Bipartisan legislation in the house to enact a transitional period for loan originators relating to the SAFE Act, a previous of a hearing on the Dodd-Frank Act's impact on homeownership by a subcommittee of the House Financial Services Committee, and regulatory implementation materials from the Consumer Financial Protection Bureau.
Former rating analysts at two of the major rating services told the Securities and Exchange Commission that problems with the rating system are due to management at the rating services, not the analysts in charge of assigning ratings.
Ocwen Financial announced on Thursday that it will purchase the vast majority of OneWest Banks servicing portfolio. The special servicer is set to acquire $78 billion in unpaid principal balance of mortgage servicing rights and related servicing advance receivables for $2.53 billion.
CFPB officials claim that lenders will originate non-qualified mortgages, though industry participants have been skeptical due to the liability involved with such loans. Raj Date, the former deputy director of the CFPB, detailed how his new firm will originate non-QMs.