A new U.S. Consumer Coalition/Zogby Analytics poll found that a majority of Americans oppose the CFPB’s monitoring of Americans’ credit card purchases. According to the poll, which sponsors claim is the first national survey about the recent operations of the government agency, 55 percent of respondents believe the CFPB’s data collection program is similar or worse than the controversial NSA monitoring program. Further, only 20 percent of those polled believed that the CFPB should be able to collect and review Americans’ credit card statements without their knowledge. The poll also found that the majority of Americans oppose the bureau’s ongoing efforts to restrict access to certain consumer financial products. Nearly 70 percent of those polled said they believed that the ...

CFPB is Investigating Bankrate. Bankrate revealed recently that the CFPB has issued civil investigative demands to the company and certain employees in an effort to seek documents and answer questions relating to Bankrate’s quality control process for its online mortgage interest rate tables. The company has cooperated in responding to the CIDs, Bankrate said in a Form 10-K filing with the Securities and Exchange Commission. “The company received a communication from the CFPB inviting the company to respond to the CFPB’s identified issues in the form of a notice of opportunity to respond and advise during which the CFPB identified potential claims it might bring against the company,” the filing said. Bankrate said it has submitted a response that it ...

DocMagic Says It Will be Ready for TRID, Delay or No Delay. Industry vendor DocMagic, Inc., based in Torrance, CA, announced recently that the CFPB’s proposed delay in implementing the TILA-RESPA Integrated Disclosure (TRID) rule will have no bearing on its plans to be ready to meet the bureau’s originally planned Aug. 1 due date. “The CFPB only stated that they will be issuing a ‘proposed amendment’ to delay the rule to Oct. 1, which means it could possibly finalize a shorter time period,” said Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB. Horn led the production of the 1,888 page final TRID rule and the design and consumer testing of ...

Neither of the credit-rating industry’s perennial market leaders – Standard & Poor’s and Moody’s Investors Service – managed to claim a top spot during the first quarter of 2015, according to a new Inside MBS & ABS ranking. Fitch Ratings ranked as the top player in rating the bigger non-mortgage ABS market. The company rated 43 ABS issued during the first quarter that represented 64.2 percent of total issuance by dollar amount. The company rated all eight credit-card ABS issued in early 2015, along with most of the student-loan deals. Fitch raised...[Includes two data tables]

Proposed credit card ABS disclosure requirements from the Securities and Exchange Commission could compromise commercially sensitive proprietary issuer information and prove too burdensome for issuers, according to the Structured Finance Industry Group. The industry group this week unveiled an alternative card ABS format that was endorsed by both its issuer and investor members. The three-part disclosure “would provide more information on more metrics” than either of two options proposed by the SEC. Last year, the SEC adopted...

The single-family rental securitization business is fueling investor purchases of homes and causing problems for communities, according to a new survey and report by consumer advocates. The California Reinvestment Coalition called for a number of reforms for the single-family rental industry. “This conduct has had a measurable, negative impact on communities,” the CRC said. “It has transferred wealth from homeowners to Wall Street denizens and is transforming America from a homeownership society to a renter-ship society.” The CRC based...

After just over a year of buying mortgages that don’t meet the qualified-mortgage test, Jeff Lemieux has departed Bayview Asset Management while signaling that a non-QM securitization likely won’t happen any time soon – or even this year. Lemieux, who headed correspondent purchases for Bayview, provided Inside MBS & ABS with a blunt assessment of both non-QM originations and securitizations: “Nothing’s happening.” Lemieux went...

Bayview Loan Servicing appears to be one of the few nonbanks offering non-agency products at competitive interest rates and holding the loans in portfolio. The lender has recently been pushing non-agency qualified mortgages and non-QMs for correspondent lenders and wholesalers. Bayview has been in the mortgage business for more than 18 years and is minority-owned by affiliates of The Blackstone Group. The lender offers a number of products for near-miss agency borrowers as well as non-QMs with guidelines that are more forgiving than those offered by jumbo lenders for similar products ...

The frequently-asked-questions guidance to using the FHA’s consolidated Single Family Policy Handbook is good to have though it shows just how complicated the FHA’s mortgage origination process is, according to lenders. In fact, the updated FHA handbook could still be confusing to borrowers simply because a lot more information is concentrated in one source, lenders said. According to the FHA, the more than 290 FAQs will enable lenders to make operation adjustments before the handbook goes into effect on Sept. 14, 2015. The FAQs are for information purposes only and do not apply to current FHA policies. They do not establish or modify policy contained in the handbook. The FAQs reiterate information in the handbook under headings such as Credit Underwriting, Closing and Insuring, FHA System Support and Consumer Information. Industry observers noted that the FAQs did not ...

The Consumer Financial Protection Bureau boosted Fannie Mae and Freddie Mac business by some $132.9 billion when it gave the two government-sponsored enterprises a free pass on the debt-to-income ratio requirements of the qualified-mortgage rule. For the non-agency world, a qualified mortgage has to have a DTI ratio of 43 percent or less. While the government-insured market has its own QM rules that effectively ignore DTI, a loan eligible for sale to the GSEs is considered a qualified mortgage if it meets all the QM criteria – such as no interest-only payments – other than the DTI cap. From the beginning of 2014 through the end of the first quarter of this year, about 16.3 percent of the loans securitized by Fannie and Freddie had...[Includes two data tables]