The Federal Housing Finance Agency moved this week to formalize an anti-fraud initiative it rolled out some 16 months ago that requires Fannie Mae, Freddie Mac and the Federal Home Loan Banks to notify the agency forthwith of fraudulent activity by a GSE-associated individual or company. The interim final rule published in the Oct. 23 Federal Register generally codifies the procedures under the FHFA’s existing Suspended Counterparty Program, established in June 2012, with a request for public comment.

The law firm that pursued a nearly decade-long class-action fraud lawsuit on behalf of investors against Fannie Mae and their former auditor, KPMG LLP, until its settlement in May say they are entitled to a piece of the $153 million payout, plus expenses. In papers recently filed with the U.S. District Court of the District of Columbia, the firm of Markovits, Stock & DeMarco of Cincinnati is seeking attorneys’ fees in the amount of $29.1 million or 22 percent of the settlement amount, plus $15.3 million in “out of pocket” expenses incurred in the nine years of pursuing the class action.

Roughly 4,100 people have registered to attend the annual convention of the Mortgage Bankers Association, which launches Sunday night in Power City USA.

U.S. prosecutors estimate that Fannie Mae and Freddie Mac lost almost $850 million (gross) from Countrywide's "Hustle" program. However, at the time, BofA didn't even own CFC.

As directed by the Federal Housing Finance Agency, Fannie Mae and Freddie Mac this year established a three-year sunset period for most reps and warrants on loans with perfect payment histories.

Real estate agents are frustrated with lenders missing closing deadlines and providing unreliable pre-approvals for homebuyers, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The survey of about 2,000 real estate agents completed in early October found that some lenders routinely extend their deadlines due to loan processing issues, causing problems for homebuyers. “Some lenders move...

Most mortgage lenders outside of the megabanks will say publicly they don’t want lower Fannie Mae/Freddie Mac loan limits, but privately they’ll admit they can live with it, but with one major caveat: how much lower are we talking about? Moreover, preparing for changes to loan software systems and product menus should not be a big deal, several executives told Inside Mortgage Finance. Their biggest concern is...

A mortgage lender’s strategic decision to originate only qualified mortgages, in and of itself, will not heighten its fair lending risk, according to joint interagency guidance issued earlier this week. The agencies said they have received numerous inquiries from lenders about whether they would be liable under the disparate-impact doctrine of the Equal Credit Opportunity Act if they originate only QMs as defined under the Consumer Financial Protection Bureau’s ability-to-repay rule. Based on their view that the requirements of the ATR rule and ECOA are...

Consumer Financial Protection Bureau Director Richard Cordray continues to show no sign of yielding to persistent industry pressure to delay the implementation date for rules the bureau promulgated in January that will transform the mortgage lending landscape. At the same time, he is again suggesting that the CFPB will be somewhat flexible in its examination of companies’ compliance with all the new rules, if they can demonstrate they genuinely tried to get with the program in time. Addressing the annual convention of the American Bankers Association in New Orleans on Monday, Cordray seemed...

Mortgage lenders far and wide have been laying off full-time staffers by the thousands over the past month as the industry adjusts to both lower originations and a lighter workload tied to the servicing of problem loans. The latest casualties include Wells Fargo, which recently announced plans to cut an additional 925 mortgage “team members” across the U.S.; SunTrust (800 positions); Mortgage Investors Corp. (500); and CashCall (486). Wells cut 5,300 mortgage workers in the third quarter alone, but that figure does not include the latest bloodletting. JPMorgan Chase estimates by the time 2013 ends it will have cut 11,000 mortgage-related jobs. Moreover, according to officials at executive search firms, now mortgage vendors are...