MBA's Gross noted that the cost of changing external auditors is “significant,” both for large and small seller/servicers, whether they are public or not.
One question we occasionally hear is this one: If the GOP this fall gains control of the Senate can’t they just push through a GSE reform bill and hope to override a presidential veto, if there is one?
Mortgage lenders securitized $90.95 billion of single-family MBS through the GSEs and Ginnie Mae during August – the biggest monthly volume since September 2013, according to IM&A.
There are signs of life in mortgage hiring, depending on the job description. Firms looking to increase staff levels include the lending arm of Bayview Asset Management, Citadel Loan Servicing and Carrington Mortgage Services.
“The CFPB’s plan will feature only one side of the story, and such one-sided accounts will not advance the CFPB’s mission of better informing and helping consumers,” said FSR chief Tim Pawlenty.
Issuers of non-agency MBS and commercial MBS, among other structured finance asset classes, are set to face increased costs to comply with a rule from the Securities and Exchange Commission that increases disclosure requirements. But deals that are not issued publicly would avoid the increased costs. Last week, the SEC unanimously adopted a wide-ranging final rule known as Reg AB2, which was first proposed in 2010. By the beginning of 2017, newly issued, publicly registered non-agency MBS will have to include 270 loan-level data points disclosed via the SEC’s Electronic Data Gathering, Analysis, and Retrieval system, known as EDGAR. The required disclosures include...
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