Browse articles from IMFnews related to Regulatory.

September 24, 2018 - IMFnews

State AGs Will Fill the Void if CFPB Punts on Disparate-Impact Use

CFPB chief Mick Mulvaney said the bureau is “no longer allowed” to make any rules about disparate impact under ECOA…

September 24, 2018 - IMFnews

MBA Backs User Fee to Fund Tech Upgrades for USDA Program

The FHA has proposed a similar user fee but has been denied repeatedly by Congress…

September 24, 2018 - IMFnews

Trade Groups, Bankers Voice Disdain for Freddie’s MSR-Financing Pilot

ICBA: “They [Freddie] can say whatever they want to, but financing MSR crosses the line.”

September 21, 2018 - IMFnews

What We’re Hearing: Freddie Mac Puts on its Banker Hat / Some Interesting Policy Moves by Mel Watt / Nonbank Liquidity is a Good Thing, Right? / The Progressives v. the Traditionalists / Eat a Peach: CFPB Moves an Office to Atlanta

The idea to ban nonbanks from the FHLB system (via the captive loophole) increasingly looks like a head-scratcher....

September 21, 2018 - IMFnews

Industry Lauds Passage of Bill to Fix the VA ‘Orphan’ Loan Mess

The Zeldin bill passed by a vote of 48-0.

September 20, 2018 - IMFnews

Short Takes: Connecticut Mortgage Regs Reach a ‘Breaking Point’? / A Revenue Grab? / One Subservicer That Benefits From Too Much State Regulation / Ditech, a Very Thinly Traded Mortgage Stock / PenFed Hires JPM Executive

First Alliance issued a statement calling the license idea a “desperate revenue grabbing” practice.

September 19, 2018 - IMFnews

Short Takes: Freddie Talking to Potential MSR Borrowers / Fannie’s New HLTV Refi Option / Plenty of GSE-Eligible Loans in New JPM MBS / LendingTree’s $10k Prize / A New Director at Fannie Mae

On Nov. 1, Fannie Mae will begin accepting applications for its new high loan-to-value ratio refinance product.

September 19, 2018 - IMFnews

CFPB Proposes Disclosure Sandbox

The agency specifies that a two-year testing period would be the norm.

September 18, 2018 - IMFnews

Watt Accuser at the FHFA Seeks Senate Hearing on Sexual Harassment Allegations

In late July, Director Watt issued a statement saying he had not “done anything contrary to law.”

September 18, 2018 - IMFnews

FHFA IG Critical of Fannie Mae Consolidation Play in Northern VA

The IG says four officials in the FHFA’s Division of Conservatorship told investigators that Fannie did not face an “action forcing” event…

September 18, 2018 - IMFnews

They’re Back: CFPB Advisory Boards (But with Fewer Members)

Two new members of the consumer panel come from the fintech world: Sameh Elamawy, CEO of Scratch, and Manning Field, CEO of Acorns.

September 17, 2018 - IMFnews

Short Takes: MBA’s Stevens Looks Back at the GSEs (Pre-Crisis) / A No-Bid Because of FM Watch Ties / What’s FM Watch? / Sharp Elbows? / TMS Buys Two MSR Packages, Is Hungry for More / PenFed Hires USAA Exec to Run Mortgages

It may be hard to fathom, but Fannie and Freddie once played with very sharp elbows…

September 17, 2018 - IMFnews

Parent of Church Street Mortgage Files to Go Public

If all goes well, the net proceeds will total $20.25 million.

September 14, 2018 - IMFnews

CFPB Encourages Alternative Consumer Disclosures, Hints at More No-Action Letters

But the program has been a dud...

September 13, 2018 - IMFnews

September Issuance of Final FHA Condo Rule Unlikely

So far, the final rule has not been delivered for OMB review, a process that in the past has sometimes taken months to complete.

September 12, 2018 - IMFnews

Short Takes: Wells Fargo’s (Mortgage) Job Cuts / Annaly Poised to Buy More MSRs? / FHFA Seeks Comment / Eight Consecutive Quarters of Feeling Bad About Profit Margins / PenFed Hires a TV Journalist

Annaly may use the proceeds to fund additional acquisitions of mortgage servicing rights…

September 11, 2018 - IMFnews

Short Takes: What Will Become of the GSEs’ CSP? / How Much Is it Worth? / Capital One Warehouse Joins MBA / Two Utah Nonbanks Celebrate Anniversaries / PRMI Hires Former Wells Fargo LO

The nonprofit exchange must pay for any “property” associated with CSS…

September 10, 2018 - IMFnews

Short Takes: Time for Executives to Consider Their Options? / Tight Profit Margins Can Lead to ‘Internal Strife’ / AO Seeks Account Executives / Analyzing the Prospects for Filling the Fannie CEO Job / Milken Institute Hires SEC Commissioner

"As a result, at this time I’m receiving a larger volume of calls from execs seeking to explore outside opportunities.” - Rick Glass

September 7, 2018 - IMFnews

What We’re Hearing: Ex-Goldman Partners See Gold in the Subprime Hills / Under the Radar / Strong Non-QM Volumes from Angel Oak and Citadel / The Conventional Loan of the Future: Five Percent Down at Least / DeMarco Weighs In / Signs of Overheating: Home Flipping

Former Federal Housing Finance Agency Acting Director Ed DeMarco told us the bill is a good starting point and includes language that both Democrats and Republicans can agree on...

September 7, 2018 - IMFnews

10 Years After GSE Takeover, Mortgage Execs Weigh In: Leave Fannie and Freddie Alone

Industry consultant Tim Rood said the first rule for GSE reform should be: “Do no harm.”

September 7, 2018 - IMFnews

Non-Agency MBS Issuers Aim for Specificity on Rep-and-Warrant Framework

Alston & Bird: “We’ve all learned the hard way…”

September 6, 2018 - IMFnews

Short Takes: Jeb, Tell Us What You Really Think About Fannie and Freddie / AIG’s New Jumbo MBS / Judge Kavanaugh and the CFPB / Elusive Indeed / A Promotion at Freddie

Never one to mask his complete disdain for Fannie Mae and Freddie Mac, Rep. Jeb Hensarling let it rip...

September 6, 2018 - IMFnews

In His Waning Days as HFSC Chairman, Hensarling Introduces New GSE Reform Bill. (Yes, Really)

One housing lobbyist dismissed the bill as misguided, adding: “This is like someone laying on their death bed after drinking and sinning and finally realizing they need to get baptized.”

September 5, 2018 - IMFnews

Short Takes: That Was Then, This is Now (Fannie/Freddie) / Not Much Traction / Invitation Homes’ SFR Portfolio: 80,000 Rentals / Former FHFA Chief Nominated by Trump / A New Hire for Pavaso

Since 2012, Fannie and Freddie have been minting money...

September 5, 2018 - IMFnews

29 Trade Groups and Organizations Ask White House and Congress to ‘Cement’ GSE Progress

The letter – signed by trade groups both large and small – comes a day before the 10th anniversary of the federal takeover of Fannie and Freddie...

September 5, 2018 - IMFnews

Will CFPB Abandon or Limit the Use of Disparate Impact?

Many industry groups said it is problematic to use statistics to determine discrimination...

September 4, 2018 - IMFnews

Trades Working on a ‘Don’t Do Anything Rash’ GSE Letter to Treasury

There’s a growing concern about a potential reduction in GSE loan limits…

August 31, 2018 - IMFnews

What We’re Hearing: Fannie and Freddie, 10 Years Gone / Betting on Two Stocks for Retirement / MBA Weighs In / Housing is Elemental / Meanwhile, Back at the Ranch, An Industry Grows Concerned

Meanwhile, a dozen or so mortgage, housing and consumer groups are putting the final touches on a new letter to Treasury Secretary Steven Mnuchin...

August 31, 2018 - IMFnews

CFPB Clarifies HMDA Relief, Formal Rulemaking to Come Later

The CFPB said 26 data points are no longer required for those covered lenders...

August 30, 2018 - IMFnews

Short Takes: Federal Help for the Gig-Worker Mortgage Market? / New SBC Programs from Silver Hill / Consultant Roque: LO Pay Isn’t Being Cut Quickly Enough / Fairholme: Fannie and Freddie are So Undervalued / A New Customer Service VP for RoundPoint

According to industry consultant Rick Roque, residential originators are not lowering loan officer compensation quickly enough...

August 30, 2018 - IMFnews

What’s Going on with the FHA’s ‘Defect Taxonomy’? Answer: Not Much

Despite calls by the industry to improve and clarify the process, the FHA has yet to make a move to meet industry demands for a more detailed defect taxonomy…

August 29, 2018 - IMFnews

Short Takes: A ‘Significantly’ Less Liquid Secondary Mortgage Market? / In Five Years the GSE Loan Limit Would be Zero (for Example) / Origination Capacity Remains Elevated / Fannie Exec Joins RoundPoint

Origination capacity in the mortgage industry remains “elevated,” according to a new report from PiperJaffray.

August 28, 2018 - IMFnews

Short Takes: A New Origination Forecast from Freddie / Market Share Leaders in Retail and Correspondent / FHFA Seeks Comment on ‘Golden Parachutes’ / Arch’s Reinsurance Deal / Better Mortgage Hires Fed Economist

But Wells Fargo dominated in the correspondent channel with a 20.9 percent market share...

August 28, 2018 - IMFnews

CBO: U.S. Cost to Guarantee $12 Trillion in GSE MBS Over the Next 10 Years: $19 Billion

CBO projects that under current law, the share of new single-family mortgages guaranteed or held by Fannie and Freddie will slowly recede…

August 28, 2018 - IMFnews

IRS Gives GSE Single-Security Project a Boost

The tax code includes several provisions that address whether the exchange of property is subject to taxation.

August 27, 2018 - IMFnews

Short Takes: Don’t Worry About the Government / Don and Maxine, Fireworks Ahead? / Steve’s Choice / Invitation Homes CEO Takes A Leave of Absence / Customers You Never Need to Call (A Good Thing)

Cowen believes Rep. Maxine Waters will use the post to go after President Trump and his White House team...

August 23, 2018 - IMFnews

Short Takes: MBA Concerned About Tax Deduction for Some Lenders / Annaly About to Close MTGE Deal / More Nomination Confirmed / Mortgage Rates Continues to Decline Mortgage Bankers Association is concerned that many lenders won’t be eligible for a new 20 percent tax deduction for pass-through entities. Lenders that retain their production in portfolio look to be eligible for the deduction, but there is uncertainty around businesses that originate and sell loans. In a letter to the Internal Revenue Service, the MBA argued companies that finance real estate loans should be able to claim the deduction. See this Friday’s edition of…

August 23, 2018 - IMFnews

State Regulators Adopt Uniform Single MLO Licensing Test

The Conference of State Bank Supervisors recently announced that all states and U.S. territories now use a single, common exam to assess mortgage loan originators...

August 23, 2018 - IMFnews

Senate Banking Committee Approves Kathy Kraninger to be the Next CFPB Director

The Senate Committee on Banking, Housing, and Urban Affairs Thursday morning approved Kathy Kraninger’s nomination to become the head of the Consumer Financial Protection Bureau in a party-line 13-12 vote. The Senate Majority Leader Mitch McConnell will have to assign floor time to advance the CFPB nomination...

August 22, 2018 - IMFnews

Short Takes: Celebrity in the Hunt / Ocwen Gets the ‘All Clear’ Signal from Ginnie / Oh Carol / The National Servicing Settlement – It’s a Wrap / Two Joes In Charge at Waterstone

Celebrity Financial has several M&A irons in the fire...

August 22, 2018 - IMFnews

Watt’s Accuser Sues FHFA, Wants $1 Million in Damages for Pay Discrimination

Grimes, in her complaint, is asking for a permanent injunction enjoining the FHFA from “paying female employees lower compensation than their male” counterparts for performing equal work…

August 22, 2018 - IMFnews

FHFA Pulls the Plug on Fannie and Freddie Funding Corporate SFR

Fannie Mae came under heavy criticism from certain elected officials and affordable housing advocates for extending $1 billion in financing to Invitation Home Loans, an SFR operator that’s publicly traded.

August 21, 2018 - IMFnews

Watt’s Accuser Sues FHFA, Alleges Pay Discrimination, Wants $1 Million in Damages

When bonuses and benefits are factored in, Grimes says the pay disparity totals $100,000 per year...

August 21, 2018 - IMFnews

Short Takes: Broeksmit Takes Over as MBA Chief / His Resume / Cowen: Bright, a Plus for Housing / A Possible Successor to Watt at the FHFA? / Churchill Mortgage Executive Named to CMLA’s Board

Bright has been mentioned in housing and mortgage circles as a possible successor to FHFA Director Mel Watt.

August 21, 2018 - IMFnews

Cal Realtors Ask FHFA for Immediate Halt to GSE Financing of SFR

Certain SFR operators have been criticized for gobbling up thousands of properties for corporate ownership, thus removing these units from the inventory of homes available for sale.

August 21, 2018 - IMFnews

Washington State Tightens Servicing Rules. More States to Follow

In Washington mortgage servicers must now maintain recorded telephone conversations with consumers for three years after the date of the call…

August 20, 2018 - IMFnews

Short Takes: More Mortgage M&A / Check Those WARN Act Notices / Accuser Blasts FHFA Sexual Harassment Probe / No Comment from the FHFA

Grimes' resume also includes stints at Grant Thornton and Price Waterhouse Coopers...

August 20, 2018 - IMFnews

FHFA Wants GSEs to Take a Closer Look at Their Multifamily Lenders

The FHFA wants Fannie and Freddie to institute proper controls and perform monitoring on their multifamily counterparties…

August 17, 2018 - IMFnews

What We’re Hearing: Two Giants May Change Hands (Or Maybe Not) / Job Cuts at Ditech / Can HL Sell Ditech Fast Enough? / Tom Marano’s Experience with Troubled Shops / CALCAP Bullish on Fix-and-Flip / A Confidential GSE File On…

It might be in Ditech’s best interest if Houlihan Lokey finds a buyer now while MSR values are still peaking…

August 17, 2018 - IMFnews

With GSE Single Security Launch Less Than a Year Away, TBA Eligibility Uncertain

Some key regulatory concerns remain unresolved or unclarified, according to SIFMA…


Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.
The wholesale/table funder. They’re taking the financial risk.
The broker, but only for the first year. After that, the borrower is fair game.
Hard to answer. It’s a complicated issue.

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