The integration of TILA and RESPA has "been a goal almost since the time the two statutes were issued, and certainly from the time the good-faith estimate began focusing on loan terms,” said Benjamin Olson of BuckleySandler.
Flagstar, which ranks eighth among all originators according to Inside Mortgage Finance, funded $6.4 billion of home mortgages in 4Q, a 17 percent decline from the prior period.
Comments made Wednesday by the Treasury Department’s point man on GSE reform, Michael Stegman, did not go unnoticed by employees of Fannie Mae and Freddie Mac.
Hoping to jump start the non-agency MBS market, the Structured Finance Industry Group plans to establish a limited number of options on various rep and warrant issues.
In terms of market effect, a DocuTech executive said that because of the new CFPB rules, "credit is going to slow down for a little while, maybe a month or so."
The lender also recently formed a real estate investment trust, Parkside Mortgage Trust. Matt Ostrander, Parkside’s CEO, said the REIT plans to issue a non-agency MBS later this year or in 2015.
One servicing advisor told IMFnews that the regulator “now has the last word on all MSR transfer approvals. It began in December and has slowed the process a bit.”
The hunger for GSE speculation is also causing some investors to buy Fannie/Freddie common which has been rising of late, but not by much. However, one GSE watcher believes that buying the common, "is a fool’s game."
In other words, the White House still wants to dismantle Fannie Mae and Freddie Mac and doesn't seem to care about all the money the two are returning to the government.
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