UBS Receives Multiple Bids for Servicing Handled by SPS May 31, 2023 Paul Muolo The Utah-based specialty servicer became the property of UBS during the recent bank liquidity crisis.Read More
OneMain Paying NY $4.25 Million for Security Failures May 30, 2023 Sam Manas The New York Department of Financial Services said OneMain failed to effectively manage user access privileges, improperly managed security policies for software development and failed to conduct due diligence for certain third-party vendors.Read More
Short Takes: Slow Progress at States on Nonbank Standards / Home Prices Essentially Flat / Ginnie to Expand MBS Disclosures / Arvest Loses Servicer Rating May 30, 2023 Brandon Ivey Minnesota becomes the fifth state to adopt the CSBS's model framework for nonbank prudential standards...Read More
Short Takes: GSE Ratings on Downgrade Watch / Interest Rates Rise / Non-QM Performance Choppy May 26, 2023 Brandon Ivey The ratings of the GSEs are linked to ratings for the U.S., which are also on watch for downgrade amid an approach to breaching the debt ceiling.Read More
FHA Plans to Expand Loss-Mitigation Options May 25, 2023 Monica Hogan FHA's partial claim option isn’t working well enough, according to FHA Commissioner Julia Gordon.Read More
Proposals to Help Nonbank Ginnie Servicers May 24, 2023 Paul Muolo The fear is that if delinquencies rise significantly, nonbanks will have a tough time making the required advances to investors in Ginnie MBS.Read More
Short Takes: CHLA Seeks Friendlier Buyback Policy / The Servicing Hedge / New eMSR Exchange / Spring Homebuying Season Starts When? May 19, 2023 Brandon Ivey CHLA called on the GSEs to offer indemnification rather than a repurchase request for any performing loan with defects.Read More
Court Sides with Ocwen in Dispute with CFPB May 18, 2023 Sam Manas Ocwen entered into a consent judgment with the CFPB that lasted from February 2014 to February 2017.Read More
Banks’ Mortgage Earnings Improve in First Quarter May 16, 2023 John Bancroft Mortgage earnings at banks bounced back after a dismal fourth quarter.Read More
Short Takes: 14 Million Refis / MSRs for Sale / New CRT From Freddie / Forbearance Dwindles May 16, 2023 Brandon Ivey and Paul Muolo About one-third of total mortgage debt outstanding refinanced during the pandemic when interest rates were exceptionally low...Read More