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Mark McWatters Said to be Pick for Top Job at CFPB, But Nomination Faces Several Challenges

May 17, 2018
The Trump administration appears set to name an experienced Washington regulator to take over the top post at the Consumer Financial Protection Bureau, but the process is fraught with challenges.
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Short Takes: Time to Change the QM Rule? / Bright Tapped to Head Ginnie / MSR Sellers Sitting Pretty? / After the Recession… / Applications Decline Again / NAR’s Chief Lobbyist Sets Retirement Date

May 16, 2018
Paul Muolo and Yemeng Yang
Residential firms looking to sell mortgage servicing rights are in a sweet spot right now. However...
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HomeStreet Contemplates Selling a $5 Billion Package of Servicing Rights

May 15, 2018
Paul Muolo
HomeStreet restructured its mortgage business last year…
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New Rulemaking Agenda Suggests a Restrained Role for the CFPB

May 15, 2018
Yemeng Yang
The updated agenda is the CFPB’s first under Mulvaney’s leadership.
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Short Takes: USMI Seconds that GSE Emotion / Don’t Hold Your Breath / Mid America Enters the Warehouse Arena / Fannie Selling NPLs / A Recession Coming? / Freddie Gets a New Chief Compliance Officer

May 15, 2018
Paul Muolo and Carisa Chappell
Barry Habib, who heads MBS Highway, believe that within two years, the U.S. will be in a recession...
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Short Takes: Ditech Ready to Roll Out Jumbo Product? / Who is Samuel Martini and Why Does he Like Ditech? / An Explanation of Legal Risks / What’s $164 Trillion Among Friends?

May 14, 2018
Paul Muolo
Total U.S. debt outstanding is just over $21 trillion. Prior to the financial crisis, U.S. mortgage debt was actually larger than Treasury debt...
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Mulvaney Considers Moving CFPB Staff to Basement to Cut Costs

May 14, 2018
Acting CFPB Director Mick Mulvaney, a vociferous critic of the consumer agency’s budget, is reportedly looking for ways to cut spending by tens of millions of dollars, including an option to move dozens of employees to the basement of its Washington headquarters. According to an internal cost-saving analysis obtained by Bloomberg News, Mulvaney’s top aides proposed to add 70 work spaces in the CFPB main building’s basement, which may save $16.6 million. Other ...
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Democrats and Ethics Group Call For Investigation into Mulvaney

May 14, 2018
A group of Democratic senators is asking the U.S. Office of Special Counsel to investigate whether Acting CFPB Director Mick Mulvaney violated the Hatch Act. The acting director last month said to bankers that he “had a hierarchy” in his office in Congress and only talked to lobbyists who gave him financial donations when he was a member of the House of Representatives from South Carolina. “It raises troubling questions about whether his statements ran afoul of the Hatch Act ...
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What We’re Hearing: Anxiety Rising Regarding GSE Reform / Higher G-Fees? No More Cash-out Refis? / What Mick Mulvaney Might Do if He Headed the FHFA / Mulvaney’s PADs / Layoffs at Impac

May 11, 2018
Paul Muolo
Surely, conservatives are applauding the way Mulvaney is trying to remake the Consumer Financial Protection Bureau...
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Short Takes: Impac Employees Looking Around? / Ex-CFPB Chief Cordray Wins in Ohio, but… / Will Warren Pick Cordray to Head the CFPB (Again)? / AIG Unit Readies Jumbo MBS / PennyMac Restarts Jumbo Unit

May 10, 2018
Paul Muolo and Brandon Ivey
Cordray was never popular in the mortgage industry because of all the regulations he heaped on lenders and servicers...
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