takes: Ethos To Fund Loans in Colorado / Lawsky Wonders Aloud On Why Ocwen Does Not Love NY Realtors / Jumbo MBS Bust This Year? / Garrett Warns on CFPB / FHFA To Collect More Borrower Info

April 22, 2014
Brandon Ivey, Paul Muolo, Thomas Ressler, and Charles Wisniowski
The FHFA shortly will begin to collect additional, more specific and personal information on borrowers and loans as part of the National Mortgage Database project the agency launched with the Consumer Financial Protection Bureau.
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Short Takes: CFPB Releases Guide to RESPA and TILA Disclosure Forms/Fannie Forecasts Accelerated Economic Growth in 2Q 2014/FHFA 2014 Scorecard ‘Soon’/Congress Remains in Recess This Week

April 21, 2014
Thomas Ressler and Charles Wisniowski
ICYMI: Late last week, the Consumer Financial Protection Bureau released its guide to completing its integrated disclosure forms under the Real Estate Settlement Procedures Act and the Truth in Lending Act.
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Pilot from CFPB Will Aim to Digitize the Entire Mortgage Closing Process

April 18, 2014
Thomas Ressler
The CFPB plans to launch a pilot project as part of its efforts to improve the mortgage closing process.
Read More
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