State regulators are showing no sign of slackening their focus on "fair servicing," with mortgage processors seeing more examinations focusing on disparate-impact theories.
As government agencies focus their attention on the market share of nonbanks, independent mortgage bankers say their business model poses no significant risk to the economy.
A review by the VA inspector general found thousands of veterans with disabilities, even though exempt, may have been charged funding fees on their home loans.
Most of the decline in bank MSR activity in the first quarter was attributable to Wells Fargo, while Flagstar accounted for a big chunk of the increase among savings institutions.
Grapevine: A few days ahead of a scheduled bankruptcy auction, New Residential Investment Corp. has swooped in and made a "stalking horse" bid. Meanwhile, a big promotion at Fannie Mae and a record month for Guaranteed Rate.
The company agreed to pay $32.5 million in damages to settle False Claims Act allegations tied to FHA underwriting. it admitted no wrongdoing while agreeing to stay in the program.
Nonprime lender Deephaven Mortgage soon will have a new owner: Investment fund manager Pretium Partners, the brainchild of former Goldman Sachs executive Don Mullen. Last fall Pretium agreed to acquire specialty servicer Selene Finance. It's scouring for other deals as well.
In his first report to Congress as director, Mark Calabria describes how new accounting standards, credit-risk transfers and high interest rates cut into profits at the GSEs.
Bipartisan legislation addressing the appraiser shortage is under consideration in the Senate while legislation reauthorizing the National Flood Insurance Program for five years was introduced in the House. The House Appropriations Committee also has approved the fiscal 2020 HUD spending bill.
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