Fannie Mae will take a closer look at transfers to subservicers. The Federal Housing Finance Agency settled a non-agency MBS lawsuit with Deutsche Bank.
Limited examination resources and staff turnover at the Federal Housing Finance Agency remain a concern, according to the FHFA's Office of Inspector General.
Bexil American Mortgage partnered with a private real estate investment trust to launch a correspondent program. Meanwhile, New Jersey filed a lawsuit against Credit Suisse regarding non-agency mortgage-backed securities issued before the financial crisis.
The Federal Reserve will slightly decrease the amount of its monthly purchases of agency mortgage-backed securities but agency MBS issuance might decline by even more than the Fed's planned taper.
Sales of several bulk portfolios of mortgage servicing rights were still pending as yearend approached, with talk increasing about a busy year in the mergers and acquisitions market for 2014. As always, the driver of such talk was interest rates: Higher rates are causing MSRs to increase in value, while a slowdown in refinancing is scaring many under-capitalized nonbanks into considering the once-unthinkable: selling out or partnering with a competitor. Originations are...
FHA officials first asked for the servicing authority back in June, but the request has gone nowhere. Fannie Mae and Freddie Mac already have transfer authority.
A BuckleySandler lawyer reached into Zen lore to make his point. “If a tree falls in the forest and no one hears it, does it make a sound?” he asked. Similarly, “Starting in 2014: If a lender complies with ATR/QM but cannot evidence it, has the lender complied?”
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