Mark Calabria: “Requiring the enterprises to develop living wills helps FHFA fulfill its responsibility to ensure that the failure of an enterprise would harm neither taxpayers nor the mortgage market.”

Missing in action: assistance to help servicers with MBS advances...

MBA criticized the secretive nature of the rule change, arguing that by using lender letters, the maneuver short-circuited the normal comment period…

At one point, the IBM-controlled Seterus did contract servicing work for Fannie Mae...

Credit unions are currently prohibited from purchasing MSRs as an investment. The proposal was opposed by the Democrat on the NCUA's board.

In addition, the language includes a 365-day requirement, which essentially extends the short-term cash flow analysis.

A proposed rule regarding credit unions and MSRs is scheduled to be discussed late this week at an NCUA board meeting.

Call-report data analyzed by Inside Mortgage Finance show that banks, thrifts and credit unions housed $371.4 billion of HELOCs on their balance sheets, down 3.1% from the second quarter.

MBA: “Compared to the last two months, more homeowners exiting forbearance are using a modification – a sign that they have not been able to fully get back on their feet, even if they are working again.”

The “alternative methods for documenting income” for self-employed borrowers includes the use of unaudited income statements. But borrowers will now have to provide three months of bank statements instead of the traditional two.