By itself, BofA accounted for 79.3 percent of the $606.3 billion shrinkage in commercial bank MSR portfolios during 2013. Where did all that servicing go to?
The Department of Labor has asked the Supreme Court of the United States to review an appeals court ruling that put the kibosh on the agency’s policy that mortgage loan officers do not qualify under the administrative exemption to overtime pay. The legal question presented in Thomas E. Perez, Secretary of Labor, et al., petitioners, v. Mortgage Bankers Association, et al., is whether a federal agency must engage in notice-and-comment rulemaking before it can significantly alter an interpretation of an agency regulation. Last October, the U.S. Court of Appeals for the District of Columbia refused...
Freddie Mac has begun reviewing servicing-related violations of its program rules, issuing notices of defect for certain violations, mostly related to the conveyance of properties to the GSE with title problems.
One warehouse executive, requesting anonymity, said usage rates for the fourth quarter and the first two months of 2014 “have been very low.” He gave a range of 20 percent to 50 percent.
In asking for the SCOTUS review, the DOL argues that the court of appeals erred in holding that an interpretive rule that alters the agency’s previous interpretation of a substantive regulation must be promulgated through notice-and-comment rulemaking.
Well, at least GSE junior preferred shares are holding their own. Also, Five Oaks Investment is approving correspondents for its new jumbo flow-program...
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