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Surprise: CFPB Proposes Changes to LO Definition and Tweaks Compensation Rule

June 25, 2013
Thomas Ressler
A mortgage employee who who merely states general information such as “we offer rates as low as 3% to qualified consumers” would not be considered a loan originator.
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Corker-Warner Bill Introduced in the Senate, Wants MBS Guarantors to Have 10 Percent Capital

June 25, 2013
Paul Muolo
Want to issue MBS in the mortgage market of the future? Better bring your wallet.
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Short Takes: ICBA Welcomes GSE Bill But… / Look Who Owns Part of Bexil American Mortgage / Lehman Tops Buyback Dispute List / Eminent Domain, Going Nowhere Fast

June 25, 2013
Paul Muolo
Piper Jaffray owns 8.72 percent of Bexil Corp., the parent of Bexil American Mortgage. Meanwhile, ICBA likes the Corker-Warner bill, but...
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Residential Loan Sales Dropped Slightly in 1Q13, Wells the Top Seller

June 24, 2013
John Bancroft
Depositories sold $396 billion of single-family mortgages into the secondary market in the first quarter, down 5 percent from the previous period.
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Supreme Court Agrees to Take on Canning v. NLRB, Case Rife with CFPB Implications

June 24, 2013
Thomas Ressler
There is a whole other level of supervisory and enforcement authority available to the bureau under a director approved with the consent of the Senate, mostly having to do with non-bank lending.
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FHA Proposes to Expand System for Analyzing Lenders’ Loss Mitigation Efforts

June 24, 2013
George Brooks
The expanded system would include a more comprehensive method for measuring lenders’ loss mitigation activities as well as their compliance with FHA’s default servicing requirements.
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Rep. Capuano Introduces Bill to Have GSEs ‘Pay Back’ Treasury

June 24, 2013
Paul Muolo
The Congressman argues that if the two are not allowed pay down their draws from Treasury “then any future funds sent" to the U.S. should be reinvested in the housing market.
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First Guaranty Rolling Out Warehouse Program for Brokers

June 24, 2013
Paul Muolo
Mortgage brokers may soon get a new source of warehouse credit: First Guaranty Mortgage Corp.
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Short Takes: TBW MSRs Finally Sold, Quietly / REO Values Continue to Improve / No Place to Hide in This Market? / Provident Says Rate Spike is 'Ugly' / FNF Adjusts Terms of LPS Deal / HLSS Reveals Details on Borrowing Costs

June 24, 2013
Paul Muolo
Provident Funding has one word for last week's rate spike: "Ugly." Meanwhile, the TBW MSR portfolio finally gets sold...
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Investors Reduce Home-Purchase Speculation, Increasing Opportunities for Purchase-Money Lending

June 21, 2013
Brandon Ivey
Investors accounted for 20 percent of home purchases in May, based on the three-month moving average, the third consecutive decline in investor share.
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