Fed chairman Janet Yellen told legislators: “I think it is really very important for Congress to put in place a new system to address GSE reform. I think we still have a system that has systemic risk."

The FHFA permitted Fannie Mae to continue without the ability to assess repurchase late fees because the GSE claimed the cost of setting up such a program could cost $5.4 million

Worried that New York State regulators will throw a monkey-wrench into Ocwen’s mortgage servicing acquisition plans? Don’t be.

Among the changes on the table are disclosing the loan term, total points and fees, the length of any teaser or introductory rate, and the applicant or borrower’s age and credit score.

New York regulator Lawsky raised concerns about the servicing cost-savings long touted by Ocwen, which are achieved via technology and employees largely located outside of the U.S.

Mortgage originators note that because the rule is more than 1,800 pages long and was issued just 10 weeks ago, there has been little time to study it, let alone consider its implications.

Also, Morgan Stanley recently increased its stake in Arch Capital Group to 6.3 percent. Arch owns CMG Mortgage Insurance, which is being renamed Arch Mortgage Insurance Company.

The FHA allows low downpayments on loans that have credit scores as low as 580, but numerous lenders have established their own underwriting overlays to protect against poor performance.

The new service from Freedom Mortgage will handle all aspects of the mortgage transaction, from the initial customer call to closing and servicing of the loan.

One executive familiar with the practice of signing bonuses noted that typically the money is paid out over 12 months, but if the LO does not repeat their past performance the bonus can terminate in a given quarter.